Audit released for University of Illinois
Updated: January 10, 2013
CHAMPAIGN COUNTY -- The state's auditor general released the latest report about the University of Illinois finances. University representatives said they're happy with it. Only a few problems were reported.
University leaders have to keep track of all the money between the three campuses. That's more than $5.5 billion in the last fiscal year. That includes thousands of transactions going to and from the university.
The main issue the auditor general found was with the way they find and record some of those transactions. The report said there were 41 capital additions that were over-accrued by a total of $4.7 million. University representatives said they're planning to fix that in the future.
There were also nine transactions reported in the wrong fiscal year. Those included travel costs and other supplies purchased for the university. There were no material findings in the audit. That means there weren't any significant mistakes with the university's financial information.
University leaders have to keep track of all the money between the three campuses. That's more than $5.5 billion in the last fiscal year. That includes thousands of transactions going to and from the university.
The main issue the auditor general found was with the way they find and record some of those transactions. The report said there were 41 capital additions that were over-accrued by a total of $4.7 million. University representatives said they're planning to fix that in the future.
There were also nine transactions reported in the wrong fiscal year. Those included travel costs and other supplies purchased for the university. There were no material findings in the audit. That means there weren't any significant mistakes with the university's financial information.
