The member institution provides the following financial statements:
An institutional audit (or Standard Review Report issued in accordance with Statements on Standards for Accounting and Review Services issued by the AICPA for those institutions audited as part of a system wide or statewide audit) for the most recent fiscal year prepared by an independent certified public accountant and/or an appropriate governmental auditing agency employing the appropriate audit (or Standard Review Report) guide.
A statement of financial position of unrestricted net assets, exclusive of plant assets and plant-related debt, which represents the change in unrestricted net assets attributable to operations for the most recent year.
An annual budget that is preceded by sound planning, is subject to sound fiscal procedures, and is approved by the governing board.
Non-Compliance
The
Audited Financial Statements for the most recent fiscal year (July 1, 2018 to
June 30, 2019) was not available at the time of the off-site review. This report is anticipated to be available
from the Louisiana Legislative Auditor in December 2019.
The institution
has provided audited financial statements for the 2014-2018 fiscal years. The reports contain a statement of net
position that includes the change in unrestricted net assets (net position) of
the institution. The unrestricted net
position of the institution declined from ($316.7) million in fiscal year 2017
to ($400.2) million in 2018, a reduction of $83.6 million. This reduction was primarily the result of an
increase in Other Post-Employment Benefits (OPEB) liability $81.2 million. When adjusting for OPEB, compensated absences,
and net pension liability, the institution’s 2018 unrestricted net assets were
$42.9 million, a slight decrease of $600,000 over 2017. Adjusted unrestricted net position was $65.5
million in 2014 and $57.4 in 2015.
The
institution’s annual budget is proceeded by sound planning, is subject to sound
fiscal procedures, and is approved by the System Board of Supervisors and
submitted to the System Board of Regents.
The Board of Regents prescribes the content and format of budget
documents and the university president certifies the annual budget prior to its
submission to the Board of Supervisors.
Final budget decisions are made by the university president with advice
by the Provost and Vice President for Academic Affairs and the Vice President
for Administration and Finance.
The audit is not yet available from the State Auditor’s Office. The institution will provide it as soon as it is available.