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Auditor: Southern Foundation accounting needs work

8 years 3 weeks 6 days ago Tuesday, September 24 2013 Sep 24, 2013 September 24, 2013 6:59 AM September 24, 2013 in News
Source: Associated Press

BATON ROUGE- An audit finds the Southern University System Foundation did not properly record financial transactions related to the Bayou Classic, failed to adequately identify the purpose for some donations and kept too much money in a bank account.

The audit report found fault with the foundation waiting to receive a summary of revenues and expenses from event organizers before recording the transactions.

Foundation Executive Director Ernie Hughes said he wasn't worried and that the organization either has or will take the necessary steps to address concerns brought up in the audit report.

The audit did not find that any funds were misused.

J. Walker and Company, of Lake Charles, conducted the audit.

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