2010 A-133 Report - Finance - University of Michigan

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The University of Michigan Contents Part I – Financial Information Pages (s) Report of Independent Auditors ................................................................................................... 1-2 Management’s Discussion and Analysis .................................................................................... 3-28 Consolidated Financial Statements: Consolidated Financial Statements ........................................................................................ 29-32 Notes to Consolidated Financial Statements .......................................................................... 33-66 Supplementary Information: Schedule of Expenditures of Federal Awards ...................................................................... 67-100 Notes to Schedule of Expenditures of Federal Awards ...................................................... 101-103 Part II – OMB Circular A-133 Supplemental Reports Report of Independent Auditors 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 ...................................... 104-105 Report of Independent Auditors on Compliance with Requirements Applicable to Each Major Program and on Internal Control Over Compliance in Accordance with OMB Circular A-133 ................................................................................................. 106-108 Schedule of Findings and Questioned Costs ........................................................................ 109-112 Schedule of Status of Prior Year Findings and Questioned Costs .............................................. 113 Corrective Action Plan ......................................................................................................... 114-116
Report of Independent Auditors The Regents of the University of Michigan 1 PricewaterhouseCoopers LLP PricewaterhouseCoopers Plaza 1900 St. Antoine Street Detroit, MI 48226-2263 Telephone (313) 394 6000 Facsimile (313) 394 6555 In our opinion, the accompanying consolidated statement of net assets and the related consolidated statement of revenues, expenses and changes in net assets and cash flows, present fairly, in all material respects, the financial position of the University of Michigan (the "University") at June 30, 2010 and 2009, and its consolidated revenues, expenses and changes in its net assets and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the University's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements 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, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. As described in Note 1 to the financial statements, the University adopted the provisions of Governmental Accounting Standards Board (“GASB”) Statement No. 53, Accounting and Financial Reporting for Derivative Instruments, as of July 1, 2009. The Management's Discussion and Analysis (“MD&A”) on pages 3 through 26 is not a required part of the financial statements but is supplementary information required by GASB. We have applied certain limited procedures, which consisted principally of inquires of management regarding the methods of measurement and presentation of the MD&A. However, we did not audit the information and express no opinion on it.
Page 1: The University of Michigan Reports
Page 5 and 6: Introduction THE UNIVERSITY OF MICH
Page 7 and 8: THE UNIVERSITY OF MICHIGAN Manageme
Page 27 and 28: Statement of Cash Flows THE UNIVERS
Page 31 and 32: THE UNIVERSITY OF MICHIGAN Consolid
Page 33 and 34: THE UNIVERSITY OF MICHIGAN Consolid
Page 35 and 36: THE UNIVERSITY OF MICHIGAN Notes to
Page 41 and 42: Note 2--Cash and Investments THE UN
Page 51 and 52: Note 6--Long-term Debt THE UNIVERSI
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THE UNIVERSITY OF MICHIGAN Notes to
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Note 7--Derivative Instruments THE
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The University of Michigan Schedule
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University of Michigan Notes to Sch
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This report is intended solely for
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In our opinion, based on our audit
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failures to the National Student Cl
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2010 A-133 Report - Finance - University of Michigan

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