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Story Archives: ULM Facilities $7.2M in red
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ULM Facilities $7.2M in red
A recently released audit of University of Louisiana-Monroe Facilities Inc. showed total liabilities exceeded net assets by $7.2 million at the close of the 2009 fiscal year.
Total assets at the end of the 2009 fiscal year were $67.7 million while total liabilities were more than $75 million.
ULM Facilities Inc. is a non-profit corporation created in 2004 to oversee construction and finance the development of facilities on the ULM campus. ULM Facilities also is charged with overseeing the management of the university's facilities.
The audit was conducted by Monroe's Little and Associates. It recently was released by the Louisiana Legislative Auditor's Office.
The audit also showed total assets for ULM Facilities decreased by more than $2 million over the course of a year.
ULM Facilities reported $69.9 million in total assets at the close of the 2008 fiscal year but ended the 2009 fiscal year with $67.7 million in assets.
For the full report, see Page 1A of this week's Citizen.
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