The University of Wisconsin Board of Regents signed off Thursday on a report detailing the systems program revenues and campus reserve funds.
The report comes more than a year after a legislative uproar, when an audit revealed the UW System was sitting on program revenue balances of more than a billion dollars and officials also could not account for how much of that money was going to be spent. System President Ray Cross says the 250 page report delivered to the Board on Thursday is the result of a collaborative effort to manage the funds held by campuses and the System.
Cross told regents the report means “we can account for every dollar of our program fund balances at every single campus and institution within the entire UW System.” He added that, for the first time they also know the actual level of cash reserves at each System campus. The report shows that amount at over $174 million, spread across all campuses.
AUDIO: UW System President Ray Cross addresses the Board of Regents (:34)
Regents unanimously approved the full report Thursday, during a board meeting at the UW-Stevens Point. It now goes to the Legislature for review.