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Today: Jun 14, 2024

IVCC audit: financial committee reviews yearly audit and course fees.

2 mins read

TLDR:

  • The Illinois Valley Community College Board of Trustees Audit/Finance Committee reviewed the annual audit, the 2025-2027 Financial Plan, and course fees and adjustments.
  • The committee recommended changing 73 out of 300 course fees, including increasing, decreasing, withdrawing, and instituting fees for various courses.
  • Recommendations on tuition, universal fees, and course fees will be presented for action at the Board of Trustees meeting on March 14.

The Illinois Valley Community College Board of Trustees Audit/Finance Committee recently conducted a review of the annual audit, the 2025-2027 Financial Plan, and course fees and adjustments. Out of the 300 course fees reviewed, the committee made recommendations to change 73 of them. These changes included increasing the fees for some courses, decreasing fees for others, withdrawing courses along with their fees, and instituting fees for new courses. The committee’s recommendations on tuition, universal fees, and course fees will be presented for action at the upcoming Board of Trustees meeting on March 14.

The annual audit is an important process for any organization, as it provides an overview of the financial health and performance of the entity. By reviewing the audit, the Audit/Finance Committee ensures that the college’s financial statements are accurate and compliant with relevant accounting standards. It also allows the committee to identify any areas of concern or potential improvements in the college’s financial management.

In addition to the audit, the committee also reviewed the 2025-2027 Financial Plan. This plan outlines the college’s financial goals and strategies for the upcoming years. By reviewing and discussing the plan, the committee can provide feedback and make recommendations to ensure that the college’s financial resources are being allocated effectively and efficiently to support the institution’s mission and objectives.

Another key focus of the committee’s review was course fees and adjustments. Course fees are charges that students must pay in addition to regular tuition fees. These fees are often used to cover the costs of specific resources, materials, or services associated with a particular course. By reviewing and making changes to course fees, the committee aims to ensure that the fees charged to students accurately reflect the costs incurred by the college for each course.

The recommendations made by the committee include a combination of fee increases and decreases, as well as the withdrawal of certain courses and the introduction of fees for new courses. These recommendations will be presented for action at the upcoming Board of Trustees meeting on March 14. The board members will consider the committee’s recommendations and make a final decision on tuition, universal fees, and course fees for the college.

The review of the annual audit, the 2025-2027 Financial Plan, and course fees and adjustments is an important part of the college’s financial management process. By conducting this review, the college can ensure that its financial operations are transparent, accountable, and aligned with its strategic objectives. The committee’s recommendations will help guide the college in making informed and responsible financial decisions that support the institution’s mission of providing quality education and opportunities for its students.