The Southwestern Michigan College Board of Trustees received the college’s financial audit; authorized the refinancing of college bonds; appointed a new member to the Southwestern Michigan College Foundation and conducted other business during a regularly scheduled meeting Oct. 17 on the college’s Dowagiac campus.

Trustees received the 2015-2016 financial audit report of the college prepared by Plante and Moran, PLLC, of Portage. SMC received an outstanding report, referred to in accounting terms as an unqualified audit opinion.

“An unqualified audit opinion is the highest grade that can be awarded by an auditing firm,” said Board of Trustees Chairman Thomas F. Jerdon. “Southwestern Michigan College has controlled costs and has focused on providing a high-quality, affordable, total life college experience for our students. This independent auditor’s report, along with an AA bond rating from Standard and Poor’s, shows that SMC is a strong, well-managed institution that gives students and taxpayers a great return on their investment.”

In other business, trustees authorized the administration to begin the process to refinance the portion of outstanding debt from the construction of the college’s first residence hall and renovation of the student activity center.

“Historically low interest rates have made it possible for the college to refinance this debt and provide significant cost savings to the college,” said SMC President Dr. David Mathews. “The Board’s action tonight will authorize the administration to work with rating agencies, an underwriter and bond counsel to accomplish these savings.”

Trustees also appointed Janet Barkell of Dowagiac to the Southwestern Michigan College Foundation.

Ms. Barkell recently retired after 41 years in the TV advertising sales and marketing industry. Since 1967 she has split her time between Chicago and Magician Lake, and now calls Magician Lake home full time.

The SMC Foundation is a non-profit, tax-exempt corporation established in 1971 to raise funds to support the college and students in areas not funded through taxes, tuition and grants. For information on how to contribute to scholarships or to other initiatives of the Foundation, contact the Foundation’s Executive Director, Eileen Toney, at 782-1301.

Southwestern Michigan College is a public, residential and commuter, community college, founded in 1964. The college averages in the top 10 percent nationally for student academic success based upon the National Community College Benchmark Project. Southwestern Michigan College strives to be the college of first choice, to provide the programs and services to meet the needs of students, and to serve our community. The college is accredited by The Higher Learning Commission of the North Central Association of Colleges and Schools and is a member of the American Association of Community Colleges.