The Annual Audit

The financial and personnel cost of participation in an annual audit is uncomfortably high for a smaller institution like Trinity. Many ask, “Why do we need an annual audit?” The answer is, quite frankly, that without an annual audit, Trinity would not be able to function as a nationally accredited college with students accessing federal financial aid.
The first function of an independent audit by a reputable professional services provider is to provide our Board of Trustees with an objective opinion on the health and financial position of the institution. This builds trust between the Board and the College Administration. Board members spend less time being concerned about the accuracy of reports regarding our current position, and more time supporting the President in his vision for the college’s future.

A second important byproduct of our audit is the production of year-end financial statements. A well- known company has served Trinity as auditor for many years. They also prepare our financial statements, adding another level of reliability to our annual reports.
Our financial year ends on June 30 and the Department of Education, The Assemblies of God Alliance, and our accreditors, the Association of Biblical Higher Education require that we report these year-end figures to remain in good standing to issue Title IV federal financial aid, enjoy denominational covering, and award nationally accredited degrees.

Our consistent, clean audits from year to year provide good support when we apply for substantive change to our programs, further accreditation, and financial grants. Prospective partners and donors are free to request a copy of our latest audit before making a significant investment of time or money. We believe our financial integrity and missional priorities are on display as the audit reports are disclosed.
As soon as one annual audit is in the books, the next year’s audit has already begun. Meeting the informational demand of an audit is a daunting task for the many staff members and the college’s contracted CPA who shoulder this burden.  Nevertheless, the important outcomes are non-negotiable, so we subscribe to the highest financial standards cheerfully, as unto the Lord.
March 13, 2019
Ian O'Brien
Executive Vice President
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