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RUTGERS, the STATE UNIVERSITY of NEW JERSEY (A Component Unit of the State of New Jersey) RUTGERS, THE STATE UNIVERSITY OF NEW JERSEY (A Component Unit of the State of New Jersey) Financial Statements, Management’s Discussion and Analysis and Schedule of Expenditures of Federal Awards June 30, 2013 (With Independent Auditors’ Reports Thereon) RUTGERS, THE STATE UNIVERSITY OF NEW JERSEY (A Component Unit of the State of New Jersey) Table of Contents Page Independent Auditors’ Report 1 Management’s Discussion and Analysis 3 Basic Financial Statements: Statements of Net Position as of June 30, 2013 and 2012 11 Statements of Revenues, Expenses, and Changes in Net Position for the years ended June 30, 2013 and 2012 13 Statements of Cash Flows for the years ended June 30, 2013 and 2012 15 Notes to the Financial Statements 17 Schedule of Expenditures of Federal Awards for the year ended June 30, 2013 53 Notes to Schedule of Expenditures of Federal Awards 118 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 123 Independent Auditors’ Report on Compliance for Each Major Program; Report on Internal Control Over Compliance; and Report on Schedule of Expenditures of Federal Awards Required by OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations 125 Schedule of Findings and Questioned Costs for the year ended June 30, 2013 128 KPMG LLP New Jersey Headquarters 51 John F. Kennedy Parkway Short Hills, NJ 07078-2702 Independent Auditors’ Report The Board of Governors The Board of Trustees Rutgers, the State University of New Jersey: Report on the Financial Statements We have audited the accompanying statements of net position of the business-type activities and the aggregate discretely presented component unit of Rutgers, the State University of New Jersey (the University), a component unit of the State of New Jersey, as of June 30, 2013 and 2012, and the related statements of revenues, expenses, and changes in net position, and cash flows, and the related notes to the financial statements, which collectively comprise the University’s basic financial statements. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with U.S. generally accepted accounting principles; 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. Auditors’ Responsibility Our responsibility is to express opinions 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 procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. KPMG LLP is a Delaware limited liability partnership, the U.S. member firm of KPMG International Cooperative 1 (“KPMG International”), a Swiss entity. Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the business-type activities and the discretely presented component unit of the University, as of June 30, 2013 and 2012, and the respective changes in financial position, and, where applicable, cash flows thereof for the years then ended in accordance with U.S. generally accepted accounting principles. Emphasis of Matter Adoption of New Accounting Pronouncements As discussed in Note 1 to the financial statements, in 2013, the University adopted Governmental Accounting Standards Board (GASB) Statement No. 61, The Financial Reporting Entity: Omnibus, an amendment to GASB Statements Nos. 14 and 34 and GASB Statement No. 65, Reporting Items Previously Recognized as Assets and Liabilities. Our opinions are not modified with respect to these matters. Other Matters Required Supplementary Information U.S. generally accepted accounting principles require that the management’s discussion and analysis be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the GASB who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated November 1, 2013 on our consideration of the University’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the University’s internal control over financial reporting and compliance. Short Hills, New Jersey November 1, 2013 2 Management’s Discussion and Analysis June 30, 2013 and 2012 The following management’s discussion and analysis (MD&A) provides a comprehensive overview of the financial position of Rutgers, the State University of New Jersey (the university) at June 30, 2013 and 2012, and its changes in financial position for the fiscal years then ended with fiscal year 2011 data presented for comparative purposes. Management has prepared the basic financial statements and related footnote disclosures along with this MD&A in accordance with generally accepted accounting principles as defined by the Governmental Accounting Standards Board for public colleges and universities. This MD&A should be read in conjunction with the audited financial statements and related footnotes of the university, which directly follow the MD&A. The university’s financial report includes three basic financial statements: the Statement of Net Position, the Statement of Revenues, Expenses, and Changes in Net Position, and the Statement of Cash Flows. These statements focus on the financial condition of the university, the changes in financial position, and cash flows of the university as a whole rather than the accountability of funds. In fiscal 2013, the financial reporting entity of Rutgers included 28 degree granting schools, of which 18 offered graduate programs of study. These schools are located on three regional campuses in New Brunswick (Piscataway), Newark and Camden. The university also maintains educational services in many other communities throughout the State of New Jersey. The university operates research and institutional facilities on 5,927 acres in 12 counties and 27 municipalities. The financial statements also include the financial activity of the units of the New Market Tax Credit (NMTC) Transaction (One Washington Park), which include One Washington Park Capital, LLC, RUN Investments, LLC, and One Washington Park Holdings, LLC. The One Washington Park units provide financing services to the university classifying it as a component unit blended with those of the university. The financial statements for the Rutgers University Foundation are presented discretely. The foundation was formed to aid the university in obtaining private funds and other resources to meet the needs and achieve
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