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Presented By Daryl DeKam, CPA, Partner

Presented By Daryl DeKam, CPA, Partner. Hennepin Technical College Metropolitan State University Minneapolis Community and Technical College Review of Audit June 30, 2004. Agenda. Financial Statement Opinions Prior Period Adjustments Compliance Reports Management Letters

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Presented By Daryl DeKam, CPA, Partner

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  1. Presented ByDaryl DeKam, CPA, Partner Hennepin Technical CollegeMetropolitan State UniversityMinneapolis Community and Technical CollegeReview of AuditJune 30, 2004

  2. Agenda • Financial Statement Opinions • Prior Period Adjustments • Compliance Reports • Management Letters • Significant Transactions • Questions MnSCU- 6/30/04

  3. Financial Statement Opinions • Unqualified Opinions • Hennepin Technical College • Metropolitan State University • Includes reference to other auditors for Metropolitan State University Foundation audit • Minneapolis Community and Technical College All of the above are second year individual college audits. The year 2004 is the first year the Foundation was reported as a component unit of Metropolitan State University. MnSCU- 6/30/04

  4. Prior Period Adjustments Beginning of Year Net Assets Increased as Follows: • Hennepin Technical College - $560,000 • Reallocation of prior year capital appropriations between MnSCU Colleges and Universities • Minneapolis Community and Technical College – $2,164,000 • Reallocation of prior year capital appropriations between MnSCU Colleges and Universities MnSCU- 6/30/04

  5. Compliance Reports • No current year reportable instances of noncompliance • Hennepin Technical College • Minneapolis Community and Technical College • Metropolitan State University • Metropolitan State University • Prior year finding of noncompliance with certain student financial aid eligibility and academic progress requirements. Excess awards have been repaid to DOE. MnSCU- 6/30/04

  6. Management Letter • Management Letter Issued For Each School • Includes schedule of passed adjusting journal entries • Includes a schedule of recorded adjustments • Includes standard required audit committee communications • Audit work was delayed as a result of the complexities of the capital appropriation reallocation and Metropolitan State/Minneapolis C&T College parking ramp transactions • Comments Discussed With School Personnel and Office of the Chancellor • Management and Internal Audit to follow-up on comments MnSCU- 6/30/04

  7. Significant Transactions • Minneapolis Community and Technical College • Transfer of parking ramp ($835,000) and cash ($600,000) to Metropolitan State • Grant revenue from Metropolitan State ($2,530,000) • Loan from Chancellor’s office of $1,200,000 • Purchase of Billy Graham property for $11,200,000 • Total investment in capital assets of over $21,000,000 • Change in equity of $11,806,000 MnSCU- 6/30/04

  8. Significant Transactions • Metropolitan State University • Transfer of parking ramp ($835,000) and cash ($600,000) from Minneapolis Community and Technical College (MCTC) • Grant expense to MCTC ($2,530,000) • Inclusion of Revenue Fund activity and assets • Inclusion of Foundation financial statements in the annual report • Repayment of student financial aid amounts to DOE • Investment in capital assets of approximately $14,000,000 • New long term debt of over $8,000,000 • Change in equity of $4,082,000 MnSCU- 6/30/04

  9. Significant Transactions • Hennepin Technical College • Investment in capital assets of approximately $3,200,000 • Change in equity of $(162,000) MnSCU- 6/30/04

  10. Questions Thank you for the assistance of the MnSCU personnel. MnSCU- 6/30/04

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