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An Audit Report on Property and Surplus Management at Texas Tech University

December 2022

Overview

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.

LOW

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.

Jump to Chapter 1-A
MEDIUM

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.

Jump to Chapter 1-B
MEDIUM

Fleet Reporting

The University was able to locate all vehicles tested and generally reported accurate vehicle data to TxFS. However, the University did not consistently reconcile the vehicle data in TxFS to BFAS to identify additions and disposals.

Jump to Chapter 2

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1501 North Congress Ave.
Austin, TX 78701
Phone: (512) 936-9500
Fax: (512) 936-9400
Email: auditor@sao.texas.gov
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