tailieunhanh - Hennepin Technical College Financial Audit For the Period July 1, 1995, through June 30, 1998 July 1999 Financial Audit Division Office of the Legislative Auditor State of Minnesota_part3

Hennepin Technical College 5. Hennepin Technical College đã không chuẩn bị các báo cáo tài chính cho các hiệu sách hoặc các hoạt động dịch vụ thực phẩm. Trường đã không theo dõi tình trạng của hoạt động doanh nghiệp của mình thông qua việc chuẩn bị báo cáo cơ sở dồn tích tài chính. Ngoài ra, các trường đại học không phân bổ một số chi phí gián tiếp hoặc trên không, bao gồm cả tiền thuê nhà, tiện ích, và các chi phí khác để hiệu sách và các hoạt động dịch vụ thực phẩm. | Hennepin Technical College 5. Hennepin Technical College has not prepared financial statements for its bookstores or food service operations. The college has not monitored the status of its enterprise activities through the preparation of accrual basis financial statements. In addition the college does not allocate certain indirect costs or overhead including rent utilities and other costs to bookstore and food service operations. As indicated in Tables 6-1 and 6-2 the available financial information presented in MnSCU accounting is incomplete and net income or profits cannot be accurately calculated. For example the college has not determined what cost of goods sold are or recognized General Fund costs such as space or utilities provided to the bookstore and food service operations. The bookstore and food service activities are enterprise activities accounted for in the enterprise fund. As such financial statements should measure net income in accordance with the accrual basis of accounting. Recommendations Hennepin Technical College should prepare accrual basis financial statements for its bookstore and food service operations. Hennepin Technical College should work with the MnSCU system office to determine a reasonable amount if any that the bookstore and food service should reimburse to the General Fund for space rental maintenance expense and other support costs. 6. Hennepin Technical College did not adequately document and review support for void and refund transactions. The college s bookstores and food service operations did not document the reasons and support for voided transactions or for transactions involving the return of merchandise to the bookstore. We found that there was no documentation prepared to justify the reason for the void and that there was no independent review of the transactions. We also found that refund transactions were not being adequately documented and independently reviewed. Voided and refund transactions are sensitive because .