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New Mexico State University All About Discovery! New Mexico State University All About Discovery! Annual Financial Report 2012-2013 Table of Contents Financial Statements and Schedules June 30, 2013 and 2012 Official Roster........................................................................................................................................................................ 1 President’s Letter .................................................................................................................................................................. 2 Report of Independent Auditors ............................................................................................................................................ 3 Financial Statements Management’s Discussion and Analysis ............................................................................................................................... 6 Exhibit A: Statement of Net Position ................................................................................................................................... 17 Exhibit B: Statement of Revenues, Expenses, and Changes in Net Position ...................................................................... 19 Exhibit C: Statement of Cash Flows .................................................................................................................................... 21 Notes to the Financial Statements ...................................................................................................................................... 23 Supplemental Schedules Schedule 1 - Combining Statement of Net Position for the Years Ended June 30, 2013 and 2012 for the Primary Institution ....................................................................................................................... 55 Schedule 2 - Combining Statement of Revenues, Expenses, and Changes in Net Position for the Years Ended June 30, 2013 and 2012 for the Primary Institution .......................................................... 56 Schedule 3 - Budget Comparison Schedules as of June 30, 2013 ............................................................................. 57 Schedule 4 - Bank Balances, Pledged Collateral Requirements, and Pledged Collateral by Financial Institution ................................................................................................................................ 61 Schedule 5 - Schedule of Funding Progress and Employer Contributions .................................................................. 63 Schedule 6 - Joint Powers of Agreement (JPA) and Memorandums of Understanding (MOU)................................... 64 Single Audit Information Schedule 7 - Schedule of Expenditures of Federal Awards ........................................................................................ 65 Report of Independent Auditors on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards .................... 81 Report of Independent Auditors on Compliance for Each Major Program and Report on Internal Control Over Compliance Required by OMB Circular A-133 ................................................................................................................... 83 Summary Schedule of Prior Audit Findings ......................................................................................................................... 86 Schedule of Findings and Questioned Costs ...................................................................................................................... 87 Exit Conference ............................................................................................................................................................... 90 Board of Regents Michael Cheney Chair of Board Javier Gonzales Isaac Pino Vice Chair Secretary-Treasurer Jordan Benegas Kari Mitchell Member Member Ex-Officio Members Susana Martinez Hanna Skandera Governor Secretary of Education Dennis Clason David Maestas Faculty Representative President, ASNMSU Executive Officers Garrey E. Carruthers President Daniel J. Howard Angela Throneberry Executive Vice President Senior Vice President for and Provost Administration and Finance Tina Byford Benjamin E. Woods Interim Vice President for University Senior Vice President for External Advancement Relations and Chief of Staff Administration and Finance Officials D’Anne Stuart Lorin Gobble Associate Vice President Assistant Vice President/ Controller Leland Kiehne Anna Price Director of University Accounts Chief Budget Officer Receivable Norma Noel Jean Carsey Associate Controller Associate Controller Lesley Doyle Andrew Peña Director of Accounting and Assistant Vice President for Financial Reporting Human Resource Services Rennette Apodaca Director of Purchasing and Materials Management 1 October 18, 2013 Members of the Board of Regents New Mexico State University We are pleased to submit the annual financial report of New Mexico State University (the University) for the fiscal year ended June 30, 2013. The accompanying financial statements of the University include a separate column entitled Discrete Component Unit representing the New Mexico State University Foundation, Inc. Moss Adams LLP, independent auditors, have examined the financial statements and their unqualified opinion is displayed on pages 3 through 5 of the report. The University continued to manage through the negative budgetary impacts of the on-going economic instability during the fiscal year ended June 30, 2013. The University benefitted greatly from the underlying soundness of our financial position, and by the increased support in state appropriations of $10.7 million. Total assets increased by over one percent, and total net position increased by $8.3 million. A slight decline in operating revenues, primarily due to a decrease in federal appropriations, grants and contracts is offset by a reduction in operating expenses and a six percent increase in non- operating revenues. Improvement to our capital assets continues with the recent completion of the Center for the Arts, the Satellite Chilled Water Plant, the Taos Restaurant renovation, and further expansion of the East Mesa Campus for Doña Ana Community College. A number of new projects are underway or scheduled to begin during the upcoming year, including the Institute for Public Policy, an Undergraduate Learning Center, and renovation of the Corbett Center Student Union. Supporting our students with premier facilities and equipment is a critical aspect of providing the highest quality educational experience in the furtherance of our mission. The revenue outlook at the state level is stable and forecasts reflect increased total revenue collections providing new funds available for the upcoming year. The University expects to benefit from the state’s economic growth and their commitment of support for higher education through increased general fund appropriations for fiscal year 2015. As we move into the new fiscal year, the University’s Vision 2020 Strategic Plan will be our focus and serve as our primary guide in the utilization of resources to implement identified objectives in achievement of our ambitious goals. With the combined talents, dedication and support of our Regents, sponsors, friends, faculty, and staff, we will continue to make a positive difference in higher education and invest in our core strengths of instruction, research, extension, service, and outreach. Sincerely, Garrey Carruthers, Ph.D. President 2 REPORT OF INDEPENDENT AUDITORS The Board of Regents New Mexico State University and Mr. Hector Balderas New Mexico State Auditor Report on the Financial Statements We have audited the accompanying financial statements of the business‐type activities and discretely presented component unit, of New Mexico State University (the “University”) as of and for the years ended June 30, 2013 and 2012, and the related notes to the financial statements, which collectively comprise the University’s basic financial statements as listed in the table of contents. We have also audited the combining statements of net position – primary institution as of June 30, 2013 and 2012, and the combining statements of revenues, expenses and changes in net position – primary institution for the years then ended, and the budget comparison for the year ended June 30, 2013, as listed in the table of contents. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United 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 that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing
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