TRC audit shows increases in online tuition, grants

Three Rivers College received a positive audit Wednesday afternoon during the Board of Trustees meeting.

The audit report, compiled by Beussink, Hey, Roe and Stroder LLC, did not find any federal findings that would need corrective action.

TRC qualifies as a low-risk auditee.

Over the course of the 2019-20 fiscal year, the college saw an increase in its net position of about $2.87 million “as a result of state sponsored capital improvements to the Crisp Technology Center and increased online enrollment.”

The college saw an increase of 3.8% in tuition and fees due to an increase in online enrollment.

According to the audit report, that amounts to about $386,024 due to an increase in the enrollment of online classes, which come with an additional course fee.

TRC also received an increase of $965,081 in state aid and grants due to improvements to the Crisp Technology Center.

It also received an increase of $800,261 in federal grants and contracts, mostly attributed to COVID-19 relief funds.

The year also resulted in the college increasing its debt by about $1.2 million. According to the audit report, this resulted from the receipt of a loan under the Paycheck Protection Program.

Overall, the college ended the year with $31,724,610 total net position, compared to $28,855,607 for the 2018-19 year.