Fiscal board releases $3.7 million to UPR held from FY ’24 budget

By THE STAR STAFF 

The Financial Oversight and Management Board has 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 processes through the periodic execution of fiscal closings.

The oversight board accepted the request submitted via the Office of Management and Budget and authorized the transfer of funds to UPR -- drawn from the certified fiscal year 2024 budget -- that had remained under that agency’s custody. The board also extended the availability of the funds through June 30, 2027.

“This approval is the result of an extraordinary effort by the Finance Office, in coordination with the Office of Development, Innovation, and Transformation, to complete fiscal closings and reach this important milestone under this administration,” UPR President Zayira Jordán Conde in a written statement. “... Completing these fiscal closings represents much more than merely meeting a requirement; it demonstrates our ability to transform the University’s financial processes through discipline, coordination, and measurable results.”

The authorization was linked to the fulfillment of Milestone 19 of Transformation Action No. 10, under which UPR has established periodic closings of its financial modules as a concrete measure to reinforce the quality and availability of its financial information and demonstrate greater efficiency in its operational processes.