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Accounting and Auditing
Audit finds Anne Arundel, Carroll community colleges are carrying unrestricted fund deficits
Audit finds Anne Arundel, Carroll community colleges are carrying unrestricted fund deficits

A state legislative auditing report found that Anne Arundel and Carroll community college were carrying several million-dollar, unrestricted-fund deficits in fiscal year 2013 related to future expenses for retiree benefits. The Office of Legislative Audits on Wednesday released the findings as part of a 10-page report for fiscal year 2013 from audits at 15 state community colleges. The report said AACC incurred a $13.9 million deficit in unrestricted funds, or money in a general fund that is not tied to a specific purpose. Carroll Community College incurred a $8.3 million deficit, the report said. The report said both schools cited increases to “post-employment benefit...

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