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CSC Audit Comes Out 'Clean'
Auditors have made their way through the finances of Carl Sandburg College, and say for the most part, how the college spends its money is pretty good.

The C-S-C Board of Trustees heard Thursday night from Sterling-based accounting firm Lindgren, Callihan, Van Osdol, and Company on the just-completed audit for the 2008 fiscal year, and say first off that the college has received a clean audit opinion and that the institution is following generally-accepted accounting principles.

But accountant Matthew Schueler says one area of concern was the Carl Sandburg College Foundation, thanks in part to the struggling economy.

"The net assets actually decreased in the foundation. The major reason for that this year was, it's called Net Unrealized Holding Gains, which was actually a loss this year. Market fluctuations actually drive that down. Unrealized Holding Gains do have to be recognized as an investment loss on the books."

Schueler says even though the foundation is a separate entity it still had to be included in the college's overall audit.

The audit did note that the college's overall debt increased, in part, due to a bond issuance that occurred in the last year.

The full audit report is expected to soon be available on the Carl Sandburg College website.
09 26 08 by Newsroom
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