The Santa Clarita Community College District’s Independent Citizens’ Bond Oversight Committee voted to accept the results of an independent audit confirming the district properly accounted for all bond expenditures in the 2023-24 fiscal year.

Eide Bailly, LLP conducted financial and performance audits and issued the District an unmodified opinion-the best rating possible-noting no adjustments, audit findings, questioned costs or instances of bond noncompliance.

“The clean financial and performance audits of the district’s use of Measure E funds is a reflection of our commitment to promoting a culture of transparency,” said College of the Canyons Interim Superintendent-President David C. Andrus, J.D. “I would like to thank our Business Services department and Eide Bailly for providing us with a comprehensive report of the district’s bond use and compliance.”

Auditors reviewed documents associated with 59 percent of expenditures made with bond funds. Purchase orders, approved invoices, bid documentation, contracts, and budgets were reviewed and found to be compliant with state regulations and district board policies.

James de Bree, CPA, who was appointed as the chair of the Independent Citizens’ Bond Oversight Committee at its June 30 meeting, was pleased that the General Obligation Bond Fund’s auditors concluded that the Fund’s financial statements were fairly presented, and more importantly, reported no adverse findings.

“That’s a significant piece of assurance,” said de Bree, who taught accounting at California State University, Northridge. “Everybody always glosses over this. But in my career, I have seen numerous instances where things weren’t so great. So, the fact that the pages which report adverse findings are blank is really a good result.”

Rick Alonzo, CPA with Eide Bailly, took the opportunity to thank district management for facilitating the audit process.

“We really appreciate working with the district, they always give us the information that we ask for in a timely manner,” said Alonzo. “We never feel that they’re hiding any information from us. As auditors, we really appreciate that.”

The audit showed $15.6 million of Measure E funds spent during 2023-24, primarily on the modernization of Boykin Hall and remodel of the Counseling department offices at the college’s Valencia campus. In addition, Measure E funds were used to implement the college’s Americans with Disabilities Act transition plan.

“I would like to thank the Business Services department for their tremendous attention to detail, accuracy, and compliance of bond expenditures to ensure the fiscal integrity of the Measure E bond funds,” said Jason Hinkle, interim assistant superintendent/vice president of business services at the college.

Since 2017, the college has spent a total of $138 million of Measure E bond revenue, according to the audit. Funded projects include the parking structure at the Valencia campus, along with the Central Energy Plant, Don Takeda Science Center, Student Services/Learning Resources Center at the Canyon Country campus, as well as repairs and modernization of existing campus facilities.

Local voters approved Measure E in June 2016, providing the college with $230 million to invest in facilities upgrades.

The committee also approved its Annual Report, which is available at www.canyons.edu/administration/committees/bondoversight/index.php.