Kern, DeWenter, Viere, Ltd. Summary of Audit Results

1
Kern, DeWenter, Viere, Ltd.Summary of Audit
Results

• Bemidji State University
• Minnesota State University Moorhead
• Northwest Technical Colleges
• Southwest Minnesota State University
• Rochester Community and Technical College

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Summary of Audit Results

• Unqualified Opinions issued for all audits
• No Reportable Conditions noted for all audits
• No Material Weaknesses Identified
• Management Letters Issued for Each Audit,
  Includes Management Suggestions and Audit Test
  Results, Communicated at Campus Level No
  significant comments

3

• Bemidji State University
• Net Assets 6/30/03 45.1M
• Invested in Capital Assets 33.6M
• Restricted Net Assets 7.8M
• Unrestricted Net Assets 3.7M
• Cash and Investment Balance 19.7M or 36.9 of
  Operating Expenses Excluding Depreciation, down
  from 39.9 at 6/30/02
• Change in Net Assets for 2003 was 1.1M

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• Minnesota State University Moorhead
• Net Assets 6/30/03 39.5M
• Invested in Capital Assets 32.5M
• Restricted Net Assets 7.9M
• Unrestricted Net Assets 6/30/03 (862K)vs (68K)
  at 6/30/02
• Unrestricted Cash and Investment Balance 18.5M
  or 24.9 of Operating Expenses Excluding
  Depreciation, down from 25.3 at 6/30/02
• Change in Net Assets 4.9M, due to increased
  Capital Appropriation

5

• Northwest Technical Colleges
• Net Assets 6/30/03 23.6M
• Invested in Capital Assets 18.5M
• Restricted Net Assets 681K
• Unrestricted Net Assets 4.4M
• Cash and Investment Balance 9.2 M or 21.2 of
  Operating Expenses Excluding Depreciation, up
  from 20.0 at 6/30/02
• Change in Net Assets 1.6M

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• Southwest Minnesota State University
• First Year Audit
• Net Assets 6/30/03 33.1M
• Invested in Capital Assets 18.7M
• Restricted Net Assets 13.4M, including fire
  insurance proceeds of 11.1 M
• Unrestricted Net Assets 981K
• Unrestricted Cash and Investment Balance 19.8M,
  includes 9.8M insurance proceeds
• Change in Net Assets (1.7M) prior to insurance
  proceeds, 8.2M after insurance proceeds
• Prior period adjustment of 384K to adjust A/R
  allowance for 2002

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• Rochester Community and Technical College
• Net Assets 6/30/03 51.0M
• Invested in Capital Assets 49.4M
• Restricted Net Assets 500K
• Unrestricted Net Assets 1.0M
• Cash and Investment Balance 5.7M or 18.0 of
  Operating Expenses Excluding Depreciation
• Change in Net Assets 3.2M
• Prior Period Adjustment 1.36M for addition of
  roadway costs and land improvements

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• Fergus Falls Community College/Northland
  Community College
• Balance Sheet procedures performed for each
  campus
• No material adjustments noted as a result of our
  procedures
• No audit assurance given, agreed upon procedures
  designed for future audit assurances

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• Other Discussion Items
• SAS 61 Audit Committee Communication
• Information presented by Deloitte and Touche
• No items of concern to report for our campuses

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• Thank You for the opportunity to provide our
  audit and accounting services to MnSCU