East Central College received an “unmodified opinion,” or a clean opinion, on its financial audit for the year that ended June 30, 2016.Matt Wallace, a manager with KPM CPAs & Advisors, Springfield, told the board of trustees at the December meeting that the opinion is the best the college can receive and the same as it received last year.The ECC Foundation, a fundraising component of the college, also received an unmodified opinion. The Foundation has a different year-end than the college, so they were audited separately, Wallace noted. The college’s assets were $57.5 million, up from $53 million in 2015. Its total net position was $23.4 million, up from $21.7 million in 2015The college’s net position at June 30, 2016, 2015 and 2014 shows the unrestricted fund at $3.9 million, $5.1 million, $5.7 million, respectively. The net position is the college’s “balance sheet,” Wallace explained.Net position is presented in capital assets, which represents the college’s equity in its property, plant and equipment; restricted funds, which are limited in terms of the purpose and time they can be spent; and restricted funds, which are available to the college for any lawful purpose.The total operating revenue was at $18.8 million, down approximately $1.5 million from the 2015 operating revenue of $20.3 million.Operating expenses totaled $29.4 million in 2016, down from $31.3 million in 2015.State appropriations were down, from $12.4 million in 2015 to $12.2 million in 2016. Tax revenue also saw a slight decrease, from $7.8 million in 2015 to $7.6 million in 2016.Nonoperating revenue totaled $12.2 million, compared to $12.4 million in 2015.The college received an unmodified opinion on its major federal programs that were reviewed, which included student federal aid and the EDA grant.There was one significant deficiency in the student financial aid cluster in that the college did not have procedures in place to correctly report changes in student enrollment status within the required time line.The college was unaware that software did not report the enrollment status correctly to the third party provider, which provides reports to the National Student Loan Data System. The existing reporting procedures have been updated to ensure accurate reporting, the audit summary notes.E.C.C.