Finding No. 1:         Written policies and procedures had not been developed for some areas of the University’s financial operations.

Finding No. 2:         The Board of Trustees did not receive interim financial reports for use in monitoring the University’s financial position.

Finding No. 3:         Bank accounts were not reconciled timely after the University implemented its new accounting system on July 1, 2004.

Finding No. 4:         Contrary to Sections 717.117 and 717.119, Florida Statutes, the University did not report or remit approximately $108,000 of unclaimed intangible personal property (stale-dated checks outstanding for over one year) to the Florida Department of Financial Services.  Also, the December 2004 bank reconciliation disclosed approximately $93,000 of stale-dated checks outstanding for over six months.

Finding No. 5:         The University had not implemented adequate controls over parking citation receivables. 

Finding No. 6:         Our test of the University’s tangible personal property records disclosed 16 items that could not be located during our physical inspection, and 8 items that were at locations different than those shown in the property records.  In addition, an accurate listing of property custodians was not maintained.

Finding No. 7:         Our test of tangible personal property deletions disclosed ten instances in which survey forms, used to document the reasons for deletions, were not properly completed.

Finding No. 8:         The University’s controls over Legal Studies Institute collections needed improvement.

Finding No. 9:         Supporting documentation for some campus concession funds expense payments did not evidence how the payments served the interests of higher education.

Finding No. 10:      Purchasing card accounts for five former employees were not timely cancelled upon termination, and purchases were charged to the cards of two of these former employees after their last dates of employment.

Finding No. 11:      Vehicle usage logs were not always complete, and did not include evidence of supervisory review.

Finding No. 12:      The University had not implemented adequate procedures to assess the reasonableness of fuel consumption of University vehicles.

Finding No. 13:      The University had not provided for the reconciliation of total expense differences between the Facilities Management Department’s project ledgers and the general ledger.

Finding No. 14:      Background checks and fingerprinting were not required for employees with direct access to information technology resources.

Finding No. 15:      Two employees did not submit required sabbatical leave reports, and 16 employees did not submit these reports in a timely manner.

Finding No. 16:      Personnel files did not include documentation justifying salary increases granted to seven employees.

Finding No. 17:      University records did not document, and we could not determine upon audit, the propriety of bonuses granted to two employees.

The University’s response is included as Exhibit 2.