LCC 6-30-08 Audit (FINAL)

REPORT ON FINANCIAL STATEMENTS (with additional information) FOR THE YEARS ENDED JUNE 30, 2008 AND 2007 LANSING COMMUNITY COLLEGE TABLE OF CONTENTS Page Management’s Discussion and Analysis 1-10 Independent Auditors’ Report 11-12 Audited Financial Statements for the Years Ended June 30, 2008 and 2007 Balance Sheets 13 Statements of Revenues, Expenses and Changes in Net Assets 14 Statements of Cash Flows 15-16 Notes to Financial Statements 17-33 Additional Information for the Year Ended June 30, 2008 Combining Balance Sheet 34 Combining Statement of Revenues, Expenses, Transfers and Changes in Net Assets 35 * * * * * LANSING COMMUNITY COLLEGE MANAGEMENT’S DISCUSSION AND ANALYSIS YEARS ENDED JUNE 30, 2008 AND 2007 The discussion and analysis of Lansing Community College’s financial statements provides an overview of the College’s financial activities for the years ended June 30, 2008 and 2007. Management has prepared the financial statements and the related footnote disclosures along with the discussion and analysis. Responsibility for the accuracy and completeness of this information rests with the College’s management. Using this Report The College's financial statements have been prepared in accordance with the following standards. In June 1999, the Governmental Accounting Standards Board (“GASB”) released Statement No. 34, Basic Financial ...