- Office of the State Auditor
Media Contact for Audit Finds No Deficiencies at Mount Waschusett Community College Foundation, Suggests Improvements to Financial Management
Boston — Today, State Auditor Suzanne M. Bump released an audit of the Mount Wachusett Community College Foundation (MWCCF) that found it was using funds exclusively for the benefit of the college but could improve its internal controls over financial management. MWCCF is a charitable nonprofit corporation that provides financial support to Mount Wachusett Community College. The audit examined the period of July 1, 2017 through June 31, 2019.
“Our audit shows that although Mount Wachusett Community College Foundation was properly directing and using funds, it should take steps to strengthen its financial controls to ensure funds continue to be used effectively. This will also help decrease the risk of money being lost or misspent,” Bump said of the audit. “I commend the foundation for its work expanding access to higher education and for taking these matters seriously.”
Although expenditures were used properly, the audit found areas of improvement in existing internal controls of the foundation, such as better cash disbursement and credit card transaction monitoring, and enhanced documentation for expenditures.
In March, an audit of Mount Wachusett Community College called for improved oversight of background checks in the community college’s early childhood education program and for better financial reporting practices.
MWCCF was established in 1971 and is overseen by a 22-member board of directors. The foundation provides scholarships to students and works to enhance academic programs and facilities. During the audit period, MWCCF’s total expenditures were $891,911 for fiscal year 2018 and $1,091,304 for fiscal year 2019.