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UNT Overstated Fiscal Health By As Much As $23M

(Credit: University of North Texas)

(Credit: University of North Texas)

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DENTON (AP) – 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.

(© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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