|Financial Audit Division Report 06-28||Released October 18, 2006|
The seven colleges of the Minnesota State Colleges and Universities (MnSCU) system included in our scope generally safeguarded assets and correctly recorded financial activity for the selected financial areas we examined. With certain exceptions, these colleges complied with significant MnSCU policies and management’s authorization for tested transactions. As highlighted in the next section, we have several findings related to internal controls and compliance with financial legal provisions.Key Findings:
MnSCU’s Office of the Chancellor provides system-wide administrative management and develops policies for 32 state universities and colleges. The MnSCU Board of Trustees appoints a president to oversee the activities at each college. The colleges finance their operations from state appropriation allocations and tuition. MnSCU had a total student full-year equivalent enrollment of 135,494 for fiscal year 2005, a slight decrease from fiscal year 2004.