Illustrative Standard Audit Report on Financial Statements – One Par. – Comparative (5 04)

and SubsidiariesFINANCIAL STATEMENTSMay 31, 2007Photo: B. Dierkes, Villanova University VILLANOVA UNIVERSITY FINANCIAL STATEMENTS May 31, 2007 Table of Contents REPORT OF INDEPENDENT AUDITORS ............................................................................1 FINANCIAL STATEMENTS: Consolidated Statements of Financial Position..............................................................3 Consolidated Statement of Activities for the year ended May 31, 2007 ..............................................................................4 Consolidated Statement of Activities for the year ended May 31, 2006 ..............................................................................5 Consolidated Statements of Changes in Net Assets ......................................................6 ent of Cash Flows .........................................................................7 NOTES TO FINANCIAL STATEMENTS.........................................................................8–17 PricewaterhouseCoopers LLP Two Commerce Square, Suite 1700 2001 Market Street Philadelphia PA 19103-7042 Telephone (267) 330 3000 Facsimile (267) 330 3300 Report of Independent Auditors To the Board of Trustees Villanova University: In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of activities, changes in net assets and cash flows present ...