University of North Texas Investment Audit Report, 2009 Page: 4 of 6
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Background
University investments and issuances of commercial paper are regulated by Regents
Rules 10.100, Regents Rules 10.300, UNT Policy 11.5, and Texas Government Code
2256, also known as the Public Funds Investment Act (PFIA). Investments are to be
safeguarded, diversified, and provide sufficient liquidity to meet the reasonable
anticipated needs of the University.
Regents Rules 10.300 authorizes the Vice Chancellor for Finance to issue short-term
indebtedness in an amount not to exceed $100 million in Revenue Financing System
(RFS) Commercial Paper to purchase equipment and to provide interim financing for
capital projects during construction.
University Investment Policy 11.5 requires Internal Audit to perform an annual
compliance review of management controls and adherence to policy. The results are to
be reported to the Board of Regents and the State Auditor's Office.
Objectives
The objectives of the review were to:
1. Determine if the management of investment transactions is compliant with
Regents Rules 10.100, Regents Rules 10.300, University Investment Policy 11.5,
and the Public Funds Investment Act (PFIA);
2. Verify that investments are adequately and appropriately inventoried
and safeguarded;
3. Review the recording and reporting of investment transactions for accuracy and
compliance with the Higher Education Investment Reporting Requirements
Report issued by the State Auditor's Office; and
4. Evaluate the commercial paper program for compliance with Regents Rules
10.100, and Regents Rules 10.300, and UNT Investment Policy 11.5.
Scope
To accomplish the objectives, Internal Audit performed the following procedures:
* Interviewed key personnel;
* Reviewed and evaluated documentation; and
* Sampled and tested investments for accuracy of information reported in the
corresponding UNT and System Investment Report.
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University of North Texas. University of North Texas Investment Audit Report, 2009, report, December 2009; Denton, Texas. (https://texashistory.unt.edu/ark:/67531/metadc463599/m1/4/?q=%222009-08%22: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Special Collections.