ASU Foundation Audit reveals financial control concerns

ASU Foundation Audit reveals financial control concerns
The Albany State University Foundation Audit has been released. (Source: WALB)
Mauldin and Jenkins completed the audit for the Foundation. (Source: WALB)
Mauldin and Jenkins completed the audit for the Foundation. (Source: WALB)

ALBANY, GA (WALB) - A recent financial audit of the Albany State University Foundation is now out and after reviewing the findings, it appears there are a variety of problems with financial accounts.

The majority of the findings center around internal control.

Mauldin and Jenkins began the financial audit in June and released its findings and opinions at the end of the year.

The auditor's suggestions to the ASU Foundation raise concern about past practices.

The auditor used three and a half pages of the report to point out a lack of internal control of the finances for the foundation.

Some of the most significant problems the auditor said are that the Foundation hasn't been documenting its board meetings consistently.

Another concern is about how many people have access to the Foundation's accounting system and can take money out of it.

It goes on to say that some of the cash that has been drawn from the account wasn't properly tracked.

In the audit, there were also discrepancies with the net worth on previous audits, done by a different company.

We reached out to the university to ask about some of these concerns.

They did not issue a statement Friday but have agreed to sit down with us next week.

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