FINAL-AUDITED-FY13-UMW-Financial-Report-21
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FINAL-AUDITED-FY13-UMW-Financial-Report-21
University of MaryWashingtonFinancial Report2012-2013UMW 8/29/2014AUDITEDTABLE OF CONTENTSManagement's Discussion and Analysis........................ FINAL-AUDITED-FY13-UMW-Financial-Report-21.............................3Financial Statements...........................................................................10Statement of Net Position................................................................10Statement of Revenues, Expenses, and Changes in Net Position...................... FINAL-AUDITED-FY13-UMW-Financial-Report-21.......12Statement of Cash Flows..................................................................13Notes to Financial Statements.....................FINAL-AUDITED-FY13-UMW-Financial-Report-21
.............................................15Independent Auditor's Report...................................................................41UniverUniversity of MaryWashingtonFinancial Report2012-2013UMW 8/29/2014AUDITEDTABLE OF CONTENTSManagement's Discussion and Analysis........................ FINAL-AUDITED-FY13-UMW-Financial-Report-21 University of Mary Washington is a coeducational, public institution that offers graduate and undergraduate degrees. In addition to its primary location in the heart of historic Fredericksburg, VA, UMW has two other campuses - one in Stafford, which caters to working professionals, and another in D FINAL-AUDITED-FY13-UMW-Financial-Report-21ahlgren offering graduate science and engineering programs. There are th'ee academic colleges - arts and sciences, business, and education - all of whFINAL-AUDITED-FY13-UMW-Financial-Report-21
ich produce graduates who are critical thinkers prepared to succeed. The University recently created a Center for Economic Development, which connectsUniversity of MaryWashingtonFinancial Report2012-2013UMW 8/29/2014AUDITEDTABLE OF CONTENTSManagement's Discussion and Analysis........................ FINAL-AUDITED-FY13-UMW-Financial-Report-21Library in historic, downtown Fredericksburg and the Gari Melchers Home and Studio at Belmont in neighboring Stafford.There are approximately 4,500 undergraduate students enrolled at the Fredericksburg campus and about 600 students enrolled in degree completion and graduate programs, primarily at th FINAL-AUDITED-FY13-UMW-Financial-Report-21e Stafford campus. The University continues to receive national recognition for its programs and value. Ư.S. News and World Report has ranked UMW fiftFINAL-AUDITED-FY13-UMW-Financial-Report-21
h among public southern universities and the Fiske Guide to Colleges 2014 designated UMW as a "Best Buy School," making it the only college in VirginiUniversity of MaryWashingtonFinancial Report2012-2013UMW 8/29/2014AUDITEDTABLE OF CONTENTSManagement's Discussion and Analysis........................ FINAL-AUDITED-FY13-UMW-Financial-Report-21ed a doctorate or other terminal degree in their field. The University has no graduate teaching assistants. Since 2CO6, UMW has had one faculty member win a Pulitzer Prize in poetry and three other faculty members have received Fulbright Awards to teach abroad.The University is an agency of the Comm FINAL-AUDITED-FY13-UMW-Financial-Report-21onwealth of Virginia, and therefore included as a component unit in the Commonwealth of Virginia's Comprehensive Annual Financial Report. The 12 membeFINAL-AUDITED-FY13-UMW-Financial-Report-21
rs of the University of Mary Washington's Board of Visitors govern University ope-ations. Members of the board are appointed by the Governor of VirginUniversity of MaryWashingtonFinancial Report2012-2013UMW 8/29/2014AUDITEDTABLE OF CONTENTSManagement's Discussion and Analysis........................ FINAL-AUDITED-FY13-UMW-Financial-Report-21 Board's (GASB) reporting model. It is designed to assist readers in understanding tne accompanying financial statements and provides an overall view of the University’s financial activities based on currently known facts, decisions, and conditions. This discussion includes an analysis of the Univer FINAL-AUDITED-FY13-UMW-Financial-Report-21sity's financial condition and results of operations for the fiscal year ended June 30, 2013. Comparative numbers are included for the fiscal year endFINAL-AUDITED-FY13-UMW-Financial-Report-21
ed June 30. 2012. Since this presentation includes highly summarized data, it should be read in conjunction with the accompanying basic financial statUniversity of MaryWashingtonFinancial Report2012-2013UMW 8/29/2014AUDITEDTABLE OF CONTENTSManagement's Discussion and Analysis........................ FINAL-AUDITED-FY13-UMW-Financial-Report-21ed, including this discussion and analysis.The University’s financial statements have been preoared in accordance with GASB statement 35, Basic Financial Statements - and Management's Discussion and Analysis - for Public Colleges and Universities and GASB Statement 63, Financial Reporting of Deferre FINAL-AUDITED-FY13-UMW-Financial-Report-21d Outflows of Resources, Deferred Inflows of Resources, and Net Position. The three required financial statements are the statement of Net Position (bFINAL-AUDITED-FY13-UMW-Financial-Report-21
alance sheet), the Statement of Revenues, Expenses, and Changes in Net Position (operating statement), and the Statement ofCash Flows. These statementUniversity of MaryWashingtonFinancial Report2012-2013UMW 8/29/2014AUDITEDTABLE OF CONTENTSManagement's Discussion and Analysis........................ FINAL-AUDITED-FY13-UMW-Financial-Report-21mponent Units and GASB Statement 61, The Financial Reporting Entity Omnibus, amendments to GASB Statement 14, the University’s two affiliated organizations were evaluated on the nature and significance of their relationship to the University. The University of Mary Washington Alumni Association is n FINAL-AUDITED-FY13-UMW-Financial-Report-21ot considered a component unit, however information regarding its financial activity can be found in Note 18 of the Notes to the Financial Statements.FINAL-AUDITED-FY13-UMW-Financial-Report-21
The University of Mary Washington Foundation was determined to be a component unit and is presented in a separate column on the University's financiaUniversity of MaryWashingtonFinancial Report2012-2013UMW 8/29/2014AUDITEDTABLE OF CONTENTSManagement's Discussion and Analysis........................ FINAL-AUDITED-FY13-UMW-Financial-Report-21o the Financial Statements.AUDITED3Statement of Net PositionThe Statement of Net Position (SNP) presents the assets, labilities, and net position of the University as of the end of the fiscal year. The purpose of the statement is to present a snapshot of the University’s financial position to the re FINAL-AUDITED-FY13-UMW-Financial-Report-21aders of the financial statements.The data presented aids readers in determining the assets available to continue ope'ationsof the University. It a soFINAL-AUDITED-FY13-UMW-Financial-Report-21
allows readers to determine how much the University owes to vendors, investors, and lending institutions. Finally, the SNP provides a picture of net University of MaryWashingtonFinancial Report2012-2013UMW 8/29/2014AUDITEDTABLE OF CONTENTSManagement's Discussion and Analysis........................ FINAL-AUDITED-FY13-UMW-Financial-Report-21th of the organization.The University's net position is made up of the following.•Net Investment in Capital Assets - Net Investment in Capital Assets represents the University's total investment in capital assets, net of accumulated depreciation and outstanding debt obligations related to those capi FINAL-AUDITED-FY13-UMW-Financial-Report-21tal assets. Deot incurred, but not yat axpandad for capital assats, 1$ not included as a component of net investment in capital assets.•Restricted ExpFINAL-AUDITED-FY13-UMW-Financial-Report-21
endable Net Position - Restricted Expendable Net Position includes resources the University is legally or contractually obligated to expend in acco'daUniversity of MaryWashingtonFinancial Report2012-2013UMW 8/29/2014AUDITEDTABLE OF CONTENTSManagement's Discussion and Analysis........................ FINAL-AUDITED-FY13-UMW-Financial-Report-21owment and similar type funds where donors or other outside sources have stipulated, as a condition of the gift instrument, the principal is to be maintained inviolate and in perpetuity, and invested for the purpose of producing present and future income to be expended or added to principal.•Unrestr FINAL-AUDITED-FY13-UMW-Financial-Report-21icted Net Position - Unrestricted Net Position represents 'esources used for transactions relating to academic departments and general operations of tFINAL-AUDITED-FY13-UMW-Financial-Report-21
he University, and may be used at the discretion of the University's board of visitors to meet current expenses for any lawful purpose m support of thUniversity of MaryWashingtonFinancial Report2012-2013UMW 8/29/2014AUDITEDTABLE OF CONTENTSManagement's Discussion and Analysis........................ FINAL-AUDITED-FY13-UMW-Financial-Report-21enterprises and educational departments. The auxiliary enterprises are self-supporting entities that provide services for students, faculty, and staff. Some examples of the University's auxiliaries are student residential and dining programs. FINAL-AUDITED-FY13-UMW-Financial-Report-21University of MaryWashingtonFinancial Report2012-2013UMW 8/29/2014AUDITEDTABLE OF CONTENTSManagement's Discussion and Analysis........................Gọi ngay
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