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>>

  • Accused ATM skimmer didn't understand his rights, says defense

    Accused ATM skimmer didn't understand his rights, says defense

    Of all the Italian speakers on island, defense argues authorities used the wrong one. Public defender Rocky Kingree, in his filing earlier this week, resubmits his argument that his client, Nicola Marinelli, did not fully understand his rights when he repMore >>
    Of all the Italian speakers on island, defense argues authorities used the wrong one. Public defender Rocky Kingree, in his filing earlier this week, resubmits his argument that his client, Nicola Marinelli, did not fully understand his rights when he repMore >>
  • $2M in compact impact funding coming Guam's way

    $2M in compact impact funding coming Guam's way

    Guam will get another $2 million in compact impact funding. In a news release, the U.S. Interior department said the money can be used to help defray the educational impacts of migrants from the freely associated states. Guam and Hawaii were the most heavMore >>
    Guam will get another $2 million in compact impact funding. In a news release, the U.S. Interior department said the money can be used to help defray the educational impacts of migrants from the freely associated states. Guam and Hawaii were the most heavMore >>
  • One step closer to tuition-free trade school education

    One step closer to tuition-free trade school education

    The island is a step closer to tuition-free trade schools and colleges. The administration announced the awarding of a $1 million Department of Interior grant to fund education and training for 193 students on Guam who graduated in 2017 and 2018. The moneMore >>
    The island is a step closer to tuition-free trade schools and colleges. The administration announced the awarding of a $1 million Department of Interior grant to fund education and training for 193 students on Guam who graduated in 2017 and 2018. The moneMore >>
Powered by Frankly