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3 golden objects Minnesota Legislature

Office of the Legislative Auditor - Financial Audit Division

Report Summary
Minnesota State University, Mankato

Financial Audit For the Period
July 1, 1995, through June 30, 1998


Public Release Date: August 26, 1999 No. 99-45


Minnesota State University, Mankato was established in 1866. The university offers undergraduate and graduate students more than 150 programs of study. The largest programs include elementary education, computer science, nursing, law enforcement, and accounting. Dr. Richard Rush became the president of Minnesota State University, Mankato in 1992. The university changed its name from Mankato State University to Minnesota State University, Mankato on September 18, 1998.

Our audit scope covered the period from July 1, 1995, through June 30, 1998. We audited general financial management; tuition, fees, and room and board; employee and student payroll; operating expenditures; computer store operations; and other revenue. We also reviewed the university's internal controls over compliance with federal student financial aid for fiscal year 1999.


We found that Minnesota State University, Mankato properly recorded its financial activities on the MnSCU and MAPS accounting systems with a few exceptions, and that the university operated within its financial resources. We found that the university did not record some transactions correctly on the accounting system. We determined that the university had good internal controls overall. However, the university did not limit computer access to MnSCU accounting and payroll/personnel systems for university and system office employees. We also found that the university needs to improve controls over computer store operations. In addition, the university needs to clarify its relationship with the Minnesota State University, Mankato Foundation.

For student financial aid, we concluded that Minnesota State University, Mankato designed and implemented internal controls to provide reasonable assurance that it managed state and federal student financial aid programs in compliance with specific program requirements in fiscal year 1999. The university complied with federal student financial aid requirements over cash management and federal reporting for the items tested.

In its written response to the audit report, the university stated that although they did not agree with all the findings and recommendations, they will apply them in an effort to enhance their business, accounting, and financial affairs. We believe the university's plans will adequately address the issues in the audit report.

More Information

Office of the Legislative Auditor, Room 140, 658 Cedar St., St. Paul, MN 55155 : or 651‑296‑4708