Report of Management
for the Fiscal Years Ended June 30, 2013 and June 30, 2012
Management is responsible for the preparation, integrity, and fair presentation of the financial statements of North Central College. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States and include the best estimates and judgments of management. The opinion of the independent auditors, Grant Thornton, LLP, based upon their audit of the financial statements, is an unqualified opinion.
Management is responsible for maintaining a system of internal control over financial reporting that provides reasonable assurance, at an appropriate cost-benefit relationship, about the reliability of financial reporting. The system contains self-monitoring mechanisms. Even an effective internal control system, no matter how well designed, has inherent limitations—including the possibility of the circumvention or overriding of controls—and therefore can provide only reasonable assurance with respect to financial statement preparation. Further, because of changes in conditions, internal control system effectiveness may vary over time.
The Audit Committee of the College’s Board of Trustees, composed solely of trustees who are not officers of the College, regularly meets with the independent auditors and management to discuss the system of internal controls over the financial reporting and auditing and financial reporting matters. The Committee also meets periodically with the independent auditors without management present to discuss any matters that require attention.
Management assessed the College’s system of internal control over financial reporting as of June 30, 2013, in relation to criteria for effective internal control over financial reporting. Based on this assessment, management believes that, as of June 30, 2013, the College’s system of internal control over financial reporting was adequate.
/s/ Troy D. Hammond, President
/s/ Paul H. Loscheider, Vice President for Business Affairs