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ERIC Number: ED471745
Record Type: Non-Journal
Publication Date: 2002-Dec-5
Pages: 41
Abstractor: N/A
Reference Count: N/A
State University of New York Maritime College Faculty Student Association--Selected Financial Management Practices. Report.
New York State Office of the Comptroller, Albany. Div. of Management Audit and State Financial Services.
The Maritime College Faculty Student Association (FSA) is a campus-based, not-for-profit corporation that was formed to operate, manage, and promote educationally related services for the benefit of the campus community at the State University of New York Maritime College, which trains students to become licensed officers in the U.S. Merchant Marine. Among other responsibilities, the FSA provides the college bookstore and oversees the contract for campus food service. This report presents audit findings about the financial management practices of the FSA for July 1, 1999 through January 31, 2002. The audit was conducted in accordance with generally accepted government auditing standards. Certain management oversight responsibilities were found not to have been met. As a result, the effectiveness of the FSA's internal control environment was diminished. In addition, FSA internal control procedures and practices were found to be inadequate in several instances. The FSA Board met only four times in the 2.5 year audit period, and there was no documentation that it had exercised management responsibilities. There was no assurance that reasonable prices had been obtained for contracted services. For fiscal years 1999-2000 and 2000-2001, the FSA bookstore lost a total of $447,799. Steps had already been taken to address these concerns, and college officials suggest that this report does not reflect the transition the college has been making to secure financial responsibility. An appendix lists major contributors to the report. (SLD)
For full text:
Publication Type: Reports - Evaluative
Education Level: N/A
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: New York State Office of the Comptroller, Albany. Div. of Management Audit and State Financial Services.