LSUE audit notes financial change

An audit by the state Legislative Auditor includes only one finding, which there are not enough segregation of duties over the receipt, deposit and recording of cash receipts.
Kimberly Russell, chancellor, agreed with the finding and said a corrective action plan will begin Monday.
The Legislative Auditor released the audit on July 25.
Another focus of the audit noted the finances of Louisiana State University Eunice have changed over the past five years.
The audit stated, “In analyzing financial trends of LSU Eunice over the past five fiscal years, state appropriations and federal revenues have generally decreased since fiscal year 2011. The decline in federal revenues is attributed to the State Fiscal Stabilization funds ending in fiscal year 2011. Auxiliary and other revenue fluctuations are due to capital appropriations for construction projects. As these revenues decrease, the university’s operations are becoming more dependent on tuition and fees, which have remained relatively stable.”
Other items reported include:
— Payroll and related benefit expenses were about $5.8 million for the fiscal year ending Jan. 31.
— Non-payroll expenses were $6.1 million for the fiscal year.
— Revenues were slightly less than $20 million in 2015, down from about $27.5 million in 2011, according to a chart in the Legislative Auditor’s report.
Enrollment was about 2,508 in 2015, down from about 2,082 in 2011, according to LSUE’s website Fact Book.
The Fact Book also stated that in 2015 total budgeted expenses were $20,650,108, of which $4,822,048 were state appropriations. Tuition and fees totaled $8,124,383. Grants and contract accounted for $ 5,282,000.
In the 2011-12 fiscal year, total revenues were $24,154,231, which included $7,216,485 in tuition and fees, $6,252,616 in state appropriations, and $7,122,000 in grants and contracts.
In LSUE’s strategic plan for 2018-2021, one goal is to increase enrollment by 5 percent to 2,633 by fall 2020.