State University of New York

College at Brockport: Selected Financial Management Practices

We examined the internal controls over cash collections, cash disbursements and equipment inventories at the College at Brockport, and found that improvements are needed in these controls. For example, employees who handle cash also have access to the accounting records, and adjustments to these records are not always reviewed by independent personnel. As a result, if cash were misappropriated, the records could be adjusted to conceal the misappropriation. In addition, press-numbered cash receipts are not always issued, cash deposits are not always independently reconciled to records of cash receipt, and refund checks are issued by cashiers without an independent review by any other employee. We also identified weaknesses in inventory controls, as several of the items we selected from the inventory records could not be located, including three computers and two printers. We note that 105 items were lost by one College department alone in the interval between annual inventories, including $115,000 in computer equipment. We recommend a number of ways in which the College's internal controls can be strengthened.

For a complete copy of 95-S-32 click here.
For a copy of the 90-day response click here.