This is an overview of the College’s financial operations for the fiscal year ending Aug. 31, 2020 (FY 2020). Most of the information contained within this Report to the Community is extracted from the financial information contained within the FY 2020 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.
Assets, Liabilities, Operating Results, and Net Position
The College’s financial position in FY 2020 continues to remain strong with total assets of $853 million, total liabilities of $783 million, and total net position of $80.2 million. Total net position increased by $3.4 million in 2020, a 4.5 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 Aug. 31, 2020 (amounts expressed in millions):