Rainy River Community College made significant improvements in financial management areas since the last audit. The college separated duties to improve internal control over the local bank accounts, tuition and fees, and bookstore activities. In addition, the college consolidated most of its bank accounts and reconciled its financial activity in these accounts. The college operated within available financial resources and generally complied with applicable legal provisions and management's authorization. However, the college still needs to resolve some issues to improve its financial management systems.
In its response, Rainy River Community College agreed with the report's findings and recommendations and is taking corrective action to resolve the issues.
Rainy River Community College is part of the Minnesota State Colleges and Universities (MnSCU) System. This financial-related audit report represents the conclusions of our audit of the college's tuition and fees, payroll, operating expenditures, and bookstore operations for the period July 1, 1997, through June 30, 2000. We also reviewed the college's internal controls over compliance with federal student financial aid for fiscal year 2000. The college's response is included in the report.