Strategic Growth Plan, Bond Accountability

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UC Follow-Up (Audit) Bond Accountability Prop 1D

Follow-Up (Audit) Bond Accountability

Once projects are completed, the University of California again reviews projects to ensure that bond proceeds from Proposition 1D and other state capital outlay resources are expended for their intended purposes and in a timely manner, consistent with state and federal law and with policies of The Regents of the University. Bond accountability is a shared responsibility between the campuses and the Office of the President.

Financial Close-Out Requirements
The Regents require the campuses to prepare and submit a close-out financial record for each capital outlay construction project. The close-out document reports the following information on the project:
• The total amount of funding expended for the project.
• The specific fund sources that supported the project.
• Expenditures by cost function (i.e., design, construction, equipment).
• Any exceptions to scope or budget.

Notices of Completion
Following final inspection of the construction, the completion of all substantial work, and the issuance of a permanent certificate of occupancy, the campus, on behalf of the Regents of the University of California as owners, files a Notice of Completion with the local county records office.

Audit History
Access UC's database of internal audit reports, which includes audits of Proposition 1D funded construction projects.