Anoka Ramsey Community College
July 1, 2000, through June 30, 2002
Anoka Ramsey Community College operated within its available resources. The college's internal controls provided reasonable assurance that bookstore revenues and expenditures, and employee payroll expenditures were properly authorized and accurately reported in the accounting records. We found, however, that the college had internal control weaknesses that impacted the safeguarding of assets in the following areas:
Key Findings and Recommendations:
- The college did not sufficiently restrict employee access to certain computerized business systems. It should limit employee access to the minimal level necessary to complete their job responsibilities.
- The college did not timely resolve all items identified during bank reconciliations. It should resolve reconciling items in a timely manner to ensure that the accounting system accurately reflects the college's financial activities.
- The college did not always maintain sufficient collateral for its bank accounts. It should ensure that the bank provides sufficient collateral to secure its local checking account balance.
- The college did not develop a written business plan for its bookstore. To help ensure efficient operation, it should develop a written multi-year business plan, as recommended by the MnSCU board.
- The college did not maintain supporting documentation for backdated registration transactions. Backdated transactions are high-risk transactions because they allow employees to make changes that affect student account balances. It should retain documentation to support the validity of these transactions.
- The college did not adequately safeguard its incoming receipts. It should secure its cash receipts during the day and should limit the number of employees who have access to secured areas. It should also set up a process to promptly deposit all incoming checks.
Anoka Ramsey Community College is part of the Minnesota State Colleges and Universities (MnSCU) system. This audit report focused on financial management, tuition and fees, payroll and other administrative expenditures, and bookstore operations for the period July 1, 2000, through June 30, 2002.