A Financial Review of Lamar University
June 2003
Report Number 03-039
Overall Conclusion
Lamar University (University) is providing accurate and consistent financial information to the Legislature. However, the University should improve its processes to ensure that it provides accurate information to the Texas State University System (System) Board of Regents and University management.
The University relies on manual processes to manage its financial activities and does not always follow its policies and procedures for recording detailed financial information. As a result, we found several inaccuracies in the University's detailed financial information, such as expenditures charged to the incorrect object codes. For fiscal year 2002, the inaccuracies in the University's detailed information did not significantly affect the information in its Annual Financial Report (AFR) because the AFR is a summary of the University's activities. However, the inaccuracies do affect the information that the System and the University use to manage operations, and if the University does not improve its financial reporting process, similar inaccuracies could affect future AFRs. The University can make better use of features in its automated financial system to improve accuracy of financial information.
Overall, the University uses state appropriations and local funds in accordance with applicable state laws and regulations. However, it does not provide adequate guidance to staff to ensure consistent compliance in several key areas, such as the use of Higher Education Assistance Funds.
The University generally has adequate processes in place to manage contracts and grants; however, we found examples of the University reporting inaccurate contract information to the Legislative Budget Board.
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