Higher Education Coordinating Board
1994 Statewide Financial and Compliance Audit
Report Number 95-086
Overall Conclusion
The Board has established a system to ensure compliance with federal regulations for its two largest federal programs, the $56.3 million Federal Family Education Loan Program (CFDA 84.032) and the $40.8 million Vocational Education Program (CFDA 84.048). This system is working, however, the Board is not adequately tracking all subrecipient audit reports for the Vocational Education Program . The $486 million Loans and Contracts Receivable account, which is significant to the statewide financial report, is fairly stated. In addition, the Board has established a system to ensure compliance with bond covenants for the $499 million in outstanding bonds as of August 31, 1994. This system is working and ensures that bondholder's interests are protected. The Board issues bonds for educational loans to eligible Texas college students.
Key Findings
The Board did not adequately track all subrecipient audit reports for the Vocational Education Program-Basic Grants to States (CFDA 84.048). Without an adequate tracking system, the Board cannot ensure compliance with federal requirements.
Contact the SAO about this report.
Download the Acrobat version of this report. (.pdf)
If you prefer an HTML version, follow this link to an Adobe site which converts PDF files to HTML.