PJC Regents Get Clean Audit Report,
Good News for Students
The Paris Junior College Board of Regents Monday evening accepted a clean audit report from accounting firm of McClanahan and Holmes. In another report, PJC’s affordability for area students was reaffirmed.
Explaining the audit report to the regents, Andy Reich from McClanahan and Holmes said, “in the auditor's report, the information is provided by management, and our responsibility is to give our opinion on that information based on our auditing procedures. Basically we do four audits: generally accepted auditing standards, governmental auditing standards, audit of federal programs and audit of state programs. You've got a clean opinion on this financial information.
“You've ended with a net increase of $3.8 million,” Reich added. “That's a fairly sizeable increase in net assets. Of course some of your projects are going to eat into that money, but it means you don't have to borrow as much money.”
In two comparisons with 22 other medium-sized Texas colleges, PJC did very well. In the first comparison, PJC President Dr. Pamela Anglin reviewed financial data from the Texas Higher Education Coordinating Board website.
“We are one of the most financially sound colleges in the state of Texas,” said Dr. Anglin of the review.
The second comparison is from the annual Integrated Postsecondary Education Data System survey.
“Our cost of attendance, tuition and fees, is $1,284 compared to $1,940 for our peers,” said Dr. Anglin. “The percent of all students on some form of financial aid is greater, 68 percent versus 50 percent.”
A higher percentage of PJC students receive Pell grants, and PJC’s graduation rate is higher than that of peer colleges. PJC staffing levels are lower than that of peers, except for professional support and service staff. Faculty salaries are higher due to longer-tenured staff. PJC relies more heavily on state appropriations than peers and spends less that its peers except in the areas of student services and public service. Industry training grants pass through the public service category.
“We stretch a dollar further than other community colleges in the State,” Dr. Anglin said.
In other business, the Regents: