ULM Athletic Department Discrepancies
The University of Louisiana at Monroe’s Athletic Department was not able to reconcile football, basketball, and baseball ticket sales to its cash deposits. For one game selected from each sport, deposits were short by a total of $17,727, the Legislative Auditor said in a report released today.
According to the report, the contractor hired by the University of Louisiana at Monroe Foundation, Inc., to collect ticket sales on behalf of the athletic department did not provide enough detail for the university to completely reconcile its deposits. The report further noted that 3,678 complimentary tickets were issued for the three games without the signatures of the ticket holders, and multiple revenues and expenses were misclassified on the university’s athletic department financial statement.
The state auditor said the report resulted from an annual set of agreed-upon procedures that are used to examine the financial reporting of the athletic department to determine whether it is compliant with NCAA rules and to help the university evaluate its internal controls.
For more information contact:
Daryl G. Purpera, CPA, CFE