The Louisiana Community and Technical College System did not have adequate controls to ensure the annual financial report was accurately prepared, causing $88.7 million to be misclassified as unrestricted rather than restricted, the Louisiana Legislative Auditor says.

Delgado Community College’s direct lending receipts and disbursements of $52.9 million were omitted on cash flow statements, the LLA also reports, adding that the system failed to notify the auditor’s office and the parish district attorney of suspected misappropriations of assets as required by law.

LCTCS agreed with the two misclassification assessments but said they were minor oversights that did not affect the total net position or cash flow reported. A system official said the potential misappropriation was not immediately reported because of insufficient information but added that in the future, suspected misuse of assets will be referred without any further review.

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