EducationNews

CSU-Pueblo finds $7.9M deficit from unfunded accounts

Author: Associated Press - November 8, 2018 - Updated: November 8, 2018

14021587_10154500968923809_7033765453042807650_n.jpg
CSU-Pueblo (Photo courtesy of the college via Facebook)

PUEBLO, Colo. — 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.

Associated Press

Associated Press