Carolina State University
SACS Compliance Certification
August 15, 2003
Comprehensive Standards: Resources 3.10.1 (recent
New accounting standards for governmental entities—especially the required accounting and reporting changes—make it difficult to accurately compare audited financial information for the fiscal year ending June 30, 2002 with the prior year’s information. However, NC State University’s audits demonstrate the institution’s financial stability. Analysis of financial position and results of operations in the June 30, 2002 audited financial report shows continued strength with an increase in net assets of $7,924,000 for the fiscal year.
Further evidence is provided by the 2001-2002 State Audit, which provides the following summary of the university’s financial position in the “Analysis of Financial Position and Results of Operations” section:
The University’s financial position remains strong with net assets of $667,426,000, an increase of $7,924,000. The strength of the University’s financial position is attributed to factors including enrollment growth, significant improvements to campus facilities, a strong research program, the evolution of the Centennial Campus, advancements provided through the University’s endowments and its affiliated foundations, and appropriated funds from the State of North Carolina.
Capital Improvements to buildings totaled $28,266,000 with commitments of $38,230,000 outstanding at June 30th. Research grants totaled 5,522 in number and $140,607,000 in amount. Endowment gifts received by the University during the period were $4,254,000 and support received by the University from its affiliated foundations was $25,427,000.
State funding for operations decreased from $352,462,000 to $328,187,000. However, the tuition rates were increased 13% and enrollment was up 2%, which helped offset the decrease in State funding.