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FOR IMMEDIATE RELEASE:
February 21, 2023

����ҹ�� Receives 1st Clean Audit in 25 Years!

SAN FRANCISCO, CA – At their regular meeting on February 16, 2023, the ����ҹ�� Board of Trustees received and filed the district’s first independent audit without any findings in 25 years! The Trustees heard presentations from representatives of Eide Bailey, LLP, the district’s independent certified public accounting firm regarding three separate ����ҹ�� audits for 2022. The three audits included the district-wide financial statements, Proposition A parcel tax funds, and the Proposition A general obligation bond funds.

FOR THE FIRST TIME SINCE 1997, ����ҹ��’s INDEPENDENT AUDIT REPORTS CAME BACK WITH NO FINANCIAL STATEMENT AUDIT FINDINGS OR INTERNAL CONTROL WEAKNESSES! “I feel an enormous sense of relief that for the first time in 25 years City College has received an independent financial audit without any negative findings,” said City College Board President Alan Wong. “This clean opinion over our financial statements and compliance over major local, state, and federal programs is the result of the hard work and great sacrifices made by our college community.” According to the CPA firm, “independent auditors did not identify any material weaknesses in its report on internal control over financial reporting and compliance. Additionally, there were no financial statement findings or questioned costs reported for 2022.”

����ҹ�� has received several audit findings in the last 25 years, many reoccurring year after year. Recently, the most significant audit finding, the “going concern” audit finding, has now been eliminated after three consecutive years of the independent auditors concluding that uncertainty exists as to ����ҹ��’s financial viability. In addition to eliminating the “going concern” audit finding in 2022, the district also eliminated several other audit findings from previous years and now heads into 2023 with no audit findings – a clean set of independent audit reports!

“A clean audit is direct testimony to ����ҹ��’s commitment to becoming a financially prudent and responsible safekeeper of public funds,” says ����ҹ��’s Chief Financial Officer, Dr. John Al-Amin.  The district’s clean audits will be significant pieces of evidence in the upcoming comprehensive accreditation visit and directly respond to recent financial concerns issued by the state’s Fiscal Crisis and Management Assistant Team (FCMAT).

About ����ҹ��

For 85 years, ����ҹ�� (����ҹ��) has been the region’s premier public, two-year community college. The college is now one of the first in the nation to offer free tuition, providing San Franciscans with the opportunity to access a quality college education and workforce training that leads to university transfer and good jobs. Since its founding in 1935, City College has evolved into a multicultural, multi-campus community college that is one of the largest in the country. ����ҹ�� offers more than 250 degrees and certificates and features an award-winning athletics program. For more about ����ҹ��, please visit /.