Texas A&M University System: Administrative and General Offices
1994 Statewide Financial and Compliance Audit
Report Number 95-079
Overall Conclusion
Texas A&M University's account which is material to the statewide comprehensive annual financial report is reported accurately. Accurate financial statements are a tool for decision-making and analysis of operations. The System Administrative and General Offices have established a system to ensure compliance with bond covenants, and this system is working. The system ensures that bondholders interests are protected. Bonds payable at August 31, 1994, were approximately $650 million.
In addition, Texas A&M University at Galveston is generally complying with the federal regulations regarding its student financial assistance programs.
Key Facts and Findings
We issued related reports in August 1994 (Report 94-139, The Management Control Audit of the Texas A&M University Department of Food Services) and January 1995 (Report 95-041, A Review of Management Controls at Texas A&M University and the System Offices). These reports contain findings which could affect Texas A&M and the System Office s operations.
Texas A&M University at Galveston should improve controls over cash management and the preparation of federal financial reports. In addition, the University should separate the duties of processing and receiving loan checks and ensure compliance with required time frames for Pell Grant disbursements.
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