PDF State of Illinois Northern Illinois University

STATE OF ILLINOIS NORTHERN ILLINOIS UNIVERSITY

Financial Audit For the Year Ended June 30, 2016 Performed as Special Assistant Auditors for the Auditor General, State of Illinois

State of Illinois Northern Illinois University Financial Audit For the Year Ended June 30, 2016 Table of Contents

Agency Officials

Financial Statement Report Summary Independent Auditor's Report Management's Discussion and Analysis (Unaudited)

Basic Financial Statements Statement of Net Position Statement of Revenues, Expenses and Changes in Net Position Statement of Cash Flows Notes to the Basic Financial Statements

Required Supplementary Information Schedule of the University's Proportionate Share of the Net Pension Liability Schedule of University Contributions

Page 1

2 3 - 5 6 - 17

18 19 20 - 21 22 - 61

62 62 - 63

State of Illinois Northern Illinois University

Agency Officials

Douglas D. Baker Lisa C. Freeman Mike Mann

Anne C. Kaplan

Brett Coryell Jerry Blazey

Sean T. Frazier

Eric A. Weldy

Vernese Edghill-Walden

Catherine Squires Harlan Teller Jerry D. Blakemore Danielle Schultz

President

Executive Vice President and Provost

Associate Vice President, State Government Relations & Board Liaison

Vice President, Outreach, Engagement, and Regional Development

Vice President, Information Technology

Interim Vice President, Research and Innovation Partnerships

Associate Vice President and Director, Intercollegiate Athletics

Vice President, Student Affairs and Enrollment Management

Senior Associate Vice President, Academic Diversity & Chief Diversity Officer

Vice President, University Advancement

Interim Vice President, Marketing and Communications

Vice President and General Counsel

Director of Internal Audit

Financial Staff Alan Phillips Lawrence Pinkelton (incoming 10/16/15) Shyree Sanan

Vice President, Administration and Finance Associate Vice President, Budget and Finance

Controller

NIU Office is located at:

300 Altgeld Hall DeKalb, Illinois 60115

1

State of Illinois Northern Illinois University Financial Statement Report Summary The audit of the accompanying financial statements of Northern Illinois University (University) was performed by RSM US LLP. Based on their audit, the auditors expressed unmodified opinions on the University's basic financial statements.

2

Independent Auditor's Report

Honorable Frank J. Mautino Auditor General State of Illinois

and

Cherilyn G. Murer, Honorable Chair of the Compliance, Audit, Risk Management, and Legal Affairs Committee

Report on the Financial Statements

As Special Assistant Auditors for the Auditor General, we have audited the accompanying financial statements of the business-type activities and aggregate discretely presented component units of Northern Illinois University (University), a component unit of the State of Illinois, as of and for the year ended June 30, 2016, and the related notes to the financial statements, which collectively comprise the University's basic financial statements as listed in the table of contents.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; 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.

Auditor's Responsibility

Our responsibility is to express opinions on these financial statements based on our audit. We did not audit the financial statements of the aggregate discretely presented component units described in Note 1 of the financial statements as of and for the year ended June 30, 2016. One hundred percent of the assets, revenues and net position of the aggregate discretely presented component units were audited by other auditors. Those statements were audited by other auditors whose reports have been furnished to us, and our opinion on the financial statements, insofar as it relates to the amounts included for the component units, is based solely on the reports of the other auditors. We conducted our audit 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.

3

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download