Central Lakes College has strong financial management practices. The college operated within its available resources and complied with material finance-related legal provisions. However, the following internal control weakness could affect the college's ability to safeguard assets and correctly record financial activity in its accounting systems.
Key Finding and Recommendation:
Central Lakes College is part of the Minnesota State Colleges and Universities (MnSCU) system. This financial-related audit report focused on financial management, tuition and fees, payroll, administrative expenditures, and bookstore operations for the period from July 1, 1998, through June 30, 2001.
Office of the Legislative Auditor ♦ Room 140, 658 Cedar St., St. Paul, MN 55155