The following is an overview of the College’s financial operations for the fiscal year ended August 31, 2018 (FY 2018). Most of the information contained within this Report to the Community is extracted from the financial information contained within the FY 2018 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 sanjac.edu/annual-financial-reports.
The College’s financial position in FY 2018 continues to remain strong with total assets of $701 million, total liabilities of $632 million, and total net position of $60.6 million. Along with all governmental entities nationwide, the College was required to book a liability due to implementation of the Government Accounting Standards Board (GASB) Statement 75 in the amount of $90.6 million. Other than the implementation of this GASB provision, total net position increased by $2.7 million in 2018, a 7.1 percent increase. 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 year ended August 31, 2018 (amounts expressed in millions):