The Financial Oversight and Management Board (JSF) approved the transfer and release of $3,738,000 to the University of Puerto Rico (UPR) after the institution met a financial transformation milestone aimed at strengthening its financial reporting through periodic fiscal closings. The Board accepted a request submitted via the Office of Management and Budget (OGP) and authorized transferring funds from UPR’s certified fiscal year 2024 budget that had remained under the Board’s custody.
The Board also extended the funds’ validity until June 30, 2027. The authorization was tied to compliance with Milestone 19 of Transformation Action 10, under which UPR established periodic closings of its financial modules to reinforce the quality and availability of its financial information and demonstrate greater operational efficiency. Meeting the milestone required coordinated work between UPR’s Office of Finance and its Office of Development, Innovation and Transformation (ODIT), along with campus financial teams, to advance fiscal closings and needed documentation.
As part of the determination, UPR plans to submit a review of its financial regulations by October 30, 2026, incorporating oversight mechanisms, the frequency of financial module closings, and documentation required to certify institutional compliance.