Texas Tech University is in compliance with Comprehensive Standard 3.10.4. 

Policies that relate to the university’s control over financial and physical reserves are found as a pdf file in Board of Regent’s Rules, Chapter 7 Fiscal Management  (http://www.depts.ttu.edu/oppol/Chapter07.pdf). Control over physical reserves is covered in Board of Regent’s Rules, Chapter 8, Facilities (http://www.depts.ttu.edu/oppol/Ch.08.pdf)

The board of regents at its May 2004 meeting established an audit committee that will oversee the university’s audit processes (see the university response to Core Requirement 3.2.2 for responsibilities of the audit committee). 

SACS Off-Site Committee Finding: 

3.10.4   The institution exercises appropriate control over all its financial and physical resources.

 ___       Compliance
             _X_      Non-compliance
             ___       Did not review 

Comments:   

Insufficient information and documentation provided.

TTU Response:  

The SACS Handbook for Reaffirmation of Accreditation lists “documents containing policies relative to control” as supporting documentation for compliance with this standard. The university’s general policies regarding fiscal control are set out in Chapter 7 of the Board of Regents Rules, cited in our original report. In addition, specific financial management policies are contained in Section 62 (Financial and Accounting) of the university’s Operating Policy Manual (http://www.depts.ttu.edu/opmanual/New.contents.links/62financial_and_accounting.htm) . The management letter submitted with the report of the Texas State Auditor, as cited in our responses to Comprehensive Standard 3.10.1 and Core Requirement 2.11, states “. . . we did not find any control weaknesses or errors in the financial statements (of the university) that required modification”.