UOG audit results detailed - KUAM.com-KUAM News: On Air. Online. On Demand.

UOG audit results detailed

Posted: Updated:
. -

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.

 

  • NEWS HEADLINESMore>>

  • Repopulating the endangered sihek

    Repopulating the endangered sihek

    Efforts to repopulate the Micronesian kingfisher on Guam are underway. The Department of Agriculture held a conference with visiting field experts. The sihek last seen in the wild on Guam way back in 1989. Dr. Axel Moehrenschlager heads the Calgary Zoo'sMore >>
    Efforts to repopulate the Micronesian kingfisher on Guam are underway. The Department of Agriculture held a conference with visiting field experts. The sihek last seen in the wild on Guam way back in 1989. Dr. Axel Moehrenschlager heads the Calgary Zoo's More >>
  • Bordallo hopes to communicate veteran needs to feds

    Bordallo hopes to communicate veteran needs to feds

    The Guam Veteran's Affairs office announced beginning Feb. 15 and every third Friday it will be clearing vets cemetery grave sites of flowers and decorative items. It's in keeping with federal regulations regarding uniformity. Meanwhile, the new administrMore >>
    The Guam Veteran's Affairs office announced beginning Feb. 15 and every third Friday it will be clearing vets cemetery grave sites of flowers and decorative items. It's in keeping with federal regulations regarding uniformity. Meanwhile, the new administrMore >>
  • Still no takers for marijuana testing lab

    Still no takers for marijuana testing lab

    Since the passing of the Homegrown Cultivation Bill, the number of patients registered for medicinal marijuana has reached a high. But still, no one has applied to build the lab, needed to test the product. So far, 73 patients are registered with Public HMore >>
    Since the passing of the Homegrown Cultivation Bill, the number of patients registered for medicinal marijuana has reached a high. But still, no one has applied to build the lab, needed to test the product. So far, 73 patients are registered with Public HMore >>
Powered by Frankly