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Last updateThu, 21 Nov 2019 12am







    Wednesday, November 20, 2019-10:10:08A.M.






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NMTI receives clean audit

THE Northern Marianas Technical Institute received a clean audit from an independent auditor, Comer Burger Magliari CPAs.

The audit report was presented to the NMTI board members on Wednesday by Gilbert Morales of Burger Comer Magliari.

The audit covered fiscal year 2018, and indicated that NMTI had total assets of $709,805 and $102,811 in liabilities.

“Deducting the liabilities, NMTI has a total asset of $606,994 — a combination of cash, receivables, and equipment,” Morales said.

NMTI has several sources of funds from donors with restrictions and donors without restrictions, he added.

He said the funds from donors without restrictions included NMTI’s revenue: tuition fees, government allotments, and Education Tax Credit donors.

Funds from donors with restrictions come with certain conditions such as CW money, which can be utilized for educational purposes.

Morales also noted that NMTI employees were always paid on time.

NMTI board chair John Gonzales said the clean audit “demonstrates that our board adheres to strict internal controls and respects taxpayer funds.”

He added, “It is our priority to have a culture of transparency and accountability for every single penny that we receive.”

He said NMTI receives a clean audit every year.

A copy of the FY 2018 audit report will be transmitted to the Legislature and the administration, Gonzales added.