Audit findings show progress, areas for improvement that are being addressed
GRAMBLING, La. – June 13, 2022 – Grambling State University President Richard J. Gallot, Jr. is determined to continue improving the future growth and financial health of the institution and is encouraged by the progress indicated in the recent release of audit findings by the Louisiana Legislative Auditor (LLA).
“The results of an audit engagement provide a unique opportunity to celebrate financial successes as well as identify opportunities for improvement for the future growth and health of any organization,” Gallot said. “Today, Grambling State University is in the best financial position it has been in its 120-year history. I am grateful for our team of talented professionals who activated corrective measures when needed and proactively exercised best practices for internal controls and fiscal management.”
The audit, which evaluated GSU’s accountability of public funds from the fiscal years July 1, 2019, through June 30, 2021, reported findings that Gallot said the university is already working to correct. “With the onboarding of new leadership and an intentional focus on continuous improvement, I am encouraged that we will continue to witness the next level of excellence in financial stewardship” expressed Gallot.
Key highlights of the audit include improved financial footing included evidence of revenues and expenses that remained steady throughout the audit period based on a five-year analysis. Federal revenues also increased in FY 20 and FY 21 due to pandemic funds received, totaling $6.2 million and $14.5 million, respectively. Enrollment increased in FY 2018 mainly due to GSU’s enhanced recruitment efforts, and in FY 2021 due to a new Board of Regents’ policy in response to the COVID-19 pandemic.
The university has implemented measures to address the noted areas for improvement which include ensuring appropriate access to the University’s financial management system, ensuring monthly reconciliations as required by federal regulations, ensuring adequate controls for an accurate return of Title IV funds, and ensuring documented risk assessment and safeguards to address safeguarding student information.
The full report can be found at https://lla.la.gov/go.nsf/getSummary?OpenAgent&arlkey=80210071APPP-CF7M4Y.