Finding No. 1: Procedures for identifying and monitoring stale-dated checks needed improvement. In addition, contrary to Sections 717.117 and 717.119, Florida Statutes, the University did not timely remit $17,598 of unclaimed property (stale-dated checks outstanding for over one year) to the Florida Department of Financial Services.

Finding No. 2: Bank account reconciliations comparing bank balance to the general ledger balance had not been prepared since June 30, 2003.

Finding No. 3: Adequate controls over tangible personal property had not been implemented.

Finding No. 4: Procedures relating to property deletions needed improvement.

Finding No. 5: Deficiencies were noted in procedures relating to property trade-ins.

Finding No. 6: Controls over collections received outside of the Central Cashier’s Office were not adequate.

Finding No. 7: The control procedures in place for the OWL CARD program did not provide assurance that OWL CARDS were properly issued and collections properly recorded and deposited.

Finding No. 8: Athletic program collection procedures did not provide assurance that complimentary tickets, sponsorship agreements, and field rentals were properly authorized, and collections were properly recorded and deposited.

Finding No. 9: Procedures for monitoring auxiliary contracts did not ensure that required audit reports were obtained and reviewed to ensure the accuracy of commission income.

Finding No. 10: Purchasing card system controls did not provide for timely approvals, timely cancellations, and adequate review of credit limits.

Finding No. 11: Procedures for monitoring the Construction Manager’s self performed work, to ensure that written authorization is obtained prior to performing the work and making payment for the services, had not been implemented.

Finding No. 12: Contrary to Section 1013.61, Florida Statutes, a capital outlay budget was not included as a part of the annual budget.

The University’s response is included as Exhibit 2.