Pine Technical College operated within available financial resources. Except as noted below, the college complied with applicable legal provisions and its internal controls provided reasonable assurance that assets were safeguarded and financial activities were properly recorded. Our last audit report, issued in September 1997, found critical control issues in several areas. The college made significant improvement in administering its programs since that audit report was issued.
Pine Technical College is part of the Minnesota State Colleges and Universities (MnSCU) system. This financial-related audit report focused on financial management, tuition and fees, employee payroll, administrative expenditures, bookstore revenue, and the Employment and Training Center for the period July 1, 1996, through December 31, 1999. We also reviewed the college's internal controls over compliance with federal student financial aid for fiscal year 2000.
In its response, Pine Technical College agreed with the report's findings and is taking corrective action to resolve the issues.