Radford University report on Audit for the year ended June 30, 2007

RADFORD UNIVERSITYREPORT ON AUDITFOR THE YEAR ENDEDJUNE 30, 2007 AUDIT SUMMARY Our audit of Radford University for the year ended June 30, 2007, found: • the financial statements are presented fairly, in accordance with generally accepted accounting principles; • three internal control matters that we consider to be significant deficiencies; however, we do not consider these to be material weaknesses; • one instance of noncompliance required to be reported; under Government Auditing Standards; and • the University has taken adequate corrective action with respect to the audit findings reported in the prior year. -TABLE OF CONTENTS- Pages AUDIT SUMMARY INTERNAL CONTROL AND COMPLIANCE FINDINGS AND RECOMMENDATIONS 1-2 MANAGEMENT’S DISCUSSION AND ANALYSIS 3-12 FINANCIAL STATEMENTS: 13 Statement of Net Assets 14 Statement of Revenues, Expenses, and Changes in Net Assets 15 Statement of Cash Flows 16 Notes to Financial Statements 17-31 INDEPENDENT AUDITOR’S REPORT Report on Financial Statements 32-33 Report on Internal Control over Financial Reporting and 33-34 on Compliance and Other Matters UNIVERSITY RESPONSE 35-36 Y OFFICIALS 37 INTERNAL CONTROL AND COMPLIANCE FINDINGS AND RECOMMENDATIONS Strengthen Controls for Reporting Capital Assets We noted the following control deficiencies in our review of capital asset reporting: • The ...