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Audit Audit of the Holyoke Community College Foundation (HCCF)

The audit found the nonprofit foundation, which provides financial support to Holyoke Community College, was using funds exclusively for the benefit of the college. It also encouraged HCCF to take steps to improve its financial management processes and transparency. The audit examined the period July 1, 2017 through March 31, 2019.

Organization: Office of the State Auditor
Date published: September 18, 2020

Executive Summary

In accordance with Section 12 of Chapter 11 of the Massachusetts General Laws, the Office of the State Auditor has conducted a performance audit of Holyoke Community College Foundation for the period July 1, 2017 through March 31, 2019. In this performance audit, we examined the foundation’s expenditures to determine whether they were reasonable, properly documented, and made for the exclusive benefit of the college.

Our audit revealed no significant instances of noncompliance by the foundation that must be reported under generally accepted government auditing standards. However, in “Other Matters,” we provide some recommendations to improve internal controls over the financial management of the foundation’s assets.

 

A PDF copy of the audit of the Holyoke Community College Foundation is available here.

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