Summary

Summary of Report on Financial Statements

The Board of Regents’ financial statements are combined with the State universities and are reported in the State general purpose financial statements of the State of Florida as of and for the fiscal year ended June 30, 1999. The general purpose financial statements include the financial position of the State of Florida and its component units at June 30, 1999, the results of its operations, changes in fund balances of the State University System and Community College fund types, and the cash flows of its proprietary fund types, nonexpendable trust fund, and discretely presented component units for the fiscal year then ended. On February 4, 2000, this Office issued audit report No. 13592, on the general purpose financial statements of the State of Florida.

Summary of Report on Compliance and Internal Control

The Board of Regents generally complied with significant provisions of laws, administrative rules, and other guidelines, and has established and implemented procedures which generally provide for internal control of University operations. Our findings on compliance and internal control are summarized in the Summary of Audit Findings below.

Summary of Report on Federal Awards

An examination of expenditures of Federal awards administered by the Board of Regents under contract and grant agreements to finance specific programs and projects is included in our Statewide audit of Federal awards administered by the State of Florida. The results of our Statewide audit of Federal awards administered by the State of Florida for the fiscal year ended June 30, 1999, will be the subject of a separate audit report.

Summary of Audit Findings

Records maintained by university faculties for other professional (noninstructional) duties did not demonstrate compliance with the 12-Hour Law.

Section 240.243(2), Florida Statutes, requires a minimum of 12 classroom contact hours per week or equivalent noninstructional duties for each full-time equivalent teaching faculty member who is paid entirely from State funds. Since attendance records reporting clock-time are historically not kept by university faculties, the universities have been unable to document compliance with this Statute as it relates to noninstructional duties.

Implementation of controls to restrict access only to the authorized users of the financial aid subsystem to their intended access level should decrease the possibility that unauthorized users can alter data without detection.

The Board of Regents is the functional owner of various software applications used by several of the universities in the State University System, including a financial aid subsystem. To decrease the possibility that unauthorized users of the financial aid subsystem can alter data without detection, the Board should implement controls to restrict access only to users at the access level intended for them. Also, the Board should ensure that no potential user is able to view the passwords of others.

The Chancellor's written response to the audit findings and recommendations included in audit report No. 13661 is presented as Appendix B.