American Samoa Community College

18.  Financial Resources:
The institution documents a funding base, financial resources, and plans for financial development adequate to support student learning programs and services, to improve institutional effectiveness, and to assure financial stability. (Standard III.D.1)

The ASCC funding base, financial resources, and plans for financial development encompasses the bachelor program.

Funding Base:
The ASCC documents its funding base through its annual budget planning.  The major contributor of financial resources for the institution are listed below:

  • Local Funding (General Fund Revenue) - Unrestricted
    • DOI Operation Grant
    • ASG General Fund Subsidy
    • ASCC Funds (Tuition & Fees)
  • Grant Funding - Restricted
    • Federal Funding
    • Endowment Funding

The availability of funding financial resources are assessed through short-term and long-term revenue projections for the institution.  This guides the institution in its allocation process to improve institutional effectiveness.1

Financial Planning:
ASCC’s fiscal planning is integrated with the Institutional Strategic Plan (ISP).  This is a very important process to ensure that fiscal resources are allocated based on the institution’s priorities outlined in the ISP.

The College’s recent actions to set institutional-set achievement standards and realignment of its practices towards the monitoring, assessing, and evaluating of those standards, provided a clear understanding of the College’s priorities which are focused on student learning.

The College now at its monitoring stage of institutional-set standards will assure that actions will be taken to improve the quality of educational programs in its forthcoming evaluation of institutional-set standards in the spring of 2016.

In its efforts for continuous financial improvement, ASCC formulated two new fiscal policies: Cash Reserve Policy 7212 and Financial Emergency Plan Policy 7000.5E. The cash reserve policy mandates setting aside funds for the institution’s long-term financial stability.  The financial emergency policy references the financial emergency plan that includes new revenue options.2

Financial Stability:
The ASCC’s financial status’ has improved and is stable.  Currently, the institution’s cash reserve level is $603,186.47.  The cash reserve allocates $100,106 for the future preventive maintenance of the Multi-Purpose Center and $503,080.47 for the institution’s operations cash reserve.3  The institution is committed to continue building its cash reserve and manage its fiscal resources with integrity to further strengthen its financial stability to support student learning programs and services

1 - Annual Budget Revenue Projection
2 - Institution Show Cause Recommendation Report
3 - Operation and Maintenance 9-30-15 Balance