Although the report didn't point to any single cause for the problem, it cited bad billing practices and years of uncollected tuition and fees as a contributing factor.
During the audit, staff members in the college's business office showed auditors a stack of checks the office had printed but couldn't mail because of a lack of money, according to the report.
Longtime college President Larry Devane resigned less than a month later.
As a part of the college's cost-cutting measures, officials cut a number of auxiliary programs and positions, Bryant said. Among the programs the college cut was the college's goat dairy, which allowed officials to sell off the college's goat herd and cut one full-time position and five part-time positions.
During the meeting, Oklahoma higher education Chancellor Glen Johnson said he was pleased with how Bryant had handled the issues. Less than two days after being appointed acting president, Bryant called Johnson to make sure he understood the requirements he was facing, Johnson said.
The regents will meet at 9 a.m. Thursday at their office, 655 Research Parkway, Suite 200.