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My alma mater, the University of North Texas, has a healthy pattern of growth and a solid financial base, although you’ve seen some alarming revelations in recent months. I want the community to understand that our future is bright and our enrollment generates revenue that will allow us to continue to grow and excel. But we’re learning a hard lesson about the importance of solid and honest accounting, something my UNT professors taught me years ago. The old Russian proverb of “trust but verify,” appropriated by President Ronald Reagan in the 1980s, has new meaning and significance for the administrative leadership and regents of the University of North Texas System. The current board, our predecessors and system leaders have trusted that the individuals at UNT responsible for the basic tasks of managing the university’s funds were doing so accurately and professionally. But in recent years we began demanding technology upgrades and enhanced reporting to verify that the highest standards of accounting principles were being followed. As a result, we and our auditors have discovered and disclosed some significant errors and inaccurate reports. We have now documented a series of ingrained and improper financial practices that simply should never have happened. Read more: http://www.dallasnews.com/opinion/latest-columns/20140714-lesson-from-unt-funds-mess-trust-but-verify.ece -
Smatresk said his four-year presidency at the University of Nevada, Las Vegas taught him how to deal with financial hardships when the state cut $74 million in funding. “Compared to some of the things I’ve had to deal with in the past, I’m going to call this ‘garden-variety,’ and that doesn’t mean it’s not significant. So I’m not trying to diminish what has occurred. What I am telling you is that we put a good team together and we know how to get ourselves back on track,” Smatresk said. Three finance officials resigned in light of the findings. The university has since hired a new vice president for finance and administration, an assistant vice chancellor for financial planning and reporting, and a vice chancellor of finance. Smatresk said he is ready to work through the woes, including a lowered bond rating by Moody’s Investors Service. In an April press release, Moody’s stated it had given UNT a rating of Aa2 and that the school’s outlook went from stable to negative. The university’s financial crisis was cited in the explanation of the change. Read more: http://www.star-telegram.com/2014/06/05/5877802/unt-president-on-financial-troubles.html Read more here: http://www.star-telegram.com/2014/06/05/5877802/unt-president-on-financial-troubles.html#storylink=cpy