Report Summary
Financial-Related Audit
Hennepin Technical College
July 1, 1998, through June 30, 2001
Overall Audit Conclusion
Hennepin Technical College has strong financial practices. Hennepin Technical College's budgetary controls provided reasonable assurance that it operated within available resources. Except as noted below, the college's internal controls provided reasonable assurance that assets were safeguarded, and financial activities were properly recorded in the accounting system and complied with applicable legal provisions.
Key Findings and Recommendations
- Hennepin Technical College did not adequately restrict certain computer security clearances. The college should limit access and improve its monitoring of security clearances to ensure an adequate separation of duties and to help prevent unauthorized transactions.
- Hennepin Technical College calculated 22 severance payments in error, which resulted in overpayments totaling $109,561. The college was able to recover $82,268 of this amount. The college has not actively pursued the outstanding balance. The college should actively pursue the recovery of the remaining overpayments.
- Hennepin Technical College did not have adequate controls over food service receipts at its Eden Prairie campus. The college should implement procedures that help ensure that all receipts are accurately posted to the accounting system and deposited into the bank.
Hennepin Technical College is part of the Minnesota State Colleges and Universities (MnSCU) system. This audit report focused on financial management, tuition and fees, employee payroll, administrative expenditures, and bookstore and food service revenue for the period July 1, 1998, through June 30, 2001.
