UNIVERSITY OF COLORADO FINANCIAL AND COMPLIANCE …

UNIVERSITY OF COLORADO

FINANCIAL AND COMPLIANCE AUDIT June 30, 2017 and 2016

LEGISLATIVE AUDIT COMMITTEE 2017 MEMBERS

Representative Tracy Kraft-Tharp Chair

Senator Tim Neville Vice-Chair

Senator Kerry Donovan Senator Cheri Jahn

Representative Dan Nordberg Representative Lori Saine Senator Jim Smallwood Representative Faith Winter

Office of the State Auditor Staff

Dianne E. Ray State Auditor

Kerri Hunter Deputy State Auditor

Jarrett Ellis Contract Monitor

CliftonLarsonAllen LLP Contractor

An electronic version of this report is available at auditor

A bound report may be obtained by calling the Office of the State Auditor 303.869.2800

Please refer to Report Number 1705F when requesting this report

TABLE OF CONTENTS

CONTENTS

PAGE

Abbreviations and Acronyms .................................................................................................... 1 Report Summary ......................................................................................................................... 2 Financial and Compliance Audit Report

Description of the University of Colorado .......................................................................... 3 Findings and Recommendations......................................................................................... 5 Disposition of Prior Audit Findings and Recommendations ............................................ 7 Independent Auditors' Report ............................................................................................. 8 Management's Discussion and Analysis (Unaudited) ..................................................... 11 Basic Financial Statements

Statements of Net Position.............................................................................................. 23 Statements of Revenues, Expenses, and Changes in Net Position ............................... 25 Statements of Cash Flows .............................................................................................. 27 Notes to Financial Statements ........................................................................................ 29 Required Supplementary Information Funding Status of Other Postemployment Benefits ........................................................ 86 Schedule of University's Proportionate Share of PERA Pension Liability ....................... 86 Schedule of University's Contributions to PERA Pension ............................................... 86 Changes in Alternate Medicare Plan Liability and Related Ratios .................................. 87 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 ............................. 88 Required Communications to the Legislative Audit Committee .................................... 90 Summary of Uncorrected and Corrected Misstatements ................................................ 94

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