LOUISIANA COMMUNITY AND TECHNICAL COLLEGE SYSTEM

A COMPONENT UNIT OF THE STATE OF

FINANCIAL STATEMENT AUDIT FOR THE YEAR ENDED JUNE 30, 2020 ISSUED DECEMBER 23, 2020

LOUISIANA LEGISLATIVE AUDITOR 1600 NORTH THIRD STREET POST OFFICE BOX 94397 BATON ROUGE, LOUISIANA 70804-9397

LEGISLATIVE AUDITOR DARYL G. PURPERA, CPA, CFE

ASSISTANT LEGISLATIVE AUDITOR FOR STATE AUDIT SERVICES NICOLE B. EDMONSON, CIA, CGAP, MPA

DIRECTOR OF FINANCIAL AUDIT ERNEST F. SUMMERVILLE, JR., CPA

Under the provisions of state law, this report is a public document. A copy of this report has been submitted to the Governor, to the Attorney General, and to other public officials as required by state law. A copy of this report is available for public inspection at the Baton Rouge office of the Louisiana Legislative Auditor and online at www.lla.la.gov.

This document is produced by the Louisiana Legislative Auditor, State of Louisiana, Post Office Box 94397, Baton Rouge, Louisiana 70804-9397 in accordance with Louisiana Revised Statute 24:513. One copy of this public document was produced at an approximate cost of $3.10. This material was produced in accordance with the standards for state agencies established pursuant to R.S. 43:31. This report is available on the Legislative Auditor’s website at www.lla.la.gov. When contacting the office, you may refer to Agency ID No. 6179 or Report ID No. 80200010 for additional information.

In compliance with the Americans With Disabilities Act, if you need special assistance relative to this document, or any documents of the Legislative Auditor, please contact Elizabeth Coxe, Chief Administrative Officer, at 225-339-3800.

TABLE OF CONTENTS

Page

Independent Auditor’s Report ...... 3 Management’s Discussion and Analysis ...... 7

Statement Basic Financial Statements: Statement of Net Position...... A ...... 16 Statement of Revenues, Expenses, and Changes in Net Position ...... B ...... 18 Statement of Cash Flows ...... C ...... 20 Notes to the Financial Statements ...... 22

Schedule Required Supplementary Information - Schedule of the System’s Proportionate Share of the Net Pension Liability ...... 1...... 71

Schedule of the System’s Contributions ...... 2...... 71

Schedule of the System’s Proportionate Share of the Total Collective OPEB Liability ...... 3...... 73

Supplementary Information Schedules:

Combining Schedule of Net Position, by College, June 30, 2020 ...... 4...... 75 Combining Schedule of Revenues, Expenses, and Changes in Net Position, by College, For the Year Ended June 30, 2020 ...... 5...... 78 Combining Schedule of Cash Flows, by College, For the Year Ended June 30, 2020 ...... 6...... 81

Combining Schedule of Net Position, by College, June 30, 2019 ...... 7...... 87

1 Louisiana Community and Technical College System Table of Contents

Page

Schedule

Combining Schedule of Revenues, Expenses, and Changes in Net Position, by College, For the Year Ended June 30, 2019 ...... 8...... 90 Combining Schedule of Cash Flows, by College, For the Year Ended June 30, 2019 ...... 9...... 93

Exhibit Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards ...... A

Appendix

Management’s Corrective Action Plans and Responses to the Findings and Recommendations ...... A

2

LOUISIANA LEGISLATIVE AUDITOR

DARYL G. PURPERA, CPA, CFE

December 15, 2020

Independent Auditor’s Report

LOUISIANA COMMUNITY AND TECHNICAL COLLEGE SYSTEM STATE OF LOUISIANA Baton Rouge, Louisiana

Report on the Financial Statements

We have audited the accompanying financial statements of the business-type activities of the Louisiana Community and Technical College System (System), a component unit of the state of Louisiana,