University of North Texas addressing budget bind

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Associated Press

Posted on May 16, 2014 at 4:33 PM

DENTON, Texas (AP) — Regents at the University of North Texas System have approved spending $1.35 million to a consulting firm to address financial problems at the Denton-based school.

The school's governing board voted Thursday to spend the money with the firm Deloitte and Touche (Deh-LOYT' and TOOSH) so the company can identify problems and then help fix them.

An investigation last month found the school, with a budget of about $520 million, overstated revenues by $23 million thanks to an accounting trick. The investigation also showed millions may have been wrongly spent on employee benefits that may have to be returned to the state and that basic accounting practices weren't followed.

School officials tell the Denton Record-Chronicle (http://bit.ly/1gNtaZw ) a continuing records review means the school's financial picture may not be clear until fall.

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Information from: Denton Record-Chronicle, http://www.dentonrc.com

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