CSU-Pueblo finds $7.9M deficit from unfunded accounts
PUEBLO, Colo. (AP) — Colorado State University-Pueblo officials say annual bond payments were being paid from unfunded accounts causing a $7.9 million deficit.
The Pueblo Chieftain reports the payments dating back to 1998 created negative account balances that accumulated. The issued was not discovered until earlier this year.
President Tim Mottet said in a letter this week that internal auditors reviewed the matter, confirming that no fraud or intentional wrongdoing occurred.
Mottet says a full account reconciliation is underway, and the university is implementing new policies to ensure “confidence in our business processes.”
He says the error went undetected because the university’s general ledger had absorbed it.
Information from: The Pueblo Chieftain, http://www.chieftain.com