Nov 29, 2012 - By Katie Roenigk, Staff WriterNo violations were discovered, and the auditor found the college's finances to be in good shape.
The Central Wyoming College Board of Trustees voted this month to accept its audit for fiscal year 2012.
Wayne Herr, from CWC's certified public accounting firm McGee, Hearne & Paiz, LLP, attended the board's Nov. 14 meeting to describe the audit process, which he said went smoothly this year.
"I know it's a lot of work," he said, commending the college staff for its cooperation. "We request a lot of information."
Overall, Herr said, CWC's financial statements are in good shape. His firm made additional checks on state and federal funding at CWC, but Herr said auditors did not discover any violations of government laws and regulations.
"We did not encounter any issues," Herr said.
He reported one finding that was discovered when auditors selected six major, federally funded programs at random for closer scrutiny. Herr said the problem had to do with internal controls at CWC -- according to his report, the college did not check to see whether vendors who supplied more than $25,000 in goods for a federally funded project had been suspended or debarred.
"I don't think it's a big deal," Herr said, "but there is a website the college should go to when spending federal award money that determines if vendors are (on that list)."
He added that the company in question, RIA Corporation of Salt Lake City, is "reliable" and has been doing business with the Wyoming Public Broadcasting Service for 25 years.
"It's been around a long time, and there's no reason to believe there's a problem," Herr said. "But there was no procedure in place to make sure they were not on the suspended or barred list."
He said a corrective action plan has been created to rectify the issue.
A new set of auditing standards will come into effect in December, and Herr said the changes will have an effect on the college's financial monitoring process, particularly when it comes to the Wyoming PBS Foundation. In the past, Herr said, his firm has not been required to include the fundraising entity in audits of CWC or Wyoming PBS. Now, however, auditors will have to examine the foundation's budget during annual audits as well.
"There is one concern I'll let you know up front that we'll have to discuss ... which relates to the balance sheet for the (Wyoming PBS) Foundation," Herr said, directing trustees to look at the data he had provided.
The document showed no "pledges receivables" for the Wyoming PBS Foundation in 2012, but Herr pointed out that the CWC Foundation -- the college's official fundraising and gift-receiving arm -- recorded $187,000 in pledges during the same timeframe.
"I don't believe (that's accurate)," Herr said.
He thinks there may be confusion about requirements regarding the documentation of pledges.
The CWC Board of Trustees also voted to accept the firm's audit of Wyoming PBS for fiscal year 2012.
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