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Audit Presentation Year Ending June 30, 2006 As presented: Tuesday, October 17, 2006 1:00 PM

Larson, Allen, Weishair & Co., LLP 14275 Golf Course Drive North, PO Box 648 Brainerd, MN 56401-0648. Audit Presentation Year Ending June 30, 2006 As presented: Tuesday, October 17, 2006 1:00 PM Office of the Chancellor. Audit Scope and Coverage.

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Audit Presentation Year Ending June 30, 2006 As presented: Tuesday, October 17, 2006 1:00 PM

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  1. Larson, Allen, Weishair & Co., LLP 14275 Golf Course Drive North, PO Box 648 Brainerd, MN 56401-0648 Audit Presentation Year Ending June 30, 2006 As presented: Tuesday, October 17, 2006 1:00 PM Office of the Chancellor

  2. Audit Scope and Coverage • Performed audit using a risk-based audit approach • Time spent understanding and testing each audit area was commensurate with the level of assessed risk: • Cash and investments • Receivables and revenues • Capital assets • Expenses and accruals • Debt • Payroll • Valuation of significant estimates

  3. Financial Highlights

  4. Financial Highlights (Continued)

  5. Management Letter • No reportable conditions or management letter comments noted during the audit

  6. Items for Discussion Potential for Reporting in 2007 • Journal entry procedures (e.g. sign offs and filing) Information and Discussion Only • Stale checks (30 are over 3 years old) • Capital asset disclosure for capital leases

  7. Emerging Issues for 2007 • Statement on Auditing Standard #103 - Coordination/timing of audit evidence is critical * Representation letters * Attorney letters * Confirmations * OLA and DOF reliance - Potential for additional audit work exists • Statement on Auditing Standard #112 - No more verbal comments - May result in more reportable conditions - Does not consider compensating controls

  8. Fiscal Year 2006 Financial Trend and Highlights Presented by: President Roland Barden Jean Hollar, Budget Officer Mark Rice, Comptroller

  9. Fiscal Year 2006 Financial Trends and Highlights Integrated Postsecondary Education Data System

  10. Fiscal Year 2006 Financial Trends and Highlights

  11. Fiscal Year 2006 Financial Trends and Highlights

  12. Fiscal Year 2006 Financial Trends and Highlights

  13. Fiscal Year 2006 Financial Trends and Highlights

  14. Fiscal Year 2006 Financial Trends and Highlights Discussion Minnesota State University Moorhead continues to improve its financial health evidenced in an increase of the unrestricted fund balance and the amount available for capital outlays.

  15. Fiscal Year 2006 Financial Trends and Highlights Discussion The budget officer, reporting to the president, strategically ties budget planning to revenue availability.  • Revenue projection is the first budget activity • Budget general University expenditure projections • Remaining revenue is then allocated to the University divisions in the form of a budget target to fund employee compensation, student payroll, and operating budgets.  • Divisions can request unspent funds be carried forward from one fiscal year to the next for specific, one-time purposes.

  16. Fiscal Year 2006 Financial Trends and Highlights Discussion • The University continues to implement its long-range plan to modernize its complement of older facilities, balanced with new construction. • Renovation to the Science Building complex continued in FY2006. This multi-phased project includes renovating the existing Hagen Hall after the new Science Building opened in FY2005. • Work began in FY2006 to renovate, furnish and equip MacLean Hall for academic functional improvements. • Remodeling continued during FY2006 on Grantham residence hall. • Work began on phase one of Kise Dining Complex.

  17. Fiscal Year 2006 Financial Trends and Highlights Discussion • The plan for the future is to commit one percent of the operating budget each year to scholarships, representing approximately the general fund charge-back to the other operating funds on campus, and to budget one percent of the general fund budget to work plan initiatives. • The Development Office has been tasked with a major drive for new scholarship dollars for the seven major scholarship areas including the arts, athletics and honors. • The university has also taken on an aggressive marketing campaign to promote its programs and people, including the “Dragon Core.”

  18. Fiscal Year 2006 Financial Trends and Highlights Discussion A new core curriculum in FY2007, the Dragon Core is based on Minnesota State University Moorhead's mission to develop knowledge, talent, and skills for a lifetime of learning, service, and citizenship.

  19. Fiscal Year 2006 Financial Trends and Highlights Discussion • Dragon Core is designed to develop engaged students who are aware of their diverse world and physical environment and who know how to interact productively and ethically with others in today's changing world. The knowledge acquired in the Foundation Four is applied and extended across these disciplines- • Oral Communication • Written Communication • Critical and Multicultural Thinking • Mathematics

  20. Fiscal Year 2006 Financial Trends and Highlights Discussion As a direct result of the president’s budget initiatives and commitment to the financial well being of the university and dedication to its people and programs, MSUM is better able to face the fiscal challenges in the years ahead.

  21. Fiscal Year 2006 Financial Trends and Highlights Preparation

  22. Fiscal Year 2006 Financial Trends and Highlights Preparation

  23. 2002: Three Wise Men (and two women) Ponder a Question- How to spend more but get better return on the use of state funds?

  24. General Appropriation AwardFY2006 MSU Moorhead Financial Report Exit Presentation For outstanding handling of State Funds

  25. Capital Appropriation AwardFY2006 MSU Moorhead Financial Report Exit Presentation For outstanding handling of Capital Projects

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