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Published by: Deadspin on Nov 17, 2011
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ConsolidatedFinancial Statements
For the Year Ended August 31, 2006, and Independent Auditors’ Report with Summarized Financial Informationfor the Year Ended August 31, 2005
KPMG LLP2400 First Indiana Plaza135 North Pennsylvania StreetIndianapolis, IN 46204-2452
INDEPENDENT AUDITORS’ REPORT To the Executive Committee of theNational Collegiate Athletic AssociationIndianapolis, IndianaWe have audited the accompanying consolidated statement of fi nancialposition of the National Collegiate Athletic Association and subsidiary(NCAA) as of August 31, 2006, and the related consolidated statementsof activities and cash ows for the year then ended. These consolidatednancial statements are the responsibility of the NCAAs management.Our responsibility is to express an opinion on these consolidated nan-cial statements based on our audit. The prior year summarized compar-ative information has been derived from the NCAAs 2005 consolidatednancial statements, which were audited by other auditors whose reportdated December 2, 2005, expressed an unqualifi ed opinion on thoseconsolidated nancial statements.We conducted our audit in accordance with U.S. generally accepted au-diting standards. Those standards require that we plan and perform theaudit to obtain reasonable assurance about whether the consolidatednancial statements are free of material misstatement. An audit includesconsideration of internal control over fi nancial reporting as a basis fordesigning audit procedures that are appropriate in the circumstances,but not for the purpose of expressing an opinion on the effectivenessof the NCAA’s internal control over fi nancial reporting. Accordingly, weexpress no such opinion. An audit also includes examining, on a testbasis, evidence supporting the amounts and disclosures in the consoli-dated fi nancial statements, assessing the accounting principles usedand signifi cant estimates made by management, as well as evaluatingthe overall fi nancial statement presentation. We believe that our auditprovides a reasonable basis for our opinion.In our opinion, the consolidated fi nancial statements referred to above,present fairly, in all material respects, the fi nancial position of the NCAAand subsidiary as of August 31, 2006, and the changes in their net as-sets and their cash ows for the year then ended in conformity with U.S.generally accepted accounting principles.November 27, 2006

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