UNT looks into revenue shortages

[laxtonto]

The University of North Texas System has hired outside auditors to review financial records systemwide after budgetary inaccuracies at UNT caused ongoing revenue shortages, Chancellor Lee Jackson said Wednesday.

The revelations of shortfalls come on the heels of a sweeping shake-up in leadership within the finance division at UNT a week ago that included the resignations of three top finance officials.

Jackson said UNT President Neal Smatresk, who started work on Feb. 3, is “responding aggressively to correct the current year budget issues at UNT.”

“The first step is to fully understand the nature of the revenue shortages and then to be very direct and open in implementing a corrective action plan on campus,” Jackson said in a written statement.

http://www.dentonrc.com/local-news/local-news-headlines/20140219-unt-looks-into-revenue-shortages.ece

Dont be shocked if there are a few more...

[Harry]

yikes! This sounds serious...

[Cerebus]

yikes! This sounds serious...

IMHO: Nevermind.

It's serious.

Edited February 20, 2014 by Cerebus

[Harry]

[LongJim]

Wow. Doen't sound good.

[Ben Gooding]

Yeah, they were budgeting incorrectly for whatever reason. It doesn't appear to be embezzlement, but they got booted pretty quickly.

[greenit]

Rumor is that their budget was banking on large increases in basketball attendance.

_benford'd

[ChristopherRyanWilkes]

I dabble a bit in accounting and if you aren't keeping good books and records, it can easily derail an operation. I'm back tracking and working on an accounting issue in my company and that's a much smaller scale than this. This could create a major issue.

[MeanGreenWithEnvy]

Part of the fiscal problems, possibly unrelated to any of this recent turnover, arose from issues in forecasting enrollment. To my knowledge, those issues have been addressed, but there is a gap between budgets based on the forecasts before those issues were addressed and budgets based on contemporary forecasts.