According to an independent audit by J. Scott Magliari & Company, from $1.26 million in 2009, net assets rose to $1.4 million in FY’10.
Total revenues were $296,791 and $259,408 for fiscal years 2010 and 2009 respectively.
The audit revealed that the 14.4 percent increase in revenues was due to gains of the investment portfolio.
Complementing the rise in revenues was the $60,770 drop in expenditures, from $220,280 in 2009 to $159,510 in 2010.
The audit stated that the significant decrease in expenditures last fiscal year was attributed to a number of factors: 25 percent cut in personnel costs, 24 percent reduction in disability claims, 69 percent drop in professional fees attributed to legal fees, 28 percent reduction in monthly rent from $966.25 to $845 per month.
There was also a 45 percent reduction in utility charges owing to its relocation of office space.
The WCC recorded a 69 percent decrease in repairs and maintenance costs and 34 percent drop in communication costs.
The audit bared that there has been no significant change in WCC revenues in the past three years.
It stated that the CNMI appropriations also remained the same.
But total investments for WCC increased in 2010. From $663,098 in 2009, it went up last fiscal year to $721,309: $489,234 in stock mutual funds, $187,023 in mutual bond funds and $45,052 in money market placements.
Public Law 6-33 created the WCC to provide various benefits to employees suffering from work-related injuries, illnesses and death. It provides compensation for public and private employees for any work-related injury or death and protection from any loss of wages due to work-related illness, death or injury.
The WCC also was mandated by law to provide medical and hospital benefits.
