Texas State University-San Marcos Annual Financial Report: 2012 Page: 30
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UNAUDITED
Texas State University-San Marcos (754)
NOTES TO THE BASIC FINANCIAL STATEMENTS
NOTE 17: Risk Management
WORKERS' COMPENSATION
The State's Workers' Compensation program is administered by the State Office of Risk Management (SORM). As a
participating agency Texas State is assessed an annual charge for Workers' Compensation coverage for employees according to
a set formula. The assessment for all fund sources was $599,619.96 for the fiscal year ended August 31, 2012.
UNEMPLOYMENT COMPENSATION
The State provides an Unemployment Compensation program; actual claims are paid from several funding sources as
determined by the Comptroller of Public Accounts. The university must reimburse the General Revenue Fund-Consolidated,
from university appropriations, fifty percent of the unemployment benefits paid for general revenue-funded employees and
one-hundred percent of the unemployment claims for employees paid from Fund 260 and other institutional funds. The
Unemployment Compensation program is on a pay-as-you-go basis, in which no assets are set aside to be accumulated for the
payment of claims. No material unemployment claims are pending at the fiscal year ended August 31, 2012.
PROPERTY AND OTHER INSURANCE COVERAGE
SORM also provides the university property insurance, including fire coverage, for all university buildings that are valued in
excess of $100,000. On May 20, 2012 a property claim was submitted for the Family Consumer Science Building for water
damages. As of August 31, 2012 this claim had not been finalized.
VEHICLE INSURANCE
The Texas Motor Vehicle Safety Responsibility Act (Texas Transportation Code, Chapter 601) requires that every non-
governmental vehicle operated on a State highway be insured for minimum limits of liability in the amount of $20,000/$40,000
bodily injury and $15,000 property damage. All vehicles owned and/or leased by Texas State are insured by coverage obtained
through SORM. There is coverage of $1,000,000 combined single liability. The coverage exceeds the extent of the waivers of
State immunity in the Tort Claims Act.
OTHER
The university is exposed to a variety of civil claims resulting from the performance of its duties. It is the university's policy to
periodically assess the proper combination of commercial insurance and retention of risk to cover losses to which it may be
exposed.
NOTE 18: Management Discussion and Analysis (MD&A)
Not Applicable.
Management Discussion and Analysis is a required part of the basic financial statements. Management Discussion and
Analysis is omitted because Texas State is reported in a consolidated format with The Texas State University System, which is
reported as a component of the State of Texas. Management Discussion and Analysis as it relates to Texas State University
System can be found in the State of Texas basic financial statements.Annual Financial Report -for the fiscal year ended August 31, 2012
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Texas State University--San Marcos. Texas State University-San Marcos Annual Financial Report: 2012, report, Autumn 2012; San Marcos, Texas. (https://texashistory.unt.edu/ark:/67531/metapth578530/m1/34/?q=Lamar+University: accessed July 17, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.