A Legislative Summary Document Regarding University of Texas System Administration Page: 2 of 3
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The University of Texas System Administration
SAO Contact: Carol Smith
(512) 936-9500Key Findings from Previous Audits and Reviews
January 1, 2001-December 31, 2002
Comparative Investment Performance Report for Major Investing Entitles
The State Auditor's Office will release a report in early 2003 on the investment performance of The University of Texas
System Administration.A Follow-up Report on Two Reviews of Controls Over Investment Practices at State Investing Entities
(Report No. 01-017, January 2001)
The University of Texas Investment Management Company (UTIMCO), the
nonprofit corporation that manages the investment assets of The University of
Texas System Administration (System), implemented most of our 1996
recommendations. However, UTIMCO should consider revising its
performance bonus plan to ensure that it bases employee bonuses on objective,
rather than discretionary, criteria.Status of Audit Recommendations as of
November 30, 2002 (unaudited)
The System has reported the following:Total recommendations 1
Since 1996, UTIMCO has improved its ethics policies and procedures, increased public accessibility to investment decisions,
obtained independent reviews of investment operations, and implemented better investment policy compliance monitoring.
The System Board of Regents (Board) chose not to retain an independent consultant on an ongoing basis to assist it in
overseeing the activities of UTIMCO. Management previously indicated that the Board did not believe such action was
necessary.An Audit Report on State-Issued Bonds for Fiscal Year 2001
(Report No. 02-035, April 2002)
The bond-issuing state agencies and higher education institutions we audited complied with all significant bond covenants,
laws, and regulations regarding bonded debt during the fiscal year ending August 31, 2001. In addition, these entities
reported accurate information for the supplementary bond schedules included in the Texas 2001 Comprehensive Annual
Financial Report (CAFR).
The total amount of outstanding bond issues of The University of Texas System Administration, as of August 31, 2001, was
$1,412,255,000.Quality Assurance Team Reviews
Completed Projects
Conducted by the Legislative Budget Board and State Auditor's Office
Quality Assurance Team Annual Report - January 2003
The University of Texas System Administration (System) completed the Office of Information Resources-Common Data
Warehouse project at a cost of $1,135,310 on August 31, 2002. The initial budget was $2,800,000, and the initial completion
date was August 31, 2002.
January 2003 SAO No. 03-350
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Texas. Office of the State Auditor. A Legislative Summary Document Regarding University of Texas System Administration, report, February 2003; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth517481/m1/2/: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.