Lesson from UNT funds mess: Trust but verify By G. BRINT RYAN

[Harry]

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

[LongJim]

Good lord. That's Business Management 101.

Inspect what you expect. MBWA. I guess some have never heard of these concepts.

[Harry]

I thought it was a well written summary and explanation of a very dark chapter in our history. I hope Regent Ryan is right. Let's hope we can clean this up and put it behind us.