Last week it was uncovered by auditors that The University of North Texas had altered its payroll numbers in such a way as to get millions extra in State funding than they were entitled to and, now, the state is asking for it back. Early reports indicate some of these extra funds may have been misappropriate based on faulty figures from as early as the 1970s. This goes to show the importance of staying within guidelines when reporting to governmental officials is the best practice and no one, no matter how small or big or prestigious, is above the law. Even non-profits do not escape scrutiny. No telling what the final number of wrongfully acquired funding plus penalties UNT will ultimately have to pay back. Not to mention the amount of money and resources UNT will have to spend on accountants, auditors, financial experts and attorneys before a settlement with a state is reached. Costs that could have been avoided had the governing authorities at UNT made sure their reporting was above board. Too often we have clients that only want to seek our help once things have gone wrong rather than seeking advice to make sure they are doing things correctly in the first place.
For more information on the UNT case:
UNT Should Repay Texas At Least $75.6 Million, State Auditor Says
