Northern Marianas College has announced that it has received an unmodified, or "clean," audit opinion for fiscal year 2025, marking the college's 19th consecutive year of clean audits and continuing a positive multi-year trajectory with zero audit findings.
An unmodified opinion means the college's financial statements follow strict standards and present fairly, that the numbers are accurate, and, in all material respects, NMC's financial position conforms with accounting principles generally accepted in the United States. The absence of findings means auditors identified no material weaknesses, significant deficiencies, or instances of noncompliance in the college's internal controls over financial reporting.
The clean opinion also means NMC continues to be designated a "low-risk auditee" for the 19th year in a row under the Single Audit Act and federal Uniform Guidance (2 CFR 200.520). The designation is a formal, objective validation that the college manages multiple millions of dollars in federal, local, and other funds with a high level of integrity and reliable internal controls.
“Achieving 19 years of clean audits reflects something deeper than good bookkeeping — it reflects trust," said Frankie M. Eliptico, NMC Interim President. "Despite leadership transitions, natural disasters, a pandemic, and other challenges, the unmodified audit opinion tells our students, our community, and our federal and local partners that NMC is an institution they can count on and hold accountable.”
“This is incredibly important as we continue on historic efforts to build a brand new campus and depend on local, federal, and philanthropic funds to do so,” Eliptico added.
"Almost two decades of continuously performing at such a high level is a testament to the cultural buy-in and belief of quality improvement shared amongst the college," said David Attao, NMC's chief financial officer. "At NMC, our team approach to being prudent, accountable, responsible, and reasonable stewards of funds shows that at every level, we really care and can prove that we will take care of the resources entrusted to us."
To earn low-risk status, an institution must meet strict federal criteria, including submitting annual audits on a consistent and timely basis; receiving clean, unmodified opinions on its financial statements; showing no material weaknesses in internal controls; raising no concerns among independent auditors about the institution's ability to continue operating; and recording no findings or questioned costs on major federal programs.
The low-risk designation carries practical benefits such as reducing administrative burden when NMC applies for and administers grants and reflecting higher confidence in the college among federal agencies. NMC is one of the few entities in the CNMI to hold both a clean audit and a low-risk designation, as well as be able to make timely submissions of its audits.
College leadership credited the achievement to financial stewards across all levels of the institution, from the Board of Regents, college administrators, program leaders, expenditure authorities, administrative teams, finance and procurement staff, faculty, students, and stakeholders over the past 19 years.
Even more impressive was the College’s ability to transition from older legacy student data and accounting systems to a new enterprise-wide system while maintaining compliance with the strict standards.