Judgment of Compliance: The College certifies COMPLIANCE.

Narrative:

Wayne Community College defines acceptable financial stability as the ability to offer quality educational experiences to students in times of increasing enrollments and temporary declines in state appropriations and other revenue sources. The college demonstrates its commitment to the students and the college environment in periods of uncertain state and county resources by prioritizing needs that impact the quality of instruction. An indicator of the success in this area is shown in the Performance Measures as reported to the North Carolina Community College System Office.

North Carolina’s appropriations for community colleges are based on an enrollment-driven formula. Enrollment growth or decline above or below the base is factored into the formula in the next fiscal year. The primary function of this formula is to ensure an equal distribution of available state funds among community colleges. The college has various operations and activities that may be used to supplement state and county appropriations. The fund balance for these reserves can be found in the Institutional Funds Financial Summary 2003-2004. Careful management of all college funds has enabled the college to maintain quality in times of uncertain funding.

The college’s financial stability is demonstrated by the following documents:

Budget Resolutions 2002-2005
Financial Statement Audit Report June 30, 2004, June 30, 2003, June 30, 2002, June 30, 2001
Management Letter 2003
Management Letter 2004
Endowments