JWCC Board Approves Equity Adjustment, Accepts Audit

JWCC BOARD APPROVES EQUITY ADJUSTMENT, ACCEPTS AUDIT
 
The John Wood Community College Board of Trustees, meeting in regular session in Quincy Monday evening, October 19, passed a resolution announcing its intent to approve the annual equity adjustment as allowed by state statute and accepted and filed the annual audit report for fiscal year 2011.

 JWCC Board of Trustees Chair Dr. Gary Carter opened the meeting by welcoming Dr. John Letts as JWCC’s interim president.

Trustees adopted a resolution declaring the intent to collect an equity adjustment for the 2012 tax year.  JWCC is one of 15 community colleges in the state eligible by law for the adjustment because the College operates at a tax rate below the statewide average.  The adjustment is .0271cents per $100 equalized assessed valuation (EAV), which would generate an estimated $361,785 for JWCC’s operation fund for the 2013 budget year.  This is anticipated to be approximately $17,706 more than the previous year.

The board announces its intent for the equity adjustment every October prior to its annual levy to allow for public response.  The overall tax levy for 2012 will be discussed at future meetings.

Trustees accepted and filed the audit report for fiscal year 2011 from Gordon, Stockman & Waugh, PC.  The audit report had no exceptions or negative findings.  The auditing firm noted that JWCC has complied with government accounting practices and has exercised proper internal controls. This is the 13th straight year JWCC has received an audit with no exceptions or negative findings.

The board also approved a 120 day extension of maturity on a 2008 debt certificate with Mercantile Bank.  The certificate is for the original $1.3 million purchase of JWCC’s Workforce Development Center.  The extension will allow the College to refinance the remaining debt of $950,000. 

In other business, the board:

Authorized the submission of two grants to the Illinois Center for Specialized Professional Support.  A $3,500 grant application will be submitted to encourage females to pursue careers in truck driving and JWCC will request $1,150 to help unemployed and under-employed adults learn skills needed for local careers.

Announced the dates of the Higher Learning Commission’s accreditation visit, set for March 25-27, 2013.