This report to the Mississippi Legislature presents the findings of a review of the cash management policies, procedures, and practices of the State Board of Trustees of Institutions of Higher Learning (IHL). The methodology involved review of: applicable Mississippi statutes; standards promulgated by the National Association of College and University Business Officers; IHL entities' policies, procedures, and reports; interviews with Board and state officials and staff; and a survey of financial institutions with which IHL entities had contractual relationships. Among findings were the following: some university officials and IHL board members with cash management responsibilities also had financial interests in financial institutions with which their respective universities or offices were doing business; some institutions and the IHL central office did not have required contracts or formal cash management/investment policies and procedures; and there was inadequate state oversight of endowments. It was recommended that: (1) the Board of Trustees of Institutions of Higher Learning should establish a policy prohibiting officials/employees from having any conflicting financial interests; and (2) the Legislature should amend the Mississippi Code concerning public employees business relationships to prohibit being an officer or stockholder of banks or other financial institutions with which their employing agencies do business if the employees have financial management responsibilities. (JLS)