2023-003 Debt and Lease Accounting
Condition: Debt and lease liability general ledger accounts were not reconciled to supporting schedules. Accrued interest on the liabilities were incorrectly calculated. As a result, material entries were made to correct debt and lease balances.
Status: Corrective action was taken.
2023-004 Capital Assets
Condition: Schedules supporting capital asset balances had errors and were incomplete. As a result, material entries were made to correct capital assets, depreciation expense, and loss on sale of asset.
Status: Corrective action was taken.
2023-005 Allowance for Doubtful Accounts
Condition: The allowance for doubtful accounts regarding student receivables was not adjusted from the balance of the prior year.
Status: Corrective action was taken.
2023-006 Grant Accounting
Condition: During our audit process surrounding grant activity, it was noted that grant receivable, grant unearned revenue, and grant revenue and expenditure were not reconciled.
Status: See current year finding 2024-004.
Reason for finding's recurrence: Turnover in the finance area, along with inherited challenges in processes, controls, accounting, and documentation, resulted in delays in the completion of audits as well as a recurring finding.
Corrective Action: See the University's 2024 Corrective Action Plan.
2023-007 Net Position
Condition: Prior year audit entries were not correctly posted to the general ledger which led to beginning net position balance not agreeing to the audited ending net position balance of the prior year.
Status: Corrective action was taken.
2023-008 Postemployment Benefits
Condition: Management did not record adjustments to agree pension and other postretirement employee benefit (OPEB) related accounts related to multi-employer plans to the supporting audited schedules detailing balances per employer.
Status: Corrective action was taken.