|Financial Audit Division Report 07-25||Released September 18, 2007|
The higher education institutions of the Minnesota State Colleges and Universities (MnSCU) system included in our scope generally safeguarded assets and correctly recorded financial activity for the areas we examined. With certain exceptions, these colleges and universities complied with MnSCU policies and management’s authorization for tested transactions.
Our report contains findings relating to internal control or legal compliance at several colleges and universities. Many findings in this report were raised in prior audits of other colleges.
Four additional colleges and universities, and the Office of the Chancellor (fiscal year 2006 professional/technical services only)Period Audited:
MnSCU’s Office of the Chancellor provides system-wide administrative management and develops policies for 32 state universities and colleges. The MnSCU Board of Trustees appoints a president to oversee the activities at each college. The colleges finance their operations from state appropriation allocations and tuition. MnSCU had a total student full-year equivalent enrollment of 134,220 for fiscal year 2006, a slight decrease from 2005.