... CollegeFinancial Audit For the Period July 1, 1995, through June 30, 1998May 1999 Financial Audit Division Office of the Legislative AuditorState of Minnesota99-27Centennial Office Building, ... increased the bank balance above the collateralized amount. For example, the bank balance on August 31, 1998, was $2,419,395,while the market value of the collateral was approximately $1,4 51,6 63. The ... to the student’s accounts until October 21, 1998. They did not receive the check from the foundation until January 12, 1999. As a result, the college carried the cost of the scholarship aid for...