Office of the Legislative Auditor - Financial Audit Division
Rochester Community and Technical College
July 1, 1997, through June 30, 2000
In general, we found Rochester Community and Technical College to be well managed and fiscally responsible. We found that the college operated within its available resources and complied with material finance-related legal provisions. However, we identified certain internal control weaknesses that could impact on the college's ability to safeguard assets and to correctly record financial activities in its accounting systems.
Key Findings and Recommendations:
Rochester Community and Technical College did not adequately control access to its business systems. The college should periodically review system security and limit employee access to the functions needed to complete their job responsibilities.
Rochester Community and Technical College did not have an adequate process to document, authorize, and monitor backdated transactions. The college should develop a process to monitor and control backdated transactions. In addition, the college should deposit all tuition and fee collections promptly.
Rochester Community and Technical College did not timely draw federal funds to cover Pell Grant disbursements. The college should correct and resubmit the rejected Pell Grant records to obtain federal reimbursement.