JJC Receives Clean Audit, Reports $21.6 Million Increase in Net Position
Joliet Junior College Meeting | November 12, 2025
Article Summary:
Joliet Junior College received a “clean unmodified audit opinion” for the fiscal year ending June 30, 2025, the highest level of assurance possible, and reported a $21.6 million increase in its overall net position, indicating strong financial health.
FY25 Audit Key Points:
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The college received an unmodified opinion on its financial statements, signifying they are fairly presented and free of material misstatement.
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JJC’s unrestricted net position grew to $94 million, up from $80.2 million in the previous fiscal year.
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The college’s overall net position increased by $21.6 million for the fiscal year.
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Auditors noted one minor instance of non-compliance in federal student financial aid, affecting one out of 40 student files tested.
JOLIET, IL — Joliet Junior College is in a strong financial position, according to the results of its fiscal year 2025 audit presented to the Board of Trustees on Wednesday, November 12, 2025.
Anthony Cervini, a principal with the auditing firm Sikich, reported that the college received “clean unmodified audit opinions” on its financial statements. “That clean unmodified opinion, as a reminder, is the highest level of assurance that we can provide as auditors,” Cervini told the board.
The audit revealed significant financial growth for the college. The overall net position increased by $21.6 million. The college’s unrestricted net position, a key indicator of financial flexibility, rose to $94 million as of June 30, 2025, an increase from $80.2 million the prior year. “Economically, the college is better off a year than they were a year ago,” Cervini said.
The audit did contain one minor finding, classified as an “instance of non-compliance,” related to the federal student financial aid program. The issue concerned one student out of a sample of 40 who did not receive an exit counseling notification within the required timeframe due to a change in enrollment status. Cervini noted it was not a systemic issue and that the college has already implemented a corrective action plan.
The board voted to formally acknowledge the audit results.
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