Minnesota State College - Southeast Technical
Three Fiscal Years Ended June 30, 2000
Minnesota State College-Southeast Technical operated within its available financial resources. Except as noted below, the college complied with applicable legal provisions and its internal controls provided reasonable assurance that assets were safeguarded and financial activities were properly recorded.
Key Findings and Recommendations:
- The college did not properly restrict access to its computerized business systems. It should separate key functions for cashiering, accounts receivable, purchasing, accounts payable, payroll, and personnel. (Finding 1, page 7)
- The college did not enter certain transactions and adjustments into the accounting system on a timely basis. In addition, it did not request reimbursement of post secondary education option funds promptly. The college should process transactions in a timely manner. (Finding 2, page 8)
- The college did not have signed, written contracts with certain outside parties, including its food service, daycare, and college foundation. It should negotiate and sign written contracts prior to the date it begins receiving services. (Finding 3, page 9)
- The college did not establish sufficient controls over certain resale receipts. It should ensure proper sales documentation exists and is independently verified for each resale program. (Finding 4, page 13)
- The college voided routine transactions in the bookstore. To avoid closing out its bookstore cash register, the Winona bookstore cashier sometimes voided out check transactions from the register. The college should either discontinue this practice or establish sufficient controls over the process. (Finding 5, page 13)
- The college did not document the date it received goods, in order to enter the proper occurrence dates into the accounting system. The college should properly record occurrence dates and keep incoming goods in a secured location. (Finding 6, page 16)
Minnesota State College-Southeast Technical is part of the Minnesota State Colleges and Universities (MnSCU) system. This financial-related audit report focused on financial management, tuition and fees, customized training and fee-based programs, employee payroll, administrative expenditures, state grants, and bookstore operations. We also reviewed the college's internal controls over compliance with federal student financial aid for fiscal year 2001.