FORT SMITH — The budget adopted before recent mass layoffs at the University of Arkansas for Medical Sciences included revenue projections unsupported by calculations or recent health care trends, an internal audit report made public Thursday states.
UAMS leaders also had incorrect financial information throughout the recently ended fiscal year because of what auditors believe to be a financial “misstatement” regarding the institution’s Myeloma Institute, UA System Chief Audit Executive Jacob Flournoy said Wednesday at a meeting of the University of Arkansas board of trustees.
“The strategic issue with that is it’s difficult to make good decisions when the numbers aren’t correct,” Flournoy said, adding that there’s a pending audit of the Myeloma Institute as requested by UAMS Chancellor Dr. Cam Patterson. A risk assessment report showed a gap of more than $20 million between audited finances and information reported during fiscal 2018.
The completed audit report presented to trustees Wednesday focused on UAMS budget controls and management. It included eight…
