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East Central College has again received a clean annual audit.  At their December 5 meeting, the board of trustees accepted the audit for the year that ended June 30, 2011.

 

The audit was conducted by the firm of Davis, Lynn, and Moots, of Springfield, Mo., which gave the college an “unqualified opinion.”  The financial statements of the ECC Foundation, which is considered a component unit of the college, were also audited for the year that ended December 31, 2010.  The foundation also received an unqualified opinion.

 

“We are very pleased to once again receive a clean audit that showed no significant deficiencies or material weaknesses,” said Dr. Jon Bauer, vice president of finance and administration.  No compliance issues were noted with regard to major federal award programs, nor were there any other findings that require a response from the college.

 

The college has total assets of $60.3 million, including $42.9 million in property and equipment.

 

Underwriting Services

 

Trustees also voted to engage Stifle, Nicolaus and Company, Inc. of St. Louis to provide underwriting services for the Series 1998 general obligation bonds.

 

“Stifel and Edward Jones of St. Louis were the only firms that responded to a request for proposals that we issued in September,” noted Dr. Jon Bauer, ECC vice president of finance and administration.  “The RFP was issued in order to identify potential savings by refinancing bonds that are still outstanding from the 1998 issuance.  The par amount of bonds maturing between now and 2015 is slightly more than $3 million.” 

 

Bauer stated that both firms are highly qualified.  Stifel’s underwriting discount is .395 percent of par, as compared to .877 percent of par proposed by Edward Jones.

 

College officials will begin working with Stifel to determine whether to refinance the outstanding bonds.  Preliminary data shows the net present value of savings to be in excess of $130,000 for the bonds if they are refinanced in today’s market.

 

Purchases & Personnel Matters

 

Board members approved the purchase of 75 Adobe Creative Suite software licenses and maintenance agreements for the graphic design program. 

 

The purchase will be made through SHI, a software vendor.  Vocational Enhancement grant funds from the Missouri Department of Elementary and Secondary Education will cover 50 percent of the $44,625 purchase price of the licenses.  Funds from student technology fees will be used to pay the $16,598 for the maintenance agreements.  Since the Adobe items are considered sole sources they are not required to go through the formal bidding process.

 

In personnel matters, trustees accepted the resignation of Matt Pavia-Higel, web developer at the college since 2009.  Pavia-Higel has accepted a position in the private sector.

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