State University of New York

College at Old Westbury, Selected Financial Management Practices

We audited selected internal controls at the College at Old Westbury and found that improvements are needed in the controls over cash collections and disbursements, accounts receivable, equipment inventories and computer systems. For example, at the time of our audit, the College had more than $113,000 in checks on hand that had not been deposited or restrictively endorsed, including 60 checks for $99,000 that had been on hand for up to two months, and outstanding student accounts receivable were not reviewed and forwarded to the Attorney General's Office for collection on a regular basis. In addition, the back-up copies of the computer files were stored so close to the main system that their safety could not be ensured in case of a disaster.

For a complete copy of 95-S-52 click here.
For a copy of the associated follow-up report click here.
For a copy of the 90-day response click here.