Arizona Auditor General Criticizes Lack Of Oversight In State College Real Estate Development
A new report from the Arizona auditor general has some pretty critical words for the body that governs the state’s public universities.
Specifically, the report said the Arizona Board of Regents lacks oversight in how it governs real estate transactions at ASU, NAU and UA.
The state allows ABOR to own and lease its property for things like commercial development that benefit the universities, but the report said ABOR doesn’t have written guidance for these deals or enough oversight of them, which has sometimes resulted in the inappropriate use of the proceeds.
The Show spoke to John Arnold, the executive director of ABOR, who said the board realized its governance wasn't complete in this area, so they have already taken some important steps.
To learn more about what the auditor general’s report concluded, The Show also spoke with Jeff Gove. He's a performance audit manager with the Office of the Auditor General.