Criteria or specific requirement: Governance is responsible for establishing and maintaining effective oversight of the University President's activities.
Condition and context: During the audit of fiscal year 2022 financial statements, it was noted that the President's credit card purchases, and other expenditures were not reviewed at the appropriate level of authority.
Cause: No process is in place for governance-level review of the President's expenditures.
Effect: Without proper oversight of the President's expenditures and purchases, the University is at a greater risk of loss due to misappropriation or fraud.
Recommendation: We recommend that a member of the Board of Regents review the expenditures of the President on a regular basis (i.e., quarterly) to establish transparency around and maintain appropriate oversight of the activities of leadership.
Views of responsible officials and planned corrective actions: The University concurs with the finding mentioned above. Quarterly, a detailed report outlining all expenditures related to the President's travel, entertainment, and discretionary expenses is presented to the Board of Regents. This report will be consistently provided upon the Board of Regent's request, ensuring ongoing oversight of the President's expenditures.
119.