The results of a Colorado State audit of the consolidated financial statements are reported, along with the statements of appropriations, expenditures, transfers and reversions for state-funded Student Financial Assistance Programs for the four State Colleges in Colorado for the year ended June 30, 1995. Specific recommendations are given for each of the colleges: Adams State College, Mesa State College, Metropolitan State College of Denver, and Western State College. The college's internal control structure and compliance with applicable laws and regulations was also noted. The accounting records and the system of internal accounting controls of Mesa State College were processed to assist the college in compliance with the audit requirements of the National Collegiate Athletic Association. The responses of the colleges to the findings and recommendations of the audit are included. (JPB)