Pima Publishes FY 2020 Audited Financial Report
Tucson, AZ – Pima Community College issued its annual financial report along with the opinion from the Arizona Office of the Auditor General indicating the College’s financial statements are presented fairly, are reliable, and were prepared in accordance with generally accepted accounting principles.
The Office of the Auditor General for the State of Arizona conducts an annual financial audit of the College to determine whether PCC’s financial statements are free of material misstatement and comply with state law.
The full annual financial report is available here, with the Auditor General’s opinion beginning on page 15. Additional financial information about the College is accessible through the College’s Web page.
For 28 consecutive years, PCC has been recognized by the Government Finance Officers Association for excellence in financial reporting. “The onset of the COVID-19 pandemic occurred during the second half of fiscal year 2020, leading to a need to reallocate resources to support online and virtual learning through a remote workforce,” states Dr. David Bea, Executive Vice Chancellor for Finance and Administration. “Through continuous monitoring and forecasting, the College responded well and remains in a strong financial position.”
The annual financial report reflects an increase in net position of $35.1 million over the prior year’s increase of $30.4 million.
In fiscal year 2020, progress continued towards fulfilling the objectives of the Educational and Facilities Master Plans to meet the needs of the community and to fulfill the mission of the College. Construction began on the Automotive Technology and Innovation Center housed at the Downtown Campus as part of the Center of Excellence for Applied Technology and funded by the Revenue Bonds, Series 2019. The State of Arizona allocated $15.0 million for expansion of the Aviation Technology Center, which will double the capacity of the program.
This is the first of three fiscal year 2020 audits completed by the Auditor General. The audit of the College’s internal controls and the report of compliance with requirements described in the U.S. Office of Management and Budget (OMB) Uniform Guidance will follow in the first quarter of 2021.
CONTACT:
Libby Howell, APR, Executive Director
Media, Government and Community Relations
520-549-9093, ehowell1@pima.edu