Office of the Legislative Auditor - Financial Audit Division

Report Summary

Financial Audit Report

Winona State University

Period from July 1, 1996, through December 31, 1999

Winona State University operated within available financial resources. Except as noted below, the university operated in compliance with applicable legal provisions and its internal controls provided reasonable assurance that assets were safeguarded and financial activities were properly recorded.

Key Findings:

• The university did not adequately restrict computer security clearances in several departments. (Finding 1, page 8)
• The university did not always obtain sufficient collateral to cover its cash in the bank. (Finding 2, page 10 )
• The university obtained some goods and services before encumbering the funds or receiving required prior approvals. (Finding 6, page 24)
• The university did not adequately account for and safeguard its consumable inventory and fixed assets. (Findings 7 and 8, pages 24 and 25)
• The university did not conduct required exit counseling for the Federal Family Education Loan programs. (Finding 9, page 29)

Winona State University is a part of the Minnesota State Colleges and University (MnSCU) System. This audit report represents the conclusions of our audit of the university's tuition and fees, payroll, supplies, repairs and alterations, purchased services and equipment, bookstore operations, and private grants for the period from July 1, 1996, through December 31, 1999. We also reviewed the university's internal controls over compliance with federal student financial aid for fiscal year 2000. The university's response is included in the report.