The following is an overview of the College’s financial operations for the fiscal year ended August 31, 2017 (FY 2017). Most of the information contained within this Report to the Community is extracted from the financial information contained within the FY 2017 Comprehensive Annual Financial Report (CAFR). The CAFR is a more detailed and complete financial presentation prepared in conformance with Generally Accepted Accounting Principles (GAAP) and was audited by the College’s independent auditors, which resulted in the College receiving an unmodified opinion. An unmodified opinion is given when an auditor can state that the financial statements are accurately and fairly presented in all material respects. The College’s CAFR is available on the College’s website at www.sanjac.edu/annual-financial-reports.
FINANCIAL HIGHLIGHTS: ASSETS, LIABILITIES AND NET POSITION
The College’s financial position in FY 2017 continues to remain strong with total assets of $706 million, total liabilities of $556 million, and total net position of $164 million. Total net position decreased by $2.5 million in 2017, a 1.5 percent decrease. The following is prepared from the College’s Statement of Net Position and provides a summary of its assets, liabilities and net position for the years ended August 31, 2017 (amounts expressed in millions):
San Jacinto College Annual Highlights