A Financial Review of Lamar University Page: 3 of 17
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A Financial Review of
Lamar University
SAO Report No. 03-039
June 2003
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.
Summary of Information Technology Review
Overall, the two information systems we reviewed process financial transactions reliably.
Results of our tests of reconciliations and transactions processed by the systems indicated
that amounts reported in the financial statements were consistent with information in
these systems. Also, the University has adequate policies and procedures in place to
safeguard the financial and student information data processed by these systems. The two
systems we reviewed are:
> Financial Reporting System (FRS) - The University uses FRS to track all its financial
activities for its budget, which is more than $75 million.
> Student Information System (SIS) - SIS tracks information for the University's
approximately 9,000 currently enrolled students. The University uses SIS to record
student registration and billings. This information is exported to FRS.
AAate
editor's
- dffe This audit was conducted in accordance with Government Code, Sections 321.0131 and 321.0133.
Lawrence F. Alwin, CPA For more information regarding this report, please contact Ron Franke, Audit Manager, at (512) 936-9500.
State Auditor
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Texas. Office of the State Auditor. A Financial Review of Lamar University, report, June 2003; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth518481/m1/3/?q=Lamar%20University: accessed May 17, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.