(a) The University of Texas System Board of Regents and the Texas A & M University System Board of Regents shall report the uses of the Available University Fund (AUF) for each system component and for system office operations for the two previous years, the current year, and two future years (projected), including: (1) Debt service allocations, by component, (2) Bond proceeds allocations, by component, (3) Excellence allocations (by component), or system office, and their purposes, (4) Available University Fund income, interest, beginning- and end-of-year balances; and (5) The rationale used by the respective boards to distribute AUF funds. (b) In addition, by December 1 of each year, authorized managers of permanent funds and endowments whose earnings are appropriated in the General Appropriation Act shall submit an annual financial report that shall include, at a minimum, an income statement and balance sheet and a summary of the investment return of the fund during the preceding fiscal year. The annual financial report shall also contain: (1) A summary of all gains, losses, and income from investments and an itemized list of all securities held for the fund on August 31; (2) Any other information necessary to indicate clearly the nature and extent of investments made of the fund and all income realized from the components of the fund. (c) The annual financial report shall be distributed to the Governor, the Legislature, the Legislative Budget Board, and the Board by December 1 of each year. |