THATCHER, Ariz. — The Arizona Auditor General has released its annual financial statement and compliance audit for Eastern Arizona College (EAC) for the fiscal year ending June 30, 2023. The report highlights significant financial progress over the past ten years.
According to the audit, EAC has seen operating revenues rise by 73% and non-operating revenues increase by 30%, contributing to a total revenue growth of 40% since the start of President Todd Haynie’s term. Even with this growth, operating expenses have risen by only 20%, demonstrating the College’s prudent management of resources. As a result, EAC’s net position has more than doubled during this same period, increasing from $31 million to $68 million.
The findings also indicate that EAC’s revenues have exceeded expenses over this time, allowing the College to continue its practice of setting aside funds for future expansion and academic program development, rather than relying on bonded debt for capital projects. However, despite the strengthened financial position, the College’s ability to spend remains limited by state-imposed expenditure caps.
“Fiscal responsibility has always been a cornerstone of Eastern Arizona College,” said EAC President Todd Haynie. “Our administration has carefully and conservatively managed resources to prepare for a period of growth. However, we are currently constrained by expenditure limitations, which prevent us from accessing the funds we’ve saved. This is why voters are being asked to consider allowing EAC to operate with a budget that reflects the actual costs of running a college in 2024, rather than being held to state-imposed spending limits set in 1979.”
For more information about the audit or to view the full report, please visit the Arizona Auditor General’s website.
Arizona Auditor General’s Findings: The Arizona Auditor General’s 2023 audit reveals that Eastern Arizona College’s revenue has outpaced expenses over the past decade, with revenues more than doubling operating expenses in recent years. The chart shows trends in total revenues, total operating expenses, and the College’s net position from 2013 to 2023.
About Eastern Arizona College:
Since 1888, Eastern Arizona College has been the undisputed Smart Higher Education Destination, shaping student dreams into reality. With a faculty of qualified and caring instructors, EAC is committed to preparing students for high-demand careers and advanced studies at top universities.
Offering a diverse range of over 90 degrees and certificates and two bachelor’s degrees, EAC is home to the state’s premier nursing school, a fine arts program featuring Arizona’s only community college marching band, and an engineering program that equips students for success at top-tiered firms and universities.
Beyond academics, EAC is a vibrant community where students thrive, forging connections that last a lifetime. At EAC, students can live in on-campus housing, engage in over 30 clubs and organizations, participate in dynamic intramurals, and cheer for nationally ranked athletic and e-sports teams.
What sets EAC apart is its commitment to financial accessibility, allowing most students to graduate with $0 debt.
Choose EAC as your Smart Higher Education Destination. For more information, visit www.eac.edu or call (928) 428-8272.
