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UOG audit results detailed

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An audit for the University of Guam commended the institution for qualifying as a low-risk auditee for the third consecutive year. UOG ended the fiscal year with a $3.4 million decrease in net loss. This decrease in revenue is attributed to a 1% total revenue decrease from $90.4 million to $89 million.

The audit notes that despite an increase in tuition fees, there was a $337,000 decrease in net student tuition and fees due to increasing Merit award recipients, and discounts/scholarship recipients of faculty, staff, and dependent tuition. In regards to federal programs, independent auditors issued a clean opinion though noting a "significant deficiency in internal control". Due to a need to "ensure target goals are met and renegotiate attainable goals with their federal grantor agency".

In a separate management letter, auditors also identified five deficiencies including (1) monitoring accounts for delinquency (2) assessing inactive accounts (3) timely coordinate construction in progress capitalization (4) maintain vendor selection documentation (5) strengthen monitoring of dorm collections.

 

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