What!? Texas University Overstated Finances By As Much As $23 Million
Financial documents released by the University of North Texas show accounting irregularities that have overstated the university's financial position by as much as $23 million.
Audits conducted by the university and a private firm show misleading budget entries made since 2012 to account for unresolved collections. But they were registered as accounts receivable, which are often recorded as assets. The university's budget in 2012 was $520 million.
The documents were obtained by the Denton Record-Chronicle through an open records request.
The audit by the private firm also found UNT inflated the amount of cash it had by $5.9 million.
The developments are another financial setback for UNT. In an unrelated matter, the university may have to repay millions for inappropriately using state money to pay some employee benefits.
Information from: Denton Record-Chronicle, http://www.dentonrc.com
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