Focused Report
Core Requirement 2.11.1
The institution has a sound financial base and demonstrated financial stability to support the mission of the institution and the scope of its programs and services.
The member institution provides the following financial statements: (1) an institutional audit (or Standard Review Report issued in accordance with Statements on Standards for Accounting and Review Services issued by the AICPA for those institutions audited as part of a system wide or statewide audit) and written institutional management letter for the most recent fiscal year prepared by an independent certified public accountant and/or an appropriate governmental auditing agency employing the appropriate audit (or Standard Review Report ) guide; (2) a statement of financial position of unrestricted net assets, exclusive of plant assets and plant-related debt, which represents the change in unrestricted net assets attributable to operations for the most recent year; and (3) an annual budget that is preceded by sound planning, is subject to sound fiscal procedures, and is approved by the governing board. (Financial Resources)
Off-Site Committee Finding
The institution did not provide an annual audit for the fiscal year ending June 30, 2007. In FY2004 the institution did not provide adequate supporting documentation and did not perform reconciliation procedures, therefore the auditors did not express an opinion. In FY2005 because there was inadequate supporting documentation [see auditor's letter dated October 12, 2005], the auditor's again failed to provide opinion. In FY2006 the auditors provided a qualified opinion, although the word "qualified" was not used. It is defined as qualified by the institution in the Compliance Certificate on page 219 in a document entitled STATE AUDIT FINDING, which is cited as Supplemental Evidence. Although the institution states the FY2006 audit indicates improvement, a qualified opinion in an audit is an indicator that the document should be viewed with caution. The On-Site Committee should review the FY2007 audit for improvements.
Albany State University's Response
The University received the [1] report on its annual audit in November 2007. It includes an unqualified opinion. We also received a [2] Management Letter for the first time. Both documents are also available on the State Audit website. [3]
The university has submitted a [4] 2007 Audit Corrective Action Plan to address the unresolved or partially resolved issues.
Supporting Documentation
[1] Report on its annual audit
[3] Georgia Department of Audits and Accounts Website
[4] 2007 Audit Corrective Action Plan