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Winthrop University WINTHROP UNIVERSITY Independent Auditors' Report Financial Statements and Schedules For the Year Ended June 30, 2004 WINTHROP UNIVERSITY Table of Contents Page State Auditor’s Transmittal Letter FINANCIAL SECTION Independent Auditors' Report 1-2 Management=s Discussion and Analysis 3-7 Statement of Net Assets 8 Statement of Revenues, Expenses, and Changes in Net Assets 9 Statement of Cash Flows 10-11 Component Unit - The Winthrop University Foundation Statement of Financial Position 12 Component Unit - The Winthrop University Foundation Statement of Activities 13-14 Component Unit - Winthrop University Real Estate Foundation, Inc. Consolidated Statement of Financial Position 15 Component Unit - Winthrop University Real Estate Foundation, Inc. Consolidated Statement of Activities 16 Notes to Financial Statements 17-40 Other Financial Information Supplementary Schedules Required by the Office of the South Carolina Comptroller General: Schedule of Information on Business-Type Activities Required For the Government-Wide Statement of Activities in the State CAFR 41 Schedule Reconciling the State Appropriation per the Financial Statements To the State Appropriation Recorded in State Accounting Records 42 SINGLE AUDIT SECTION Supplementary Federal Financial Assistance Reports: Schedule of Expenditures of Federal Awards 43-45 Report on Compliance and on Internal Control Over Financial Reporting Based on an Audit of Financial Statements Performed in Accordance With Government Auditing Standards 46-47 Report on Compliance With Requirements Applicable to Each Major Program and Internal Control Over Compliance in Accordance With OMB Circular A-133 48 Notes to Schedule of Expenditures Of Federal Awards 49 Summary Schedule of Prior Audit Findings 50 Schedule of Findings and Questioned Costs 51 Addendum 52-53 Members Albert B. Cline, CPA American Institute of CPAS Raymond H. Brandt, CPA CLINE BRANDT K OCHENOWER Private Companies Practice Section Ben D. Kochenower, CPA, CFE, CVA Steven L. Blake, CPA, CFE South Carolina Association of CPAS Timothy S. Blake, CPA & CO ., P.A. North Carolina Association of CPAS Certified Public Accountants Wayde Dawson, CPA, CMA Angela W. Hayes, CPA Established 1950 Independent Auditors' Report Winthrop University Rock Hill, South Carolina We have audited the accompanying basic financial statements of Winthrop University (the University) as of and for the year ended June 30, 2004. These basic financial statements are the responsibility of the University's management. Our responsibility is to express an opinion on these basic financial statements based on our audit. We did not audit the financial statements of the Winthrop University Foundation. Those financial statements were audited by other auditors whose report has been furnished to us, and our opinion on the financial statements, insofar as it relates to the amounts included for the Winthrop University Foundation, is based on the report of the other auditors. We conducted our 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 and the revised August, 1994 State Board Audit Guide. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. As discussed in Note 1, the financial statements of the University are intended to present the financial position, changes in net assets and cash flows, where applicable, of only that part of the business type activities that are attributable to the transactions of the University. They do not purport to, and do not, present fairly the financial position of the State of South Carolina, as of June 30, 2004, and the changes in its financial position and its cash flows, where applicable, for the year then ended in conformity with accounting principles generally accepted in the United States of America. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Winthrop University, as of June 30, 2004, and the results of its operations and the changes in net assets and cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America. As discussed in Note 1 to the financial statements, the University adopted the provisions of Governmental Accounting Standards Board Statement No. 39, Determining Whether Certain Organizations are Component Units, during the year ended June 30, 2004. The accompanying management’s discussion and analysis on pages 3 through 7 is not a required part of the basic financial statements but is supplementary information required by the Governmental Accounting Standards Board. We and the other auditors have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the required supplementary information. However, we did not audit the information and express no opinion on it. 1 Post Office Box 848, 1225 West Floyd Baker Boulevard, Gaffney, SC 29342, (864)489-7121 Fax (864)489-4244 Post Office Box 161300, Boiling Springs, SC 29316-1300, (864)583-3803 Internet Address: [email protected] Winthrop University Rock Hill, South Carolina Page Two Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying financial information listed as supplemental schedules in the table of contents is presented for purposes of additional analysis and is not a required part of the financial statements of Winthrop University. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. In accordance with Government Auditing Standards, we have also issued a report dated September 13, 2004 on our consideration of Winthrop University's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be read in conjunction with this report in considering the results of our audit. September 13, 2004 2 WINTHROP UNIVERSITY MANAGEMENT'S DISCUSSION AND ANALYSIS YEAR ENDED JUNE 30, 2004 The following discussion and analysis has been prepared by management to provide an overview of the financial position and activities of Winthrop University for the year ended June 30, 2004. This discussion should be read in conjunction with the financial statements and accompanying notes to the financial statements. The financial statement presentation for the University has been prepared to meet the requirements of Governmental Accounting Standards Board (“GASB”) Statement No. 34, Basic Financial Statements and Management’s Discussion and Analysis for State and Local Governments, and GASB Statement No. 35, Basic Financial Statements and Management’s Discussion and Analysis for Public Colleges and Universities. The University also complies with the requirements of GASB Statements 36, 37, and 38 that were issued to amend Statements 34 and 35. Introduction Winthrop University provides personalized and challenging undergraduate, graduate, and continuing professional education programs of national caliber within a context dedicated to public service to the State of South Carolina. All eligible bachelor, master and specialist degrees in the liberal arts and sciences, education, business and the visual and performing arts are nationally accredited – part of the University’s commitment to be among the very best institutions of its kind in the nation. Winthrop University of the 21st century is achieving national recognition as a competitive and distinctive, co-educational, public, residential comprehensive teaching institution. Winthrop enrolls an achievement-oriented, culturally diverse and socially responsible student body of 6,500 students and will remain a medium-sized comprehensive teaching university for the foreseeable future. The University recruits South Carolina’s best students as well as highly qualified students from beyond the state whose presence adds diversity and enrichment to the campus and state. Winthrop prides itself on being an institution of choice for groups traditionally under-represented on the college campus. Winthrop’s historic campus, located in the Charlotte, North Carolina metropolitan area, provides a contemporary and supportive environment that promotes student learning and development. Winthrop has a diverse and able faculty and professional staff of national caliber and supports their work as effective teachers, scholars, researchers, practitioners, and creative artists. Ongoing assessment of programs and services ensures both that all academic programs challenge students at their highest level of ability and that the library, instructional
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