MEDIA RELEASE
The Board of Regents has approved the formation of a special committee to evaluate the University’s operational and financial controls and oversight practices.
The Operational and Financial Controls Improvement Advisory Task Group consists of five regents and four professionals in the field of business, audit and accounting. The task group intends to have a report by the October 18 regents meeting.
The decision is a continuation of the board’s August meeting that focused on findings of the University’s internal investigation into the cancelled concert benefit for the Athletics Department.
“The fiscal and management oversight and responsibility for the University of Hawaii rests with us,†BOR chairman Eric Martinson said. “The regents agree we need to examine our fiscal and operational policies and exercise our fiduciary responsibility to put in place effective measures.â€
Martinson noted calls for an investigation by the Legislature. Following an executive session, Martinson sent State Senator Donna Kim, chair of the Senate’s Special Committee on Accountability, a letter detailing the formation of the board, and its charge.
During their meeting this week at Windward Community College, regents approved a motion to make the task group report public at the same time it is presented to the board, and to establish clear procedures on individual responsibility and accountability.