Thanks for Visiting The Morning Paper . He knows Grambling State University supporters unversed in the duties of the auditor will consider him the heavy. Kyle had pledged to make every effort to complete the university's audit report by November if GSU delivered financial statements to the legislative auditor's office by Aug. 1. The Southern Association of Colleges and Schools is scheduled to consider GSU's accreditation at its December meeting, and GSU must send the audit reports to SACS by Nov. 14. In weekly conferences with University of Louisiana System financial staff members and in meetings of the system's GSU advisory committee, GSU officials and outside consultants consistently promised to deliver the statements early.
Financial statements provide a snapshot of an entity's spending at a specific time.
For government spending it is the institution's responsibility to take the snapshot and the auditor's responsibility to report whether the snapshot is an accurate one. State agencies close their books at the end of the fiscal year June 30. The statements arrived late Friday and Monday was holiday, so it was Tuesday before UofLa System finance vice president Dave Nicklas had a chance to review them. The apparently large auxiliary fund balance does not appear consistent with negative operating results for at least four of the past five years. There's not a chance you made that much profit operating auxiliary funds the past year.