| Public Release Date: July 23, 1999 | No. 99-39 |
Laurentian Community and Technical College District (Laurentian) is comprised of Mesabi Range Community and Technical College in Virginia and Eveleth and Vermilion Community College in Ely. Laurentian was formed on July 1, 1996. Laurentian serves approximately 3,600 students on the three campuses.
Our audit scope included a review of college financial management, tuition and fees, payroll, bookstore and food service operations, and other operating expenditures for the period July 1, 1995, through June 30, 1998. We also reviewed the college's internal controls over compliance with federal and state student financial aid programs for fiscal year 1999.
Laurentian Community and Technical College District operated within its available resources and had an effective process to monitor revenue and expenditure budgets. The college had adequate controls in place to provide reasonable assurance that financial activities were properly recorded on MnSCU accounting and MAPS. However, the college did not always promptly deposit receipts, did not monitor the status of its operating relationship with the college foundations and daycare center, and needs to improve its security controls over college computerized business systems.
Laurentian Community and Technical College District also had internal control weaknesses relating to some of its enterprise activities. The college did not adequately document void transactions and also did not promptly pay bookstore invoices. Additionally, the college did not prepare income statements for the bookstores.
In its response, Laurentian Community and Technical College District agreed with our report findings and is taking action to implement the recommendations.
