Midwestern State University
A Special Report for The Southern Association of Colleges and Schools on Midwestern State University
Report Number 97-063
May 1997
Overall Conclusion
We have applied certain agreed-upon procedures (as discussed on page 3) to the Current Funds Balance Sheet of Midwestern State University (University) as of August 31, 1996, and August 31, 1995; the Statement of Current Funds Expenditures for the years then ended; and the related Notes (Financial Statements). The procedures were performed solely to assist the Southern Association of Colleges and Schools (Southern Association) with its accreditation review of the University, in accordance with standards established by the American Institute of Certified Public Accountants. The sufficiency of the procedures is the responsibility of the Southern Association and the University. All information in the above-mentioned items is the representation of the management of the University.
In connection with the procedures referred to above, we noted that student tuition and fees owed the University through the installment plan were not reported in accordance with the 1996 and 1995 Annual Financial Reporting Requirement for Colleges and Universities published by the Texas Comptroller of Public Accounts. As a result, Accounts Receivable and Deferred Revenues were overstated by $1.27 million at August 31, 1996, and $1.14 million at August 31, 1995. The Financial Statements have been adjusted to reflect the proper amounts.
No other exceptions were noted as a result of our agreed-upon procedures. Because the procedures do not constitute an audit conducted in accordance with generally accepted auditing standards, we do not express an opinion on any of the accounts or items referred to above. Had we performed additional procedures or had we conducted an audit of the financial statements in accordance with generally accepted auditing standards, matters might have come to our attention that would have been reported to you. This report relates only to the Current Funds Balance Sheet, the Statement of Current Funds Expenditures, and the related Notes and does not extend to any financial statements of the University taken as a whole. These Financial Statements are not intended to be a complete presentation of the financial position and results of operations of Midwestern State University.
This report is intended for use of the Board of Regents of Midwestern State University, management of the University, and the Southern Association. This restriction is not intended to limit the distribution of this report, which is a matter of public record.
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