American Samoa Community College

III.D.11. The level of financial resources provides a reasonable expectation of both short-term and long-term financial solvency.  When making short-range financial plans, the institution considers its long-range financial priorities to assure financial stability.  The institution clearly identifies, plans, and allocates resources for payment of liabilities and future obligations.  (Original III.D.1.c)

The changes made at the College to comply with this standard were guided by Recommendation 7.

ASCC has steadily improved its financial status within the past five years in meeting its liabilities.

ASCC’s long-term fiscal planning and priorities are identified in the institutional strategic plan. 1 Future operational revenues expected to be received from its tuition, fees, and all other funding sources, are projected out three to four years for long-term planning purposes. 2, 3 The institution’s leadership is mindful of its long-range financial priorities, such as its facilities, air con, and technology maintenance to ensure financial stability of the institution.

ASCC continues to work towards building its cash reserves to fund obligatory and future planned commitments identified in the institutional strategic plan.  Currently, ASCC has a cash reserve of $503,057 for the institution’s operation and $100,106 set aside for future maintenance and upkeep cost of the Multipurpose Center.

From 2010 to 2013, the finance division developed payment plans with vendors and negotiated payment terms for old debts. 4 These payment plans were included in ASCC’s fiscal planning to strengthen the institution’s financial stability. As of 2015, ASCC is up-to-date with its current operation liabilities, which includes utilities, fringe benefits, and technology annual upgrades.  

ASCC does not have any long-term debts and it continues to allocate funds for short-term liabilities, which includes property insurance.  Payments for the property insurance premium are deducted from ASCC’s monthly ASG subsidy allotments. 5 ASCC does not have any Other Post-Employment Retirement Benefit besides the ASG retirement.  ASCC has no health insurance plan other than Medicaid and Medicare benefits for its employees but affordable medical services are available through the ASG Lyndon B. Johnson (LBJ) Medical Center.