The Southern University System was nearly two months late in submitting its annual finance report to the state, and the report was riddled with errors and omissions, according to a new report from the state Legislative Auditor’s Office.

The report found that the cash-strapped historically black college system’s expenses exceeded its revenues during the 2010 to 2013 budget years.

Southern has been pulling money from reserves as the state pared back funding for higher education in recent years.

The system’s deadline for reporting its finances to the Division of Administration was Sept. 19, but the document wasn’t submitted until Nov. 17, after two deadline extensions.

The Southern University System attributed the delays and mistakes to turnover in leadership.

“Several factors, including major transitions in leadership and management roles, turnover and vacancies in key financial management positions, technical difficulties and long-term, unplanned absences of several key employees contributed to a delay in completion of the report,” Southern System President Ron Mason wrote in the university’s response.

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