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New Mexico State University Financial Report Table of Contents Financial Statements and Schedules June 30, 2010 and 2009 Official Roster........................................................................................................................................................................ 1 President’s Letter .................................................................................................................................................................. 2 Independent Auditor’s Report ............................................................................................................................................... 3 Financial Statements Management’s Discussion and Analysis ............................................................................................................................... 5 Exhibit A: Statement of Net Assets ..................................................................................................................................... 15 Exhibit B: Statement of Revenues, Expenses, and Changes in Net Assets ........................................................................ 17 Exhibit C: Statement of Cash Flows .................................................................................................................................... 19 Notes to the Financial Statements ...................................................................................................................................... 21 Supplemental Schedules Schedule 1 - Combining Statement of Net Assets for the Years Ended June 30, 2010 and 2009 for the Primary Institution ....................................................................................................................... 51 Schedule 2 - Combining Statement of Revenues, Expenses, and Changes in Net Assets for the Years Ended June 30, 2010 and 2009 for the Primary Institution .......................................................... 52 Schedule 3 - Budget Comparison - Statement of Revenues, Expenses, and Changes in Net Assets/Adjusted Net Operating Expense FY 2009-2010 ................................................................. 53 Schedule 4 - Bank Balances, Pledged Collateral Requirements, and Pledged Collateral by Financial Institution ................................................................................................................................ 59 Schedule 5 - Schedule of Funding Progress and Employee Contributions ................................................................. 61 Schedule 6 - Joint Powers of Agreement and Memorandums of Understanding ........................................................ 62 Single Audit Information Schedule 7 - Schedule of Expenditures of Federal Awards ........................................................................................ 65 Independent Auditor’s 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 ............................................................ 81 Independent Auditor’s Report on Compliance with Requirements That Could Have a Direct and Material Effect on Each Major Program and on Internal Control Over Compliance in Accordance with OMB Circular A-133 ............................................................................................... 83 Summary Schedule of Prior Audit Findings ......................................................................................................................... 85 Schedule of Findings and Questioned Costs ...................................................................................................................... 86 Exit Conference ............................................................................................................................................................... 89 Board of Regents Blake Curtis Chair of Board Javier Gonzales Laura Conniff Vice Chair Secretary-Treasurer Isaac Pino Chris Anaya Member Student Member Ex-Officio Members Bill Richardson Veronica Garcia Governor Secretary of Education Christopher Erickson Travis Dulany Faculty Representative President, ASNMSU Executive Officers Barbara Couture Wendy Wilkins President Executive Vice President and Provost Jennifer Taylor Benjamin E. Woods Senior Vice President for Administration Senior Vice President for External and Finance Relations and Chief of Staff Robert N. Franklin Vice President for University Advancement Administration and Finance Officials Angela Throneberry Lorin Gobble Associate Vice President for Administration Controller and Finance Norma Noel Jean Carsey Associate Controller Associate Controller Mike Abernethy Leland Kiehne Director of Procurement Services Director of University Accounts and Risk Management Receivable Anna Price D’Anne Stuart Director of Budget Assistant Vice President for Human Resource Services 1 November 5, 2010 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, 2010. 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 and 4 of the report. As the University weathered the continued downturn in the economy during the fiscal year ended June 30, 2010, with its impacts upon state appropriation funding, we benefitted greatly from the underlying soundness of our financial position, and by the continued growth in our core mission functions of instruction, research and public service. Assets in total increased by 13 percent, and total net assets increased by $44.0 million, despite a decline in state appropriations of 4 percent; operating revenues increased by 9 percent through growth in net tuition and fees and sponsored project expenditures. Efficiency measures held the corresponding growth in operating expenses to only 1 percent over the same period, despite record enrollment growth and strong performance in research and public service. We are scheduled to complete, within the next two fiscal years, almost $160.6 million in capital projects designed to improve our delivery of services in the furtherance of our mission, including the construction of a new Fine Arts Complex, construction of Chamisa Village Phase II Student Apartments, construction of a new University Bookstore and the addition of a Satellite Chilled Water Plant. A number of new projects are planned for the upcoming year, including further expansion of the Dona Ana Community College East Mesa campus. Our budgetary challenges at the state level will continue this year, along with those of our sister institutions across the country. We are confident, however, that our history of conservative fiscal management, coupled with strong enrollment trends and the state’s continued commitment of support to higher education, will position us to address funding contractions strategically, protecting our core mission of instruction, research and public service delivery, in an environment of accessible, high-quality education for our students. With the combined expertise, dedication and support of our Regents, sponsors, friends, faculty, and staff, even amid uncertain macroeconomic conditions at the federal, state and local level, we believe we can continue to make a positive difference in higher education and beyond. Sincerely, Barbara Couture President 2 Independent Auditors’ Report The Board of Regents New Mexico State University and Mr. Hector Balderas New Mexico State Auditor We have audited the accompanying financial statements of the business-type activities and the discretely presented component unit of New Mexico State University (“University”) as of and for the years ended June 30, 2010 and 2009. We have also audited the combining statements of net assets – primary institution as of June 30, 2010 and 2009, and the combining statements of revenues expenses and changes in net assets – primary institution for the years then ended, and the budget comparison for the year ended June 30, 2010, as listed in the table of contents. These basic financial statements are the responsibility of the University’s management. Our responsibility is to express opinions on these financial statements based on our audits. 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. 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 consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the University’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the
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