Since our last audit, Inver Hills Community College has made significant improvements to its financial operations. In addition to implementing all prior audit recommendations, we noted that the college complied with applicable legal provisions, and its internal controls provided reasonable assurance that assets were safeguarded and financial activities were properly recorded. Inver Hills Community College's budgetary controls provided reasonable assurance that it operated within available resources. However, we noted the following internal control weaknesses.
Inver Hills Community College is part of the Minnesota State Colleges and Universities (MnSCU) system. This audit report focused on financial management, tuition and fees, employee payroll, administrative expenditures, bookstore operations, and daycare center revenue for the period July 1, 1997, through June 30, 2000. We also reviewed the college's internal controls over compliance with federal student financial aid for fiscal year 2001.