IWCC Releases Audit Report

Denman and Company, LLP has released an audit report on Iowa Western Community College in Council Bluffs, Iowa.

The College’s primary government operating revenues totaled $43,442,421 for the year ended June 30, 2022, including $17,521,251 from tuition and fees net of scholarships, $13,309,194 from the Federal government and $9,651,088 from Auxiliary enterprises net of scholarships.

Operating expenses for the year totaled $71,884,762 and included $33,550,045 for salaries and benefits, $12,893,232 for services and $3,256,955 for materials and supplies.

The college reported an operating loss of $28,442,341. In general, a public college, such as Iowa Western Community College, will report an operating loss since the financial reporting model classifies state appropriations and property tax as nonoperating revenues. Non-operating revenues totaled $42,373,873, including $17,050,645 from the state, $16,608,095 from property taxes, $7,110,660 from Pell grants, and $121,621 from interest income. Non-operating expenses totaled $2,617,148, consisting mostly of interest on indebtedness. The College’s net assets increased $13,803,476 during the year.

A copy of the audit is available for review in the Office of Auditor of State and the Board Secretary’s office.