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Standard IIID.3.d
The actuarial plan to determine Other Post-Employment Benefits (OPEB) is prepared, as required by appropriate accounting methods.
Descriptive Summary
The District’s annual other postemployment benefit (OPEB) cost (expense) is calculated based on the annual required contribution of the employer (ARC), an amount actuarially determined in accordance with the parameters of GASB Statement No. 45. The ARC represents a level of funding that, if paid on an ongoing basis, is projected to cover normal cost each year and amortize any unfunded actuarial accrued liabilities (UAAL) (or funding excess) over a period not to exceed thirty years. (3D.3.d.1)
The following table shows the components of the District’s annual OPEB cost for the year, the amount actually contributed to the Plan and changes in the District’s net OPEB obligation to the Plan: (3D.3.d.2)
Annual OPEB Costs as of June 30, 2012
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Annual required contribution
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(6,570,773)
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Contributions made
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22,416,516
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Change in net OPEB liability
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15,845,743
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Net OPEB liability, beginning of year
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17,823,320
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Net OPEB assets, end of year
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33,669,063
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The college meets this standard.
None.
Evidence
3D.3.d.1
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OPEB Actuarial Plan
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http://www.westvalley.edu/committees/Accreditation/documents/actuarial_report2013.pdf
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3D.3.d.2
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OPEB Report
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http://www.westvalley.edu/committees/Accreditation/2013/evidence/3d/OPEB_Report_from_FY_11-12_Final_Audit.pdf
| Standard IIID.3.e
On an annual basis the institution assesses and allocates resources for the repayment of any locally incurred debt instruments that can affect the financial condition of the institution.
Descriptive Summary
Per the District’s Annual Audited Financial Report, long-term obligations are serviced annually, depending on the specific obligation:
Payments on the 2006 general obligation bonds are made by the Measure H Debt Services - Bond Interest and Redemption Fund with local revenues. Payments on the 2009A revenue bonds are made by the Student Representation Fee Funds. Payments on the 2009A-1 revenue bonds are made by the general fund. Capital leases payments are made by the General Fund. The compensated absences and other post-employment benefits will be paid by the fund for which the employee worked.
General obligation bonds were approved by a local election in November 2004. The total amount approved by the voters was $235,000,000. At June 30, 2012, $235,000,000 had been issued and $213,233,623 was outstanding. Interest rates on the bonds range from 1.83 percent - 5.00 percent.
Revenue bonds were issued in November 2009 for $55,000,000 to provide funding for retiree benefits, $1,120,000 for the West Valley Student Center, and in October 2011 for $9,905,000 for solar projects. Interest rates on the bonds range from 2.00 percent to 8.253 percent and will be partially offset by federal subsidies under the Build America Bond program.
Self-Evaluation
The college meets this standard. Through the district’s Annual Financial Report and acknowledged in the district’s annual budget the district assesses and allocates funds for repayment of all debt. (3D.3.e.1)
Actionable Improvement Plans
None.
Evidence
3D.3.e.1
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Audit – Annual Financial Report 2012 page 48 “Description of Debt”.
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http://www.westvalley.edu/committees/Accreditation/2013/evidence/3d/audit_report_fy_11-12.pdf
| Standard IIID.3.f
Institutions monitor and manage student loan default rates, revenue streams, and assets to endure compliance with federal requirements.
Descriptive Summary
Per the Cohort Default Rate History List report accessed from the National Student Loan Data System (NSLDS), the 2010 three-year official default rate is 30%. (3D.3.f.1) The college has entered into a California Community College Chancellor’s Office sponsored agreement to provide default prevention services to colleges and districts, including analysis, evaluation, and recommendations of default prevention options to reduce defaults by borrowers who obtained higher education loans for enrollment at the college. (3D.3.f.2)
Self-Evaluation
The college meets this standard.
Actionable Improvement Plans
None
Evidence
3D.3.f.1
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NSLDS report
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http://www.westvalley.edu/committees/Accreditation/2013/evidence/3d/NSLDS_report.pdf
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3D.3.f.2
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CCCCO Default Prevention Agreement
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http://www.westvalley.edu/committees/Accreditation/2013/evidence/3d/CCCCO_Default_Prevention_Agreement.pdf
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