SUjagTILLiDIE
Well-Known Member
BATON ROUGE, La. — The Legislative Auditor's Office in Baton Rouge lists several continuing problems with financial practices at Grambling State University, including missing property, understatement of assets and ineffective efforts to collect more than $8 million owed by students and others.
A report released Monday covers the fiscal year that ended last June. It says that, for the fourth year in a row the university's failure to compile an accurate fiscal report resulted in assets being understated by more than $3 million, liabilities being overstated by $1.4 million, operating revenue being overstate by $3.8 million and a $2.1 million understatement of operating expenses.
In addition to creating time consuming work for auditors who had to identify and correct errors, "failure to timely analyze accounts and identify errors subjects university assets to potential fraud and-or abuse," the audit report said.
A lack of asset controls led to missing property for the sixth year in a row, the audit said.
There were more than $1.6 million in items that could not be located, including more than $1 million in computers and computer-related equipment and $255,324 in audio-visual equipment. "Items totaling $122,534 were removed from the property records because these items had not been located for three consecutive years," the report said.
http://www.dailyjournal.net/view/story/f8661bfedce747cdaeab2bc2ca780ae1/LA--Grambling-Audit
A report released Monday covers the fiscal year that ended last June. It says that, for the fourth year in a row the university's failure to compile an accurate fiscal report resulted in assets being understated by more than $3 million, liabilities being overstated by $1.4 million, operating revenue being overstate by $3.8 million and a $2.1 million understatement of operating expenses.
In addition to creating time consuming work for auditors who had to identify and correct errors, "failure to timely analyze accounts and identify errors subjects university assets to potential fraud and-or abuse," the audit report said.
A lack of asset controls led to missing property for the sixth year in a row, the audit said.
There were more than $1.6 million in items that could not be located, including more than $1 million in computers and computer-related equipment and $255,324 in audio-visual equipment. "Items totaling $122,534 were removed from the property records because these items had not been located for three consecutive years," the report said.
http://www.dailyjournal.net/view/story/f8661bfedce747cdaeab2bc2ca780ae1/LA--Grambling-Audit
