The University of Texas Medical Branch at Galveston (UTMB) is part of The University of Texas System and an agency of the State of Texas. The System is composed of nine academic and six health-related institutions of higher education, as well as the System administrative offices. The System is governed by a nine-member Board of Regents appointed by the Governor. All campuses follow common reporting and budget guidelines established by the State of Texas and The University of Texas System and are subject to the same audit standards (1).
UTMB compiles, publishes, and distributes annual reports that represent total, consolidated results of the financial operations of the institution (2) (3) (4) (5). Accuracy of the reported information is verified through audit work performed in conjunction with the audit of The University of Texas System, and the resultant Independent Auditorsí report is included in the annual report (6). UTMB also ensures accuracy and integrity of its financial data by following generally-accepted accounting principles, including those recommended by the Government Accounting Standards Board (GASB), and the National Association of College and University Business Officers (NACUBO).
Each budgetary unit or school within UTMB has access to its current budgetary status as presented in the monthly financial statement report provided to each entity or school. Financial statements provide budgeted and actual comparisons by month, year to date, and current year to prior year activity.
Monthly, personnel within the finance area, (Accounting, Budget, and Reporting) provide relevant information to management and leadership within the schools.
UTMB submits annual Institutional Profiles for Financial Information as required by the Commission on Colleges (7a) (7b) (7c) (7d) (7e) (7f).