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STATE OF COLORADO UNIVERSITY OF NORTHERN COLORADO FINANCIAL AND COMPLIANCE AUDIT YEARS ENDED JUNE 30, 2019 AND 2018 LEGISLATIVE AUDIT COMMITTEE Senator Nancy Todd – Chair Representative Lori Saine – Vice-Chair Representative Rod Bockenfeld Senator Paul Lundeen Senator Rhonda Fields Representative Dafna Michaelson Jenet Representative Tracy Kraft-Tharp Senator Jim Smallwood OFFICE OF THE STATE AUDITOR Dianne E. Ray State Auditor Kerri Hunter Deputy State Auditor Monica Power Emma Webster Contract Monitors RubinBrown, LLP Contractor AN ELECTRONIC VERSION OF THIS REPORT IS AVAILABLE AT WWW.COLORADO.GOV/AUDITOR A BOUND REPORT MAY BE OBTAINED BY CALLING THE OFFICE OF THE STATE AUDITOR 303.869.2800 PLEASE REFER TO REPORT NUMBER 1937F-A WHEN REQUESTING THIS REPORT TABLE OF CONTENTS Report Summary ........................................................................................................................................... 1 Recommendation Locator ............................................................................................................................. 3 Description of the University ........................................................................................................................ 4 Findings and Recommendations Report Section Current Year Finding ............................................................................................................................... 6 Financial Statement Report Section Message from President Feinstein .............................................................................................................. 10 Management’s Responsibility for Financial Reporting .............................................................................. 11 Independent Auditors’ Report ..................................................................................................................... 12 Management’s Discussion and Analysis ..................................................................................................... 16 Financial Statements Statements of Net Position ............................................................................................................. 44 Statements of Revenues, Expenses, and Changes in Net Position ................................................. 46 Statement of Cash Flows ............................................................................................................... 48 Notes to the Financial Statements .................................................................................................. 50 Supplementary Information Required Supplementary Information .......................................................................................... 102 Board of Trustees and Administration ......................................................................................... 105 Independent Auditors’ Report 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 ............................................................................................................... 106 Required Auditor Communications .......................................................................................................... 108 State of Colorado State-Funded Student Assistance Programs ................................................................. 112 UNIVERSITY OF NORTHERN COLORADO Report Summary Year Ended June 30, 2019 Purpose And Scope The Office of the State Auditor of the State of Colorado engaged RubinBrown LLP (RubinBrown) to conduct a financial and compliance audit of the University of Northern Colorado (the University) for the year ended June 30, 2019. RubinBrown performed this audit 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. We conducted the related fieldwork from May 2019 to November 2019. The purpose and scope of our audit was to: Express an opinion on the financial statements of the University as of and for the year ended June 30, 2019. This includes a report on internal control over financial reporting and compliance and other matters based on the audit of the financial statements performed in accordance with Government Auditing Standards. Evaluate the University’s compliance with laws, regulations, contracts and grants governing the expenditure of federal and state funds Evaluate the University’s progress in implementing prior audit findings and recommendations The University’s schedule of expenditures of federal awards and applicable opinions thereon, issued by the Office of the State Auditor, State of Colorado, are included in the Fiscal Year 2019 Statewide Single Audit Report issued under separate cover. Audit Opinion And Reports We expressed an unmodified opinion on the University’s financial statements as of and for the year ended June 30, 2019. Page 1 We issued a report on the University’s 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. Our consideration of the internal control over financial reporting would not necessarily disclose all matters in the internal control that might be deficiencies, significant deficiencies or material weaknesses. A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control over financial reporting that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected, on a timely basis. We did identify a certain deficiency in internal control over financial reporting that we consider to be a significant deficiency. Summary Of Key Audit Finding Information Technology General Controls - Information Security for Colorado Operations Resource Engine and Banner We found that the University was not complying with certain policy and procedure requirements related to CORE and Banner information security controls. Recommendation And The University’s Response A summary of our recommendation and the response from the University can be found in the Recommendation Locator section of this report. The University’s response to the finding has not been subjected to the auditing procedures applied in the audit of the financial statements, and accordingly, we express no opinion on it. Summary Of Progress In Implementing Prior-Year Audit Recommendations The audit report for the year ended June 30, 2018 did not include any findings. Page 2 UNIVERSITY OF NORTHERN COLORADO Financial and Compliance Audit Recommendation Locator Year Ended June 30, 2019 Rec no. Page no. Agency Implementation Response Date 1 6 Information Technology Agree January 2020 General Controls - Information Security for Colorado Operations Resource Engine and Banner Page 3 UNIVERSITY OF NORTHERN COLORADO Description of the University Year Ended June 30, 2019 Eighteen years after the City of Greeley, Colorado, was founded, a movement was started to establish a “normal” school to supply teachers for the community and the State. The law creating the State Normal School, as the University of Northern Colorado (UNC) was first known, was signed April 1, 1889. In 1911, the name was changed to Colorado State Teachers College. UNC retained that name until 1935 when it was renamed Colorado State College of Education. In 1957, another name change occurred making it the Colorado State College. The Act changing the name to the University of Northern Colorado became law on May 1, 1970, thus making official the University-level work which it has offered since 1929. The Board of Trustees is the governing body of the University and is comprised of seven members appointed by the Governor, with consent of the Senate, for four-year terms (effective for terms beginning July 1, 1987); one faculty member elected by the faculty and one student member elected by the student body. The University of Northern Colorado seeks to provide all students with a broad general education as well as preparation for selected professions within the fields of business, education, health services, music and related areas; and pre-professions such as prelaw, pre-medicine and others. Historically, the principal emphasis has been preparing students for careers in education. The University’s student enrollment, not including Extended Campus (full-time equivalent), for the past three years as reported to the Colorado Department of Higher Education was: Resident Nonresident Total 2019 7,257 1,436 8,693 2018 7,476 1,513 8,989 2017 7,525 1,465 8,990 The University’s number of faculty for the past three years was: Full-Time Part-Time Total 2019 514 358 872 2018 509 328 837 2017 485 305 790 Page 4 FINDINGS AND RECOMMENDATIONS 5 UNIVERSITY OF NORTHERN

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