Flathead Valley Community College, financial statements and supplementary information fiscal years ended June 30 ...

2006·3 MB·English

by  CHMS (Firm)

s
378.106
L72FVCC
2006
STATE OF MONTANA
FLATHEAD VALLEY COMMUNITY COLLEGE
KALISPELL, MONTANA
FINANCIAL STATEMENTS
AND SUPPLEMENTARY
INFORMATION
FISCAL YEARS ENDED JUNE 30, 2005 AND 2006
STATE DOCUMENTS COLLECTION
JAN 4 2007
MONTANA STAIE LIBRARY
HELENIfA.J5MEO.N6TtAhNAAVE5.932D
Prepared Under Contract With:
MONTANA LEGISLATIVE BRANCH, AUDIT DIVISION
POBox201705,HelenaMT59620-1705
MontanaStateLibrary
3 0864 1003 8895
1
STATE OF MONTANA
FLATHEAD VALLEY COMMUNITY COLLEGE
KALISPELL, MONTANA
FINANCIALSTATEMENTS
AND SUPPLEMENTARY
INFORMATION
FISCAL YEARS ENDED JUNE 30, 2005 AND 2006
CONDUCTED UNDER CONTRACT BY
C H MS, P.C.
CONTACT: TARA LEE HILL, CPA
PHONE #: [phone]

FLATHEAD VALLEY COMMUNITY COLLEGE
KALISPELL, MONTANA
JUNE 30, 2005 AND 2006
TABLE OF CONTENTS
Page
Table of Contents -ii
i
Transmittal Letter
iii
Appointive and Administrative Officials iv
Recommendations v
Prior Audit Recommendations v
Management's Discussion and Analysis vi - xiv
INDEPENDENT AUDITOR'S REPORT 1 - 2
FINANCIAL STATEMENTS
Statements of Net Assets 3
Statements of Financial Position - Flathead Valley Community
College Foundation - December 31, 2004 and 2005 4
Statements of Revenues, Expenses, and Changes in
Net Assets 5
Statement of Activities - Flathead Valley Community
College Foundation - For the Year Ended December 31, 2004 6
Statement of Activities - Flathead Valley Community
College Foundation - For the Year Ended December 31, 2005 7
Statements of Cash Flows 8
Statements of Cash Flows - Flathead Valley Community
College Foundation - For the Years Ended December
31, 2004 and 2005 9
Notes to the Financial Statements 10-28

FLATHEAD VALLEY COMMUNITY COLLEGE
KALISPELL, MONTANA
JUNE 30, 2005 AND 2006
TABLE OF CONTENTS
Page
SUPPLEMENTARY INFORMATION
Functional Classification of Operating Expenses
For the Years Ended June 30, 2005 and 2006 29
Student Financial Aid Modified Statement of Cash Receipts
And Disbursements, For the Year Ended June 30, 2005 30
Student Financial Aid Modified Statement of Cash Receipts
And Disbursements, For the Year Ended June 30, 2006 31
Schedule of Expenditures - Student Financial Assistance
Programs, For the Years Ended June 30, 2005 and 2006 32
Schedule of Enrollment Statistics, For the Years
Ended June 30, 2005 and 2006 33
Schedule Of Expenditures Of Federal Awards, For The Year
Ended June 30, 2005 34
Schedule Of Expenditures Of Federal Awards, For The Year
Ended June 30, 2006 35
REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN
AUDIT OF FINANCIAL STATEMENTS PERFORMED IN
ACCORDANCE WITH GOVERNMENTAUDITING STANDARDS 36- 37
REPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO
EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER
COMPLIANCE IN ACCORDANCE WITH OMB CIRCULAR A-133 38 - 39
SCHEDULE OF FINDINGS 40-41

LEGISLATIVE AUDIT DIVISION
Scott A. Seacat, Legislative Auditor Deputy Legislative Auditors:
Tori Hunthausen, James Gillett
ChiefDeputy Legislative Auditor Jim Pellegrini
November 2006
The Legislative Audit Committee
ofthe Montana State Legislature:
Enclosed is the report on the audit ofFlathead Valley Community College forthe two fiscal years
ended June 30, 2006.
The audit was conducted by CHMS, P.C., under a contract between the firm and our office. The
comments and recommendations contained in this report represent the views ofthe firm and not
necessarily the Legislative Auditor.
The agency's written response to the report recommendations is included in the back ofthe audit
report.
jectfully submitted,
Jeacat
Legislative Auditor
06C-04
in
Room 160 State Capitol Building PO Box 201705 Helena. MT 59620-1705
Phone[phone] FAX [phone] • E-Mail [email protected]\