The UC Board of Regents will be adopting new policies and oversight because of a scathing statewide audit of the UC’s finances.

This comes after the UC Board of Regents met Thursday and discussed the audit, which found President Janet Napolitano’s office kept a reserve fund of $175 million hidden from the public and the Regents themselves.

Also on the docket was the decision to cap out of state enrollment at 18 percent. Capital Public Radio’s Bureau Chief Ben Adler was at the Regent’s meeting and recaps key statements from the meeting.