Annual Audit Report Released For Iowa Lakes Community College
(Estherville)-- The annual audit report for Iowa Lakes Community College shows it's primary government operating revenues totaled a little more than $20.1 million for the year ended June 30th, 2017. That's an increase of slightly less than one percent from the prior year. Nearly $5.5 million of that was from tuition and fees; nearly 4.4 million was from the federal government, and nearly $4.2 million came from auxiliary enterprises. Operating expenses for the year totaled a little more than $37.6 million, a 0.32 percent decrease from the prior year.
The college reported an operating loss of a little more than $17.4 million. But the audit statement says in general, a public college, such as Iowa Lakes, will report an operating loss because the financial reporting model classifies state appropriations and property taxes as non-operating revenues. Non-operating revenues totaled slightly more than $17.6 million, including a little more than $12 million from the state and $5.9 million from property taxes with a little more than $126,000 from interest income.
Non-operating expenses totaled nearly $467,000 consisting of interest on indebtedness. The report says the college's net position increased nearly $178,000 during the year.
A copy of the report is available for review in the business office at Iowa Lakes Community, or at http://auditor.iowa.gov/reports/index.html.