--The college had not reconciled the cash balance in its bank account to amounts recorded in the accounting system since July 1999.
Also, during this audit, the college did not ensure that sufficient collateral was pledged against funds on deposit.
-- The college did not post adjusting entries in the accounting system in a timely manner.
-- We found numerous instances of inappropriate access to the college's computer systems.
-- The college did not timely deposit receipts or adequately monitor commission revenues or parking cards.
Other Key Audit Conclusions:
The college operated within its available resources and complied with the system office reserve requirements. As of June 30, 1999 the college had an unrestricted reserve in its General Fund of approximately $2.4 million. The college administered federal financial aid in compliance with applicable regulations. In addition, the college maintained an appropriate relationship with its foundation. The college also improved certain financial operations since the last audit, including the administration of the college bookstore and processing of the college's payroll.
Minneapolis Community and Technical College is part of the Minnesota State Colleges and Universities (MnSCU) System. This financial-related audit report represents the conclusions of our audit of the college's tuition and fees, payroll, and purchased goods and services for the period July 1, 1996, through December 31, 1999. We also reviewed the college's internal controls over compliance with federal student financial aid for fiscal year 2000.