Richland Middle College board reviews October finances; auditor reports favorable findings

Richland Middle Colleges board of directors on Nov. 12 heard October 2025 financials from Prestige and an auditors summary that the administrator described as "favorable." Britney Sloan of Prestige presented key metrics, and an administrator reported the independent auditors had returned more than $300,000 to the schools fund balance.

In presentation, Britney Sloan reviewed the schools liquidity and operating metrics, saying, "Our days cash on hand... we're actual... we're looking at 331," and noting a trailing 12-month average of about 306 against a benchmark of 60. Sloan said salaries and benefits in October were about 69% of revenue (a trailing 12-month average of 66%; budgeted at 79%), explaining that October included three payrolls. She reported net income year to date at just above $43,000, operating cash just over $237,000 and designated cash just over $1,400,000.

An administrator summarized the fiscal-year audit performed by Martin & Smith of Greenville, saying the auditors issued a favorable report and that the school was able "to return, over $300,000 to our fund balance, this year." The administrator recommended clarifying the per-pupil funding calculation: board materials reference budgeting at 1.0 per student while receipts had been calculated at 1.25 per student; the administrator suggested meeting with district staff (named in the discussion as Sarah Bing or Grant) to confirm the calculation.

Board members debated whether to request a formal auditor presentation at the next meeting. One board member said an auditor presentation would be valuable for the public and for explaining audit findings; the administrator said they would confirm whether such a presentation was in the auditors scope of work and would contact the audit firm about potential cost or scheduling. The board agreed to review the audit report ahead of the next meeting, compile questions and have the administrator package and forward those questions to the auditor if needed.

Procedural business earlier in the meeting included a motion to adopt the meeting agenda and a separate motion to approve the Oct. 25 minutes; both motions were approved with the presiding officer stating the ayes had it.

Next steps: board members were asked to read the audit report in detail and forward any questions to the administrator or Miss Niles, who will consolidate questions for the auditor and confirm whether an auditor representative can present at the next meeting or in January.