January 15-16, 2004

ITEM 122-108-R0104 Modify Policy 901.10 Retirement Costs Revolving Account Montana University System

EXPLANATION: In the Financial-Compliance Audit for the Board of Regents and Office of the Commissioner of Higher Education (OCHE) for the two fiscal years ended June 30, 2003, the auditors recommended a change to this policy. The Office of the Commissioner of Higher Education does not account for its funds using the College and University Business Administration (CUBA) fund structure. Therefore, the accounting terms "Designated Subfund" and "General Operating Subfund" are not appropriate accounting choices for OCHE.