An audit of Copiah-Lincoln Community College has revealed no major finding but noted several issues with internal controls, according to a report summarized for school trustees Thursday evening.

     Brent Ballard, of Fortenberry & Ballard PC, discussed the results of his firm’s audit of the school’s 2011 fiscal year.

     Overall, he reported a clean audit, with the school’s finances appearing sound. He also found no problems with Co-Lin’s use of federal money and compliance with state requirements.

     However, Ballard said there were several issues with the school’s use of internal controls to track and supervise financial matters.

     Ballard noted three problems for board members.

     He said tighter oversight of college resources used by employees needed to be in place. Specifically, he suggested more detailed inventories to ensure school resources are accounted for.

     Other problems included a failure to reconcile bank statements in a timely manner. He said this is necessary to ensure any discrepancies are caught quickly.

     Ballard also noted the occurrence of transactions for the 2011 fiscal year after the fiscal year’s end. The school recently switched over to a new accounting system, and he said any problems can probably be blamed on that.

     “Hardly any one of those ever goes forward without some hiccup,” Ballard said.

     Further, Ballard said correctives seem to be in place to prevent recurrence of the issues he identified.

     He also praised the college, noting that its net assets have grown over the last five years. Since 2007, unrestricted net assets have grown from approximately $700,000 to about $5.2 million.

     Board trustees had no questions for Ballard.

     In other business, a renovation of the cafeteria in the Henley Building is nearly complete, reported board member Melton King.

     “The serving area looks fantastic compared to what it was,” King said. “I’ve never seen so much stainless steel in my life.”

     Due to recurrent issues with the aging plumbing system, the plumbing was replaced and other building renovations done in the Henley Building.

     King said students should be able to eat in the cafeteria when they move in next week.

     Co-Lin President Dr. Ronnie Nettles also informed board members that a dip in enrollment numbers that began last year appears likely to continue this year.

     “There is a clear trend,” Nettles said. “We’re normalizing.”

     Over the previous four years, the college saw about a 20 percent spike in enrollment, Nettles said.  However, enrollment dropped about 5 percent last year and seems poised to do so again this year, he said.

     Nettles believes this indicates enrollment will settle out once again. He pointed to tighter restrictions on federal financial aid and students loan as partially responsible for this drop.