Northern New Mexico College FY2017 Audit Released
Northern New Mexico College’s FY 2017 audit was released Friday, containing 48 findings. The majority of the findings are already in the process of remediation.
The FY 2017 audit, along with the special forensic audit released Feb. 12, have been the most thorough assessments of the College’s accounting and control systems in recent history.
These audits have shed much needed light on the vulnerabilities that exist within the College’s accounting and control systems, and establish a roadmap of action toward stronger financial oversight.
Northern New Mexico College has been working diligently over the past year to update its accounting procedures and policies to address previous audit findings and incorporate best industry practices.
These steps have included the recruitment of a highly qualified and experienced Vice President for Finance & Administration, a CPA who has previously served as a state controller and deputy state treasurer.
In addition, the College has hired a proven veteran human resources team and a very qualified grants team. These personnel moves have already helped the institution to overhaul its processes and procedures.
The College is also increasing employee training and professional development, and updating its accounting system, which will allow for stricter security and oversight.
President Rick Bailey has openly committed to transparent oversight. “We knew this would be a multi-year endeavor. That said, the College is in a much stronger position than it was a year ago,” President Bailey said. “We purposely sought out a forensic auditor and a new annual auditing firm with reputations for strong, thorough analyses. The College is grateful to REDW and to McHard Accounting for their diligent work, which will help us to move forward.”
For the last year, the College has also been sending monthly progress reports outlining our corrective measures to the Office of the State Auditor, the US Department of Education, the New Mexico Higher Education Department, and the Higher Learning Commission. These monthly letters, along with updates on audit progress, are available online for public review. You can follow the College’s progress here.
Northern New Mexico College, its Board of Regents, and its executive officers are fully engaged and committed to addressing all the audit findings and taking the necessary measures to ensure healthy and transparent stewardship of public funds.
The College is dedicated to undertaking this multi-year effort with the utmost openness and responsibility.
Northern New Mexico College is a minority-serving institution, offering bachelor, associate and certificate programs.
The college primarily serves rural communities within a 40-mile radius of its campus in Española, New Mexico, within one of the most underserved regions in the state.