For the ninth year in a row, Lethbridge College has received top marks from Alberta’s Auditor General for its financial reporting. The college received all green lights – the top designation possible – in the 2021 Auditor General’s annual Report on Post-secondary Institutions released earlier this year.
“This is an institution-wide accomplishment showcasing our commitment to fiscal sustainability, transparency and security,” says Coreen Roth, Vice President – People and Business Services. “A strong financial base enables us to support our students and provide the services and resources they need to be successful. We have made a conscious decision over many years to ensure our college is sustainable for the long-term, and this report shows that work is paying off.”
The Auditor General’s report measures the accuracy, timeliness and outstanding recommendations of each institution’s financial statements. Yellow lights are issued for areas where improvement is required, and red lights are for areas in need of significant improvement. Green lights represent that no significant weaknesses are present.
Lethbridge College is one of only four post-secondary institutions in the province – and the only college – to receive only green lights over the past nine years.
“We are honoured to be recognized for this significant accomplishment,” says Tracy Holt, Director, Financial Services and Chief Financial Officer. “It’s a testament to our people and the commitment they have to their work and to the institution. We continually strive to provide transparent and accountable leadership each year. I’m very proud of our team and the collaborative efforts required across the entire organization to be able to continually reach this goal.”
The Auditor General takes many factors into consideration for its report, including the quality of draft financial statements prepared for the board; the time it took management to prepare complete and accurate year-end financial statements; and the number, age and nature of current and outstanding recommendations.
Lethbridge College’s Financial Services department oversees the college’s financial and accounting affairs, providing services to students, staff and external customers.