New Audit Shows Financial Stability At Johnston Community College

SMITHFIELD, N.C. — A new state audit shows Johnston Community College is in a stable and improving financial position, with assets increasing and no major issues identified.

The financial statement audit, released last week by the North Carolina Office of the State Auditor, found the college’s net position grew by approximately $2.6 million, or 5.3 percent, during the most recent fiscal year.

The increase was driven in part by growth in capital assets, which rose by roughly $3 million. The report cites campus improvements, including paving projects, equipment purchases for academic programs such as nursing, and infrastructure upgrades.

College revenues also contributed to the gain, with higher enrollment and increased state funding helping boost overall financial performance.

At the same time, the audit noted a rise in long-term liabilities, which increased by about $7.4 million to approximately $56.3 million. Much of that increase is tied to pension and other post-employment benefit obligations, a common trend among public institutions.

Despite those increases, auditors did not report any significant deficiencies or compliance issues.

Overall, the report indicates the college’s financial condition remains positive, with growth in assets and revenues outpacing rising obligations.

The audit is a routine review conducted annually to evaluate the accuracy of financial statements and ensure compliance with state and federal requirements.