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Paine College Audit 2012

Paine College Audit 2012

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Published by Connor Threlkeld

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Published by: Connor Threlkeld on Apr 22, 2012
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03/25/2013

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PAINECOLLEGEAnnualFinancialReportJune30,2011and2010
 
PAINECOLLEGETableofContents
Page
ReportofIndependentAuditors",2-3StatementsofFinancialPosition4-5StatementsofActivities6StatementsofCashFlows7NotestoFinancialStatements8-23ScheduleofExpendituresofFederalAwards24NotestotheScheduleofExpendituresofFederalAwards25ReportonInternalControloverFinancialReportingandonComplianceandOtherMattersBasedonanAuditofFinancialStatementsPerformedinAccordancewith
GovernmentAuditingStandards
26-27ReportonCompliancewithRequirementsThatCouldHaveaDirectandMaterialEffectonEachMajorProgramandonInternalControloverComplianceinAccordancewithOMBCircularA-I3328-30ScheduleofFindingsandQuestionedCostsfortheYearEndedJune30,201131-49SummaryScheduleofPriorAuditFindings50-56
 
ReportofIndependentAuditors
TheBoardofTrusteesPaineCollegeAugusta,GeorgiaWehaveauditedtheaccompanyingstatementsoffinancialpositionofPaineCollegeasofJune30,2011and2010,andtherelatedstatementsofactivitiesandcashflowsfortheyearsthenended.ThesefinancialstatementsaretheresponsibilityofPaineCollege'smanagementOurresponsibilityistoexpressanopiniononthesefinancialstatementsbasedonouraudits.WeconductedourauditsinaccordancewithauditingstandardsgenerallyacceptedintheUnitedStatesofAmericaandthestandardsapplicabletofinancialauditscontainedin
GovernmentAuditingStandards,
issuedbytheComptrollerGeneraloftheUnitedStates.Thosestandardsrequirethatweplanandperformtheaudittoobtainreasonableassuranceaboutwhetherthefinancialstatementsarefreeofmaterialmisstatement.Anauditincludesexamining,onatestbasis,evidencesupportingtheamountsanddisclosuresinthefinancialstatements.Anauditalsoincludesassessingtheaccountingprinciplesusedandsignificantestimatesmadebymanagement,aswellasevaluatingtheoverallfinancialstatementpresentation.Webelievethatourauditsprovideareasonablebasisforouropinion.
In
ouropinion,thefinancialstatementsreferredtoabovepresentfairly,inallmaterialrespects,thefinancialpositionofPaineCollegeasofJune30,2011and2010,andthechangesinitsnetassetsanditscashflowsfortheyearsthenendedinconformitywithaccountingprinciplesgenerallyacceptedintheUnitedStatesofAmerica.
In
accordancewith
GovernmentAuditingStandards,
wehavealsoissuedourreportdatedMarch22,2012,onourconsiderationofPaineCollege'sinternalcontroloverfinancialreportingandonourtestsofitscompliancewithcertainprovisionsoflaws,regulations,contractsandgrantagreementsandothermatters.Thepurposeofthatreportistodescribethescopeofourtestingofinternalcontroloverfinancialreportingandcomplianceandtheresultsofthattesting,andnottoprovideanopinionontheinternalcontroloverfinancialreportingoroncompliance.Thatreportisanintegralpartofanauditperformedinaccordancewith
GovernmentAuditingStandards
andshouldbeconsideredinassessingtheresultsofouraudit.
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