Finance and Administration - Board of Trustees - The University of ...

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Finance and Administration Committee - V. Annual Report of the Treasurer, 2011 - InformationReport of the Treasurer 2011Brief History of the University of Tennessee3The University of Tennessee is one of the nation’s oldestinstitutions of higher education, in operation since 1794.Two years before Tennessee achieved statehood in 1796, thelegislature of the Southwest Territory—which later becameTennessee—granted a charter to Blount College, named inhonor of the territorial governor, William Blount. Locatedin Knoxville near today’s downtown area, Blount Collegewas nonsectarian, which was unusual for an institution ofhigher education at that time. The university has remainednondenominational and is believed to be the oldest suchinstitution west of the Appalachian Divide. Blount Collegewas all male, typical for colleges of the late 18th century, arestriction that remained in force for almost a century untilthe first women students were admitted in 1892.In 1807 the state legislature changed the name of BlountCollege to East Tennessee College, and in 1826 the 40-acretract known as “the Hill” became part of its campus. Thename of the school changed again in 1840 to East TennesseeUniversity. But 21 years later, the Civil War forced theuniversity to close, and its buildings were used as a hospitalfor Confederate troops, then later occupied by Union soldiers.with the public university to become its fourth primary campus.The University of Tennessee Space Institute, a graduateeducation and research center near Tullahoma, was establishedin 1964.Three statewide units of the university—the Institute ofAgriculture, the Institute for Public Service, and the Division ofContinuing Education—extend the university beyond its variouscampuses to serve the entire state.The administration of the university is headquartered inKnoxville, where the offices of the president and the central staffare located. A chancellor directs each primary campus.Traditionally, Tennessee’s governors and members of the statelegislature have shown active interest in the development of theUniversity of Tennessee by providing the support it needs tomeet the increasing educational, research, and service needs ofthe people of Tennessee. As a result, many university programshave earned both national and global recognition.When the war ended, East Tennessee University reopened, andin 1869 the state legislature selected the university as the state’sfederal land-grant institution under the Morrill Act of 1862. Tocomply with the terms of the act, ETU broadened its offeringsto include agricultural, engineering, and military science courses.Ten years later, East Tennessee University was chosen by thelegislature to be the state university of Tennessee, and its namewas changed to the University of Tennessee. The universitypledged itself to the service and interest of the entire state,and the state pledged its name and reputation to the university,promising the institution a vital role in the progress of the state.Today, the university serves the people of Tennessee fromlocations across the state. The medical campus, founded inNashville and acquired by the university in 1879, was moved toMemphis in 1911. The Martin campus, established in 1900 as aprivate institution, became part of the University of Tennesseein 1927. In 1969 the private University of Chattanooga mergedContentsLetter from the Treasurer 2Auditor’s Opinion Letter 3Management’s Discussion and Analysis 4Statement of Net Assets 9Statement of Revenues, Expenses, andChanges in Net Assets 10Statement of Cash Flows 11Notes to the Financial Statements 12Required Supplementary InformationSchedule of Funding Progress 375-Year Summary 3833
Finance and Administration Committee - V. Annual Report of the Treasurer, 2011 - InformationLetter from the Treasurer3The financial statements on the following pages have been prepared in accordancewith generally accepted accounting principles as prescribed by the GovernmentalAccounting Standards Board. The management of the University of Tennessee isresponsible for the integrity and objectivity of these financial statements.Management believes that the university’s highly developed system of internalaccounting controls provides reasonable assurance that assets are protected andthat transactions and events are properly recorded. Establishing sound fiscalpolicies and procedures and communicating them clearly, carefully selectingqualified financial staff, and implementing an extensive program of internal auditsand management reviews ensure that the system of internal controls is maintained.The financial statements herein have been audited by the State of Tennessee,Comptroller of the Treasury, Division of State Audit. The auditor’s opinion isbased on audit procedures described in their letter on page 3, which includeunderstanding university systems, procedures, and internal controls andperforming tests and other auditing procedures sufficient to provide reasonableassurance that the financial statements are not materially misleading nor do theycontain material errors.The statements contained in this report describe the university’s overall financialcondition and the financial performance for the year ended June 30, 2011. Aseparate publication, “Report of the Treasurer 2011 Supplemental Schedulesand Appendices,” contains detailed supporting schedules and appendicesand is available for those who wish to make a more extensive analysis ofuniversity operations. The supporting schedules and appendices are designedto enable analysis of important items summarized or consolidated in thefinancial statements of this report.Respectfully submitted,Charles M. PeccoloTreasurer, Chief Investment Officer andInterim Chief Financial Officer34
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