The Arizona Board of Regents (ABOR) is the governing body of the State’s 3 universities—Arizona State University, Northern Arizona University, and the University of Arizona. Statute authorizes ABOR to own and lease its property for the benefit of the State and for the universities’ use, and it has approved leases for commercial purposes. However, ABOR’s lack of written guidance for implementing its real estate policies and approving commercial subleases increases the risk of inappropriate use of public resources leased to private parties. Also, the operation of some ABOR property lacked oversight and accountability, resulting in the inappropriate use of proceeds and limited transparency. Finally, ABOR lacks a complete property listing and other property management information, limiting its ability to oversee and manage its property.