Lake Michigan College President Bob Harrison says the college has come through its latest audit by Rehmann Robson Certified Public Accountants with flying colors.
Dr. Harrison says the college is operating within budget, which has been a high priority given declining revenues from property taxes and the allocation from the state along with a tailing off in enrollment. Revenues for the 2011-12 fiscal year came in at $45.3 million, with operating expenses of $44.3 million. Expenses were down by just over $2 million from the previous year due to a drop in financial aid awards from Pell Grant funds along with salary and wage savings from ending Michigan Works! grant programs.
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Dr. Harrison says the college is operating within budget, which has been a high priority given declining revenues from property taxes and the allocation from the state along with a tailing off in enrollment. Revenues for the 2011-12 fiscal year came in at $45.3 million, with operating expenses of $44.3 million. Expenses were down by just over $2 million from the previous year due to a drop in financial aid awards from Pell Grant funds along with salary and wage savings from ending Michigan Works! grant programs.
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