2021-2022 President's Annual Report

F ංඌർൺඅ O ඏൾඋඏංൾඐ

In spite of challenging extraneous factors, the fiscal posture of the College remained considerably positive. This status was deemed as such because of good fiscal management of the College’s resources; maintaining conservative fiscal operations and consistent monitoring of internal controls by administration. Further, the College’s qualification for, and receipt of federal funds proved to be helpful. The well-being of the fiscal operations was defined by fiscal ratios the College is held accountable to achieve. The ratios and outcomes were reported as:  N ൾඍ O ඉൾඋൺඍංඇ඀ R ൾඏൾඇඎൾ R ൺඍංඈඌ : This established how efficient the institution is using its money for operations. The College has a funding surplus of 27.5%.  R ൾඍඎඋඇ O ඇ N ൾඍ A ඌඌൾඍඌ R ൺඍංඈ : This is a measure of the financial performance of the college, which also considered the use of assets, when applicable. The College has grown its financial base to 119.6%, per revenue performance.  P උංආൺඋඒ R ൾඌൾඋඏൾ R ൺඍංඈ : This measures the College’s fiscal health by comparing the accumulated reserves to the annual operating demands. The results showed sufficient reserves on hand for operations at 1.43 % or 16 months.  V ංඌංൻංඅංඍඒ R ൺඍංඈ F අൾඑංൻංඅංඍඒ : This showed a direct measure of the amount of net assets to cover debt. The recommended range of the ratio is between 1.25x and 2.00x; the institution had a ratio of 2.21x.  C ඈආඉඈඌංඍൾ F ංඇൺඇർංൺඅ I ඇൽൾඑ : This is a measure of the financial health of the institution based on using four ratios. The general target is 3.0; the College had a ratio of 8.4. Stated differently, the College achieved the following: 1. Total Assets – having increased by 12% and the Change in Net Assets also increased; 2. Cash on Hand – having increased by 19%; 3. Investments increased by 30%; 4. Physical Plant Assets grew by 3%; and 5. Liabilities decreased by 63% and other sources of income arose by 68%.

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