MCLA’s total assets increased by $3.2 million from 2010 to approximately $37 million in the 2011 fiscal year, according to the latest audit report.
O’Connor and Drew, an accounting firm based in Braintree, Mass., and in no way affiliated with the College, performed the audit. David Dilusis, who represented the firm, presented the results to the Board of Trustees at the Oct. 30 meeting.
The $37 million in assets includes $8.8 million in liabilities, which are past transcactions that still need to be obliged.
Dilusis said $8.8 million in liabilities “isn’t a whole lot.”
The net assets, which is total assets minus liabilities, was $28.5 million in June.
Dilusis said the school performed well throughout both the financial statement and internal environment reports.
“On the financial statement, you received an unqualified opinion, which is the highest level of assurance you can get,” Dilusis said. “And then on the report on internal controls, that’s where we have the opportunity, if it presents itself, to expand language on material weaknesses, which would be a shock…We didn’t expand the report for anything.
“Pretty much, you have a clean internal control environment that you should be proud of and your staff should be commended for as well.”
The Board of Trustees unaminously accepted the audit report with no discussion.
Public Policy Lecture renamed
The annual fall Public Policy lecture was renamed the “Michael S. and Kitty Dukakis lecture series.”
The Dukakis family signed and pledged a 10-year donation to MCLA to pay for the Public Policy lecture series.
Tuesday’s lecture with former Secretary of Defense Robert Gates was the first under the new name.
Michael Dukakis was the Massachusetts governor from 1975-1979 and again from 1983-1991. He lost in the 1988 presidential election against George H.W. Bush.
Foy updates the Board about the firearm referendum
SGA President Todd Foy informed the Board that the SGA is working on a student referendum regarding the arming of Public Safety officers.
“We believe that the Executive Cabinet as well as the Student Senate is not capable enough to speak for the entire student body on the matter of that significance,” Foy said. “I’m hoping in December when we meet again I can bring the actual results of the referendum so you’ll have a better idea of where students stand on that issue.”
As of Monday’s SGA meeting, the expected vote date is Dec. 5 if the referendum is approved by the Student Senate.
“This has been an incredibly, incredibly busy, full fall semester for everybody on campus,” said President Mary Grant.
Grant mentioned many events throughout the fall semester, such as the UMass president visiting campus and the Center for Science and Innovation groundbreaking ceremony.
Grant stressed the importance of the four goals and values of the Strategic Planning commitee.
The four goals are: excellence in teaching and learning, creating a supportive and inclusive community, responsive and intentional stewardship, and public purpose and engagement.