Section V: COC Core Requirement
3.10.2 The institution provides financial statements and related documents, including multiple measures for determining financial health as requested by the Commission, which accurately and appropriately represent the total operation of the institution.
OFF-SITE REVIEW COMMITTEE COMMENTS
The institution does prepare financial statements prepared using generally accepted accounting principles. However, the institution has indicated that financial statements for the most current fiscal year end will not be available until late fall or early spring. Additionally, financial report supplied for FY 02-03 was labeled as uned.
JUDGMENT OF COMPLIANCE
NARRATIVE/JUSTIFICATION FOR JUDGMENT OF COMPLIANCE
Action: Received required information from the Texas State Auditor for the year ending August 31, 2004.
All 37 Texas public institutions of higher education are part of a State of Texas statewide audit. This audit is performed by the Texas State Auditor’s Office and is an external review of the institution. Attached is the statement of unrestricted net assets, exclusive of plant assets and plant-related debt.
The Review of Texas A&M International University for the Southern Association of Colleges and Schools included the State Auditor’s Review Report which was conducted in accordance with the Southern Association of Colleges and Schools’ (Southern Association) Criteria for Accreditation. The State Auditor’s Review Report was provided by John Keel, CPA, Texas State Auditor, and states:
“The accompanying statements were prepared to present the financial position and the changes in financial position and cash flows of the University. These statements were prepared pursuant to criteria of the Southern Association for supplementary special reports by institutions in states that conduct statewide audits.
Based on our review, we are not aware of any material modifications that should be made to the accompanying financial statements in order for them to be in conformity with generally accepted accounting principles. This report is intended for use by the Board of Regents of Texas A&M University System, management of the University, and the Southern Association.”
Also included in the Review are:
“ In the course of our review, which was substantially less in scope than an audit, we did not find that material modifications needed to be made to the financials statements in order for them to be in conformity with generally accepted accounting principles.”
In summary, the Review provides that “ The financial position of the University is sound in light of the reductions in state appropriations. The University has been able to continue to grow in facilities, students, and academic programs. The University will continue to manage this growth while monitoring the economic and political climates.”