An audit of taxpayer-funded Chicago State University (CSU) has uncovered 41 problems ranging from accounts payable recovery issues to failure to send bills to students for several months during the 2010 spring semester, according to the Chicago Tribune.
The university has a history of financial mismanagement.
"I know on the surface it looks bad for the institution, especially with the history that Chicago State has had," said Glenn Meeks, the university's vice president of administration and finance, as quoted by the news source. "It is not until you uncover everything that is there that you are able to see what you are dealing with."
The audit is the first to cover the period of time since current CSU president Wayne Watson took over in 2009, and Meeks claims that 85 percent of the school's financial problems have since been addressed. The university has taken corrective steps, including hiring three additional internal auditors and electronically tracking purchases and contracts.
A hearing is expected to be scheduled in May in order to further probe the financial mismanagement and formulate audit solutions, according to the news source.
An Illinois-based program recently also came under scrutiny as a result of an audit, according to the Chicago Sun-Times. The College Illinois' prepaid tuition program was criticized for not following state law when hiring a financial services group to oversee investments.