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Accounting errors found

Accounting errors found

Posted: Wednesday, June 23, 2010 9:04 pm

NASHVILLE (AP) — A state audit has found bookkeeping errors by the Middle Tennessee State University Foundation.
Ed Burr of the state comptroller’s office told The Tennessean the foundation should have been able to spot the errors state auditors caught. Among them were overstating the foundation’s assets by $750,000 and understating net balances on its endowment fund by more than $6 million.
However, the audit found the “numerous” paperwork errors apparently did not affect the university’s efforts to raise funds.
The foundation holds endowment funds, investing them and using interest they earn to support MTSU.
University Vice President Joe Bales said it was a categorization error, which has been corrected.
Information from: The Tennessean, http://www.tennessean.com

Published in The Messenger 6.23.10

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