“I am proud of our team for their commitment to fiscal responsibility. It is this commitment that has allowed us to expand our campus, modernize our digital infrastructure and expand our program offerings for our students, while keeping tuition rates unchanged since 2011,” GCC President, Dr. Mary Okada said. “This year’s audit release is especially meaningful as we recently lost our Vice President of Finance and Administration, Carmen Kwek Santos, who has led our financial and administrative team for the last 12 years. Her untimely passing has really been difficult on our GCC family and we dedicate this unprecedented audit finding in her memory. We recognize her dedication and hard work throughout the years.”
GCC received 53% of its FY19 revenues from Government of Guam appropriations, 29% from federal grants and contract and only 7% from student tuition and fees. Although GCC ended FY19 in a net negative position, this was primarily due to a slight decrease in GovGuam appropriation and net increases due to accounting adjustments made due to prior-year transfer of the DC to the DB1.75 GovGuam retirement plan. In FY 2019, operating and nonoperating revenues totaled $36.3M, which is a decrease of $2.8M due to decreased GovGuam appropriations and Auxiliary enterprises.
Fiscal Year 2020 will bring new challenges, as we work to overcome the disruption caused by COVID-19. Times of economic uncertainty are the best times to increase your skills and position yourself for employment opportunities.
“We are grateful that our island was spared the level of devastation, others have faced, and GCC stands ready to provide the people of Guam opportunities to learn a new trade or skill and advance their careers,” Dr. Okada added. “While there is still uncertainty in our economy, now is the time to enhance your employability and GCC stands ready to help you reach your goals.”
NOTE: Carmen Kwek Santos was Vice President of Finance and Administration for GCC from December 3, 2007 until May 13, 2020 when she passed away.
For more information, contact John Dela Rosa, GCC Asst. Director of Communications & Promotions, at 735-5638 (office), 482-4320 (cell), or firstname.lastname@example.org.