For the second year in a row, Bethany College achieved a balanced annual operating budget. The Bethany College Board of Directors accepted the college’s fiscal year 2017 audit report as presented by Swindoll, Janzen, Hawk & Loyd Certified Public Accountants at its recent spring meeting. The audit found that the total change in net operating assets improved by $2.3 million, a significant turnaround compared to a deficit of nearly $5.5 million in fiscal year 2015. The net operating assets in fiscal year 2016 was $77,000.
“This is expected and terrific news!” President Will Jones said. “Bethany was able to accomplish this goal thanks to the generous support of our alumni and friends, especially those in our local community. It is great to be a Bethany Swede!”
Additionally, the audit report confirmed that the college was able to fully fund depreciation expenses while correcting some financial issues from prior years. In the auditors’ report to the board, the auditors commended the college for its continuing efforts in strong financial management.
“It’s the hard work of faculty, staff, administration, supporters and the Board that led to two consecutive years ending in the ‘black.’ Operating with a balanced budget is key to our future,” said Michael O’Dell, member of the Bethany Board and Chair of Audit and Finance Management. “Having been on the board for eight years and associated with the college for nearly two decades, this is yet another positive indication Bethany College is on a strong upward path.”
Vince Weber, Vice President of Finance and Operations, reported continued improvement in internal controls and timely reconciliation of accounts, which allows managers to make better resource decisions. Mr. Weber stated, “Bethany continues to be focused on best practices and aggressive management of resources to provide a transformative experience for our students, our faculty, our staff and our community.”
Weber also reported to the board that the college continues to carefully monitor and manage the budget. College officials are confident that the financial progress over the past year will continue.
“This was the second year in many years that the college operated within a balanced budget,” he said. “In addition, the Board of Directors, along with the senior leadership, are actively engaged in a robust strategic planning process to set priorities, including maintaining a balanced budget.”