Feather River College auditors flag repeat treasury processing problems; college urges county oversight

Kevin Trena, superintendent/president of Feather River College, told the Plumas County Board of Supervisors that external auditors issued two repeat findings implicating the county treasury’s processing.

“This is the second year of these repeat findings,” Trena said, describing (1) late apportionment of quarterly investment interest that arrived after the college closed its books and (2) instances in which unemployment taxes and IRS payments were not remitted in a timely manner. Trena said the district incurred late fees, interest and other costs; he said total expenses amounted to $53,906 and that the district forfeited $1,004,496 in credits. He said the county ultimately covered the expenses but that the forfeited credits were a material loss to the district.

Trena urged the board to approve a formal county investment policy and to establish a Treasury Oversight Committee, and offered Feather River College volunteers to participate. He said the audit findings create reporting and material‑misstatement risks for the college’s financial statements and recommended faster apportionment of interest and clearer processes between the treasury and district participants.

In response, county staff said interest apportionment for pool participants is now up to date and that the county is preparing an RFP for new investment advisers and implementing Sympro investment software to improve reporting. Board members discussed agendizing a deeper review and directed staff to return with proposals for oversight and policy changes.

Action and next steps: The board heard the presentation, accepted the report, and agreed to schedule further discussion and possible agenda items to address treasury apportionment, investment policy and the proposed oversight committee.