University Business: Financial Controls Lacking In Southern University System, Legislative Audit Finds

The Southern University System doesn't have enough controls over its finances, according to a report from the state legislative auditor.

The Times-Picayune

The Southern University System doesn't have enough controls over its finances, according to a report from the state legislative auditor.

The 111-page document, which covers the 2009-10 fiscal year, says that the system didn't have enough control over the financial information in its annual fiscal report, and that it didn't have enough control over receivable funds.

These shortcomings have existed for four and five years, respectively, the report says.

At the Shreveport campus, auditors found that a fund containing slightly more than $1.8 million hadn't been tapped for more than two years, a shortcoming that may have cost access to some of that money because it is available for a limited period.

University Business: Financial Controls Lacking In Southern University System, Legislative Audit Finds