Financial Audit Compliance Audit Year Ended June 30, 2017

Colorado State University System Financial Statements and Independent Auditor's Reports

Financial Audit Years Ended June 30, 2017 and 2016

Compliance Audit Year Ended June 30, 2017

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COLORADO STATE UNIVERSITY SYSTEM Table of Contents

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Independent Auditor's Report.......................................................................................................... 1 Management's Discussion and Analysis (Unaudited) ..................................................................... 4

Financial Statements: Statements of Net Position..................................................................................................... 14 Statements of Fiducial Net Position - OPEB ......................................................................... 16 Statements of Revenues, Expenses and Changes in Net Position ......................................... 17 Statements of Changes in Fiduciary Net Position - OPEB .................................................... 19 Statements of Cash Flows...................................................................................................... 20 Notes to Basic Financial Statements...................................................................................... 23

Required Supplemental Information: Colorado State University System Schedule of Proportionate Share of the Net Pension Liability (Unaudited)................................................................................................ 76 Colorado State University System Schedule of Contributions (Unaudited).......................... 77

Colorado State University System Other Postemployment Benefits ? Schedules of Funding Progress (Unaudited) ......................................................................... 78

Colorado State University System Other Postemployment Benefits ? Schedule of Changes in the OPEB Liability and Related Ratios (Unaudited)....................... 79

Colorado State University System Other Postemployment Benefits ? Schedule of OPEB Contributions-Retiree Medical Subsidy for DCP Participants (Unaudited) ............................................................................................................................ 80

Colorado State University System Other Postemployment Benefits ? Schedule of OPEB Contributions-Retiree Medical Subsidy for PERA Participants (Unaudited) ........................................................................................................ 81

Colorado State University System Other Postemployment Benefits ? Schedule of OPEB Contributions-Retiree Umbrella Prescription Plan PERA Participants (Unaudited) ........................................................................................................ 82

Colorado State University System Other Postemployment Benefits ? Schedule of OPEB Contributions-Self-Insured Long-Term Disability Income Replacement Plan (Unaudited) ................................................................................. 83

Colorado State University System Other Postemployment Benefits ? Schedule of Investment Returns (Unaudited) ........................................................................ 84

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accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Opinions

In our opinion, based on our audits and the reports of other auditors, the financial statements referred to above present fairly, in all material respects, the respective financial position of the business-type activities and aggregate discretely presented component units of the System as of and for the years ended June 30, 2017 and 2016, and the respective changes in financial position and, where applicable, cash flows thereof for the years then ended and the fiduciary fund information of the System as of June 30, 2017 and is changes in financial position for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Emphasis of Matters

As discussed in Note 1, the financial statements of the System, an institution of higher education in the State of Colorado, are intended to present the financial position, the respective changes in financial position and, where applicable, cash flows of the business-type activities, aggregate discretely presented component units and the fiduciary fund information of the State of Colorado that are attributable to the transactions of the System. They do not purport to, and do not, present fairly the financial position of the State of Colorado as of June 30, 2017 and 2016, and the changes in its financial position, or where applicable, its cash flows for the years then ended in conformity with the accounting principles generally accepted in the United States of America. Our opinions are not modified with respect to this matter.

As discussed in Note 3, during fiscal year 2017 the by-laws of the Colorado State University Other Postemployment Benefits Trust were updated and as a result management determined the Trust should be reported as a fiduciary fund. Our opinions are not modified with respect to this matter.

Other Matters

Required Supplementary Information

Accounting principles generally accepted in the United States of America require that the management's discussion and analysis, other postemployment benefit information, and pension information listed in the table of contents be presented to supplement the basic financial statements. Such information, although not part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements and other knowledge we obtained during our audits of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

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