The Sandhills Files: Financial reporting errors worth HOW MUCH ???

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It seems like our local institution of higher learning here in Moore County has some ‘splainin’ to do.  State auditor Dave Boliek’s crew reviewed Sandhills Community College’s financial statements for FY 2023-2024 and — apparently – did not like what they saw one bit:

[…] In our financial statement audit of Sandhills Community College, the North Carolina Office of State Auditor (OSA) has identified $6.2 million in financial reporting errors for the year ended June 30, 2024. OSA has determined these errors occurred because there were no detailed year-end procedures planned, and a lack of knowledge and experience to perform the duties required for critical financial reporting decisions.

As our report lays out on page 55, financial reporting errors include but are not limited to overstating accounts receivable and beginning net position by $945,130, understating construction in progress by $763,460, and overstating accounts receivable and tuition revenues by $289,171. Such errors increase the risk of making financial decisions based on unreliable data, which can negatively impact the student experience. […]

*Is there somewhere reasonably close-by that the college’s administrative staff can go to brush up on their accounting skills?*

Page 55 of the linked audit report offers details on the problems that were discovered:

 

THIS is some very tough news to get right as the college is launching a joint venture with Moore County Schools to build a new “innovative” high school on the college’s campus.

Read the full audit report from Dave Boliek‘s office HERE.

The report also includes a response to the audit from SCC’s president, pledging some corrective actions over on the Airport Road campus:

Perhaps it’s finally time for the college’s board of trustees to awaken from their collective hypnotic trance and start paying attention.  Ask tough questions. Take a more active role in governing the college.  You are there as eyes-and-ears for your fellow taxpayers and not to serve as an alleluia chorus for John Dempsey, Larry Caddell and current college president Sandy Stewart.