The institution provides financial statements and related documents, including multiple measures for determining financial health as requested by the Commission that accurately and appropriately represent the total operation of the institution. (Financial Statements and Related Documents)

     X    Compliance         Partial Compliance         Non-Compliance

Narrative: Orangeburg-Calhoun Technical College (OCtech) is providing three years of externally audited financial statements and separate management letters for review by the Commission. These statements all report unqualified audit opinions. Management letter comments are related to process improvement, are few in number, and do not reflect serious concerns for the College.

The College also participates in periodic internal audits performed by the audit staff at the State Board for Technical and Comprehensive Education (SBTCE). The last internal audit was performed for the period ended September 30, 2002, and a copy of the audit report is online. This report is also very positive and reflects the College’s commitment to excellence. Additionally, OCtech participates in annual inventory audits performed by the SBTCE. Inventory exceptions are generally minor and do not reflect serious breaches of inventory control. A copy of the most recent SBTCE inventory audit is provided.

During 2003, the College petitioned the State of South Carolina Budget and Control Board to increase its in-house procurement authorization from $5,000 to $25,000. The request was granted after a favorable audit was conducted by the Budget and Control Board audit staff. The Procurement Audit Report is included for review.

Evidence of Support: