State Audit Uncovers Problems At Fayetteville State University
Posted June 24, 2003 6:06 a.m. EDT
FAYETTEVILLE, N.C. — A state audit uncovered serious problems with bookkeeping at
Fayetteville State University
. The mistakes involve as much as $32 million, or 80 percent, of the school's budget.
The audit, which focused on the fiscal year ending June 2002, found several bookkeeping errors and inventory problems involving state money allocated to Fayetteville State University.
"The last thing I want to do is leave the job with the appearance of it not being totally complete," outgoing Chancellor Willis McLeod said.
Officials say the problems took place at a time when the university did not have a vice-president for business and finance and a controller. The problems also coincided with a new accounting system being implemented in all system schools.
The university has hired outside contractors to help them with the new accounting system. They said they hope to have the problems corrected within 90 days.