A Legislative Summary Document Regarding Midwestern State University Page: 2 of 3
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Midwestern State University
SAO Contact: Susan Riley
(512) 936-9500Key Findings from Previous Audits and Reviews
January 1, 2001-December 31, 2002
A Financial Review of Midwestern State University
(Report No. 02-009, November 2001)
The Legislature and other oversight bodies can rely on Midwestern State University's (University) financial information. The
structure of the University's financial system and its financial processes are designed to ensure that the information is
recorded accurately and consistently. The University is spending appropriated funds in accordance with limitations set forth
in the General Appropriations Act and other applicable state laws and regulations. We can provide only limited assurance on
the alignment between expenditures and outcomes because the University's expenditures and outcomes correlate with its
appropriations for Educational and General State Support, not with specific strategies.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 Midwestern State University, as of August 31, 2001, was $13,310,000.A Report on the Fiscal Year 2002 University Accreditation Reviews
(Report No. 02-036, April 2002)
The State Auditor's Office published an accreditation review report for Midwestern State University (University) in fiscal
year 2002. The Southern Association of Colleges and Schools (SACS) requires these financial reviews as a part of its
university accreditation process.
We perform these accreditation reviews in conjunction with the internal audit departments of the universities. The internal
audit departments prepare summarized financial statements and supporting information. The State Auditor's Office reviews
the information provided and determines whether the financial information is appropriately presented and supported. This
approach is cost-efficient for the universities and provides the State Auditor's Office with opportunities to review the
accounting systems used by the various universities.
We had positive results on the University's review. In our review, nothing came to our attention that would require a
material modification to the financial statements for them to be in conformity with generally accepted accounting principles.January 2003
SAO No. 03-330
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Texas. Office of the State Auditor. A Legislative Summary Document Regarding Midwestern State University, report, February 2003; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth517835/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.