Central Lakes College has strong financial management practices. The college operated within its available resources and complied with material finance-related legal provisions. However, the following internal control weakness could affect the college's ability to safeguard assets and correctly record financial activity in its accounting systems.
Key Finding and Recommendation:
Central Lakes College is part of the Minnesota State Colleges and Universities (MnSCU) system. This financial-related audit report focused on financial management, tuition and fees, payroll, administrative expenditures, and bookstore operations for the period from July 1, 1998, through June 30, 2001.