UL System revenue outgained expenses in FY 2020

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Each week the Louisiana Legislative Auditor’s office puts out a report of staff and contracted CPA audits. The advisory that is sent out is meant to give a brief overview of the reports.

Last week’s report contained information that should be of interest to many in Union Parish. First in the report was that auditors de termined the University of Louisiana System’s records and statements fairly reflected its financial position as of June 30, 2020, and its internal control systems provided adequate accountability over the public funds it receives. That’s a positive, given that all three universities in our area (Tech, Grambling and ULM) are part of the UL System.

The real eye catcher though, was the finding that the system’s total expenses increased 4.6 percent in fiscal year 2020, and revenues rose 5.6 percent. It’s eye catching because in a year that was filled with educational turmoil at every level, the system’s income outgained its expenses, even though fall enrollment declined 1.7 percent from the previous year.

Also of note for those teachers whose benefits come through the Office of Group Benefits, auditors evaluated how OGB ensures accurate financial reporting, compliance with applicable laws and regulations, and overall accountability over public funds. For the third consecutive year, auditors found OGB’s annual fiscal reports submitted to the Office of Statewide Reporting and Accounting Policy contained errors requiring audit adjustments. A previous report finding related to inadequate monitoring of computer system access was resolved.

The full audits are available at www.lla.la.gov. Staff and contracted audits can be found in the “Reports” section on the home page underneath the information bar.