Audit finds Louisiana community college’s statements were off by $600k

(The Center Square) — Central Louisiana Technical Community College bungled its financial statements last fiscal year by more than $600,000, repeating similar problems from the year prior, according to an audit.

Louisiana Legislative Auditor Mike Waguespack issued a financial audit for the Central Louisiana Technical Community College in Alexandria last week that examined finances for compliance with accreditation requirements and state and federal laws and regulations for fiscal year 2023.

Auditors found “the College did not have adequate controls in place over the preparation of certain areas of its financial statements, resulting in an overstatement of $627,951 for scholarships and fellowships expenses, an understatement of the same amount for receivables, and classification errors.”

The problems, they wrote, stemmed from “an undetected error in setting up billing detail codes in the college’s accounting system, Banner.”

While college officials implemented a fix between Banner Finance student receivables and Banner Student
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