The University of Texas System: System Administration
1994 Statewide Financial and Compliance Audit
Report Number 95-085
Overall Conclusion
The University of Texas System's accounts which are material to the statewide comprehensive annual financial report are reported accurately. The significant accounts at The University of Texas at Austin consisted of current unrestricted funds revenues ($570 million) and expenditures ($581 million). The significant accounts at The University of Texas System Administration consisted of investments ($6 billion) and investment income and realized gain on investments for endowment and similar funds ($166 million).
In addition, System Administration has established a system to ensure compliance with bond covenants, and this system is working. Bonds payable at August 31, 1994, were approximately $1 billion.
The University of Texas at Austin and The University of Texas at San Antonio have established control systems to ensure compliance with most federal regulations for their major federal programs, and these systems are working. The University of Texas at Austin received approximately $140 million through its major federal programs during fiscal year 1994. Non-major programs tested at The University of Texas at Austin amounted to $7.2 million. In fiscal year 1994, The University of Texas at San Antonio disbursed $22.7 million in student financial aid.
Key findings for The University of Texas at San Antonio and The University of Texas at Austin are highlighted below.
Key Findings
A control environment weakness exists in the Student Financial Aid Office at The University of Texas at San Antonio (UTSA). UTSA should improve internal controls to address the nine issues included in this report.
The University of Texas at Austin should enhance controls over procedures to comply with student financial aid regulations, and the University's Office of Student Financial Services should strengthen controls over data processing.
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