Section 3: Comprehensive Standards
3.10.2 The institution provides financial statements and related documents, including multiple measures for determining financial health as requested by the Commission, which accurately and appropriately represent the total operation of the institution.
Judgment of Compliance:
Compliance
Narrative/Justification for Judgment of Compliance:
Christopher Newport University is in compliance with this standard. Audited financial statements for the past 3 years have been provided in this compliance certification. In addition, the audit for FY 2003-04 was developed in accordance with GASB Statement 39, Determining Whether Certain Organizations are Component Units—an amendment of GASB Statement 14. The audit includes information on the University's affiliated foundations for the first time and confirms that the University maintains a strong financial position with net assets totaling $102.2 million, an increase of $18.7 million, or 22%, over the prior year. The Fall 2005 Financial Profile and Indicators and the Fall 2005 Institutional Profile for General Information and Enrollment Data were submitted to the Commission on Colleges. The Commission on Colleges has not requested any financial information from CNU other than its annual institutional profile.
The University continues to receive an unqualified opinion with no material weaknesses or instances of noncompliance, and no audit points. This performance is reinforced as the University continues to meet all of the Commonwealth's Management Standards for Higher Education.
For planning purposes, the University prepares and submits a Six-Year Plan to the Commonwealth of Virginia that includes an academic plan, an enrollment plan and a capital plan. Two scenarios are presented: 1) assumes incremental general fund increases and 2) assumes no general fund support. Assumptions are made relative to tuition increases to meet the future needs of the University.
Support Documentation:
FY 2002 Audit
FY 2003 Audit
FY 2004 Audit
FY 2005 Audit
FY 2002 Single Audit Report
FY 2003 Single Audit Report
FY 2004 Single Audit Report
FY 2003 through 2005 Management Standards Letter
Six-Year Plan
Most Recent SACS/COC Institutional Profile for Financial Information
Most Recent SACS/COC Institutional Profile for General & Enrollment Information
Additional Live Web Resources:
None