NASHVILLE, Tenn. (WSMV) - A newly released forensic audit of Tennessee State University reveals “continued management shortcomings,” according to the Tennessee Comptroller of the Treasury.
The 154-page forensic audit shared how TSU handled budget monitoring, collecting tuition, awarding scholarships and more.
“While the audit clearly notes a number of deficient processes, auditors from CliftonLarsonAllen LLP did not identify evidence indicative of fraud or malfeasance by executive leadership, the University, or the TSU Foundation,” the comptroller said.
The Tennessee Comptroller of the Treasury laid out the following observations from the report:
The comptroller’s office also released two more reports that contains findings related to TSU:
“The Tennessee State University Financial & Compliance Audit for the fiscal year ended June 30, 2022 contains nine findings. Several of the findings document management’s lack of adequate oversight over its financial reporting, bank reconciliations, capital asset records, collecting procedures, and more. At least three of the findings have been reported in the prior five annual audits of TSU.
The State of Tennessee’s Single Audit for the fiscal year ended June 30, 2023 includes six findings related to TSU. These findings note several breakdowns in how the university handles its federal grant awards to provide students with financial aid. Many of these findings coincide with similar errors reported by the Tennessee Student Assistance Corporation (TSAC) is its October 2023 review of TSU’s administration of state financial aid programs, which resulted in TSAC’s withholding of grant and scholarship payments from TSU.”
“These findings in this report cover a period that began in 2021, and do not reflect the substantial improvements that TSU has made to its business operations over the past two years, and gives the impression that TSU is committing the same infractions in the present, which is not the case,” TSU said in a statement. “Additionally, the audits do not mention the gross underfunding of TSU.”
To view the FY 2022 TSU Financial & Compliance audit, click here. To view the FY 2023 Tennessee Single Audit, click here.
You can read the entire 154 page TSU Forensic Audit below:
The House has come out with a new amendment for vacating the TSU Board of Trustees.
— Marissa Sulek (@marissa_sulek) March 28, 2024
It’s the same as the Senate which would vacate the entire board. Before it would vacate only three of them. @WSMV pic.twitter.com/Is1LH4H2DJ
We did just get the long awaited TSU audit this morning. The Comptroller says the audit shows a number of deficient processes, but no “fraud or malfeasance by exec leadership”.
— Marissa Sulek (@marissa_sulek) March 28, 2024
Here are some observations:@WSMV pic.twitter.com/jQIvl2suuP
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