Press Release  Audit Finds No Deficiencies at Holyoke Community College Foundation, Offers Steps to Improve Financial Management

Boston — Today, State Auditor Suzanne M. Bump released an audit of the Holyoke Community College Foundation (HCCF), a nonprofit organization that provides financial support to Holyoke Community College (HCC). While the audit found the foundation was using funds exclusively for the benefit of the college, it encouraged it to take steps to improve its financial management processes and transparency. The audit examined the period July 1, 2017 through March 31, 2019.

“The Holyoke Community College Foundation should be commended for the work to support the school and its compliance with laws and regulations governing its activities. However, it must constantly look for opportunities for improvement,” Bump said. “This audit lays out steps the organization can take to increase transparency, protect its integrity, and support succession training for staff and board members.”  

Although expenditures were budgeted and made properly, Bump’s audit urges HCCF to improve documentation of accounting practices and disclosure of related-party transactions.

In August, an audit of HCC called for improvements to its employee information technology (IT) and cybersecurity awareness training.

HCCF was established in 1968 and is overseen by a 27-member board of directors. The foundation provides scholarships to students and works to improve academic programs and facilities. During the audit period, the foundation made $8,082,229 in expenditures.

The full audit report is available here.

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