WTC 3.10.2 Narrative
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Section 3:  Resources

3.10.2

The institution provides financial profile information on an annual basis and other measures of financial health as requested by the Commission. All information presented accurately and appropriately represents the total operation of the institution.

Compliance
Partial Compliance
Non-Compliance





Narrative:

The Texas Higher Education Coordinating Board (THECB) publishes guidelines (LINK) for the compilation of the Annual Financial Report (AFR) for all Texas community colleges and junior colleges. (link FY 2005 Budget Requirements and Annual Financial Reporting Requirements for Texas Public Community Colleges and Junior Colleges) Western Texas College (WTC) compiles its AFR in accordance with the THECB requirements and submits the audited financial reports as directed to the THECB and several other State agencies no later than January 1 of each year.   The AFR consists of audited reports, audited schedules, unaudited statistical charts and graphs, management’s discussion and analysis, and footnotes with supporting schedules designed to accurately and appropriately represent the financial health of the institution.   The independent auditing firm of May & Hrbacek, LLP, has issued no qualified opinions regarding their annual audit of Western Texas College’s finances, as well as the college’s compliance with accounting standards as stated in the Independent Auditor’s Report on Basic Financial Statements and Schedule of Expenditures of Federal Awards for fiscal years 2003, 2004 and 2005. (link AFR 2003, pg 6 & 7, link AFR 2004, pg 3 & 4, link AFR 2005, pg 3 & 4). Western Texas College also submits the annual Integrated Postsecondary Education Data System (IPEDS) financial profile to the Commission on Colleges. (link, 2004 Financial Profile, 2005 Financial Profile, and 2006 Financial Profile)

Evidence of Support:

FY2003 AFR
FY2004 AFR
FY2005 AFR
FY2005 Budget Requirements and Annual Reporting Requirements for
              Texas Public Community Colleges and Junior Colleges
2004 Financial Profile, IPEDS for FY2003
2004 Financial Profile, IPEDS for FY2004
2005 Financial Profile, IPEDS for FY2005

 


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