A Performance Audit
An Audit Report on Property and Surplus Management at Texas Tech University
Texas Tech University (University) has established processes and related controls over its property assets to help ensure compliance with state laws and other applicable requirements. However, the University should strengthen controls over surplus property, improve its process to follow-up on property reported as missing, and reconcile its vehicle data to help ensure the accuracy of its reporting of fleet vehicles to the Office of the Comptroller of Public Accounts.
Property Management and Disposal
From September 1, 2020, through April 30, 2022, the University had approximately $1.2 billion in active property assets (less accumulated depreciation). The majority of that amount (approximately $912 million) was buildings, construction, and land. The University had processes and related controls over its active property assets to help ensure compliance with state laws and other applicable requirements. The University also maintained accurate records for property that was disposed outside of its surplus process.
Surplus and Missing Property
The University had processes for property classified as surplus; however, it should ensure that it accurately accounts for surplus property in BFAS. The University also has processes to identify and accurately track assets reported as missing; however, it should ensure required documentation is maintained.