On page 315 in this chapter we referred to the thought process of the Oneida County, New York, officials regarding a potential component unit. Oneida County also sponsors the Mohawk Valley Community College. This is an excerpt from the county financial statements for the year ended December 31, 2009:
The Community College is administered by a Board of Trustees consisting of ten voting members. Five are appointed by the County Executive and confirmed by the Legislature, four by the Governor, and one student is elected by the student body. The Community College budget is subject to the approval of the County Executive and the County Legislature, with the County providing substantial funding for the operation of the College.
Is the community college a component unit of the county? Explain.