University’s Finances Show No Material Weakness During Annual Examination
As part of Morgan State University’s mandatory annual examination of its fiscal health, an independent audited financial statement revealed no material weaknesses, fraud, or abnormalities resulting in the issuance of an unmodified opinion. SB & Company, LLC, a certified public accounting and business advisory firm, conducted the independent audit and reported their comprehensive findings to Morgan’s President David Wilson and the University’s Board of Regents.
Copies of the audit report have also been distributed to the state and federal governments, creditors and bond rating agencies. This marks the third consecutive year that the University has produced an unmodified audited financial statement that was submitted before or by the deadline. Recently, Standard and Poor’s affirmed Morgan with its ‘A+’ long-term and unenhanced bond rating.
“Morgan continues to be great stewards of the State’s resources as evidenced by the unmodified opinion and the strong financial results in the FY 2018. As Maryland’s Preeminent Public Urban Research University, we consistently maintain a solid financial base to meet this great designation from the State and to also address the growing needs of the University,” said Sidney Evans, vice president for Finance and Management at Morgan. “While more resources are needed to carry out our mission of quality teaching, research, service, along with access and affordability for all students, sufficient and strong financial management is paramount to our future, and the University will continue to work its way towards long-term financial sustainability.”
The University participates in multiple audit examinations, which include the aforementioned independent audited financial statement, in addition to audits by the State of Maryland Legislative Office and audits conducted by Morgan’s own Internal Audit & Management Review office. The collective findings of the audits assist the University in accomplishing its overall objectives by limiting risks, improving best practices, assessing processes, promoting efficiency and strengthening compliances.
“It is very encouraging to know that the people, policies and procedures that we have in place to govern our operations and finances continue to provide Morgan with a stable foundation as we navigate the many challenges often faced throughout today’s higher education landscape,” said Morgan President David Wilson. “Having a clean financial audit statement strengthens our position and provides us with the confidence to make decisions that will prepare Morgan for future success.”
The complete 58-page audited financial statement report is available for review online.
Morgan State University, founded in 1867, is a Carnegie-classified doctoral research institution offering more than 100 academic programs leading to degrees from the baccalaureate to the doctorate. As Maryland’s Preeminent Public Urban Research University, Morgan serves a multiethnic and multiracial student body and seeks to ensure that the doors of higher education are opened as wide as possible to as many as possible. For more information about Morgan State University, visit www.morgan.edu.
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Larry Jones, University PR