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Agenda Item (VIII-D-1)

Meeting12/11/2018 - Regular
Agenda ItemCommittee - Resources (VIII-D-1)
Subject2017-2018 Independent Audit Report for the Riverside Community College District Foundation
Recommended ActionIt is recommended that the Board of Trustees receive the Riverside Community College District Foundation’s independent audit report for the year ended June 30, 2018 for the permanent file of the District.

Background Narrative:

An independent audit of the Foundation’s 2017-2018 financial statements was performed by CliftonLarsenAllen, LLP Certified Public Accountants (CLA). A representative of the firm will be available to present the report. Results of the audit are summarized below.

• Auditor’s Opinion – The auditors have issued an unmodified opinion for the financial audit as of June 30, 2018, which is also known as a “clean” opinion. Unmodified is the highest level of assurance the auditors can provide of the four available opinions and indicates the financial statements are presented fairly, in all material respects, in accordance with generally accepted accounting principles.

• Audit Findings – There were no findings or questioned costs.

• Auditor’s Required Communication – In accordance with the U.S. Auditing Standards AU-C 260, at the conclusion of the audit engagement CLA is required to communicate information to the Board of Trustees regarding their responsibility under Generally Accepted Auditing Standards (GAAS). Attached for your information is the required communication.

• The audit report was presented to and accepted by the Foundation’s Board of Directors on November 13, 2018.
Prepared By: Aaron Brown, Vice Chancellor, Business and Financial Services
 Launa K. Wilson, District Foundation Executive Director
Melissa Elwood, Controller