For More Information Contact:
Donald W. Kohler
Vice-President of Marketing & Public Relations
2700 College Rd. Box 4-C
Council Bluffs, IA 51502
(712) 325-3262 or 1-800-432-5852, ext. 3262
FOR IMMEDIATE RELEASE
March 17, 2014
Iowa Western Audit Report Released
Council Bluffs, Iowa - 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 $29,109,535 for the year ended June 30, 2013, including $15,138,444 from tuition and fees net of scholarships, $1,787,313 from the Federal government and $8,893,826 from Auxiliary enterprises net of scholarships.
Operating expenses for the year totaled $57,483,784 and included $30,531,165 for salaries and benefits, $12,243,454 for services and $2,641,129 for materials and supplies.
The college reported an operating loss of $28,374,249. 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 $33,408,225, including $12,989,594 from the state, $8,126,166 from property taxes, $12,198,916 from Pell grants, and $87,418 from interest income. Nonoperating expenses totaled $2,479,284, consisting primarily of interest on indebtedness of $2,460,515. The College’s net assets increased $2,554,692 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.