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Harrisburg University 2012 audit

Harrisburg University 2012 audit

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Published by PennLive
Harrisburg University 2012 audit
Harrisburg University 2012 audit

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Categories:Types, Business/Law
Published by: PennLive on Oct 03, 2013
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10/28/2013

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JUNE 30, 2012
ANNUALFINANCIALREPORT
 
 
TABLE OF CONTENTS
 
Page
Independent Auditor’s Report 1 -2Financial Statements:Statements of financial position 3Statements of activities 4Statements of cash flows 5 Notes to financial statements 6 - 21Schedule of expenditures of federal awards 22 Notes to schedule of expenditures of federal awards 23Report on internal control over financial reporting and on compliance and other matters based on an audit of financial statements performed in accordancewith
Government Auditing Standards
24 - 25Independent auditor's report on compliance with requirements that could have adirect and material effect on each major program and on internal control over compliance in accordance with OMB Circular A-133 26 - 27Schedule of findings and questioned costs 28 - 29Report on status of prior year's compliance findings and internal controlweaknesses - major federal programs 30
 
 
INDEPENDENT AUDITOR’S REPORT
Board of TrusteesHarrisburg University of Science and TechnologyHarrisburg, PennsylvaniaWe have audited the accompanying statements of financial position of HarrisburgUniversity of Science and Technology as of June 30, 2012 and 2011, and the related statements of activities and cash flows for the years then ended. These financial statements are the responsibility of Harrisburg University of Science and Technology’s management. Our responsibility is to express anopinion on these financial statements based on our audits.We conducted our audits in accordance with auditing standards generally accepted in theUnited States of America and the standards applicable to financial audits contained in
Government  Auditing Standards
, issued by the Comptroller General of the United States. Those standards require thatwe plan and perform the audit to obtain reasonable assurance about whether the financial statements arefree of material misstatement. An audit includes examining, on a test basis, evidence supporting theamounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and the significant estimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that our audits provide a reasonable basis for our opinion.In our opinion, the financial statements referred to above present fairly, in all materialrespects, the financial position of Harrisburg University of Science and Technology as of June 30, 2012and 2011, and the changes in its net assets and its cash flows for the years then ended in conformity withaccounting principles generally accepted in the United States of America.The accompanying financial statements have been prepared assuming that the Universitywill continue as a going concern. As discussed in Note 12 to the financial statements, the University hassuffered significant reductions in net assets over the past several years, has a $ 9.7 million net deficiencyin unrestricted-other net assets, and failed to make a required semi-annual debt service payment dueSeptember 1, 2012, that raise substantial doubt about its ability to continue as a going concern.Management's plans regarding these matters also are described in Note 12. The financial statements donot include any adjustments that might result from the outcome of this uncertainty.In accordance with
Government Auditing Standards
, we have also issued a report dated March 26, 2013 on our consideration of Harrisburg University of Science and Technology’s internalcontrol over financial reporting and our tests of its compliance with certain provisions of laws,regulations, contracts and grant agreements, and other matters. The purpose of that report is to describethe scope of our testing of internal control over financial reporting and compliance and the results of thattesting, and not to provide an opinion on the internal control over financial reporting or on compliance.That report is an integral part of an audit performed in accordance with
Government Auditing Standards
 and should be considered in assessing the results of our audit.

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