UOG receives clean audit and low-risk auditee status

University of Guam’s FY 2015 audit showed a financially stable organization with record levels of student enrollment and credit hour production. Auditors Deloitte & Touche gave the university a clean (unqualified) audit opinion on the financial statements. There were no material weaknesses and no compliance findings in conjunction with the audit. UOG was declared a low-risk auditee before the beginning of the audit and has now completed one audit as a low-risk auditee. Revenues were $95 million for the year which is a 4-percent increase from the prior year due largely to an increased appropriation from the government of Guam.

“We are focused on our mission and role in the social, economic and political development of our region,” said UOG president Dr. Robert Underwood. “The University of Guam obtained the $6M EPSCoR grant which is driving an increase in research at our institution. The Cancer Grant is focused on health disparities and our scientists are engaged in research that will have an impact not only regionally but globally.”

Senior vice president Dr. Anita Borja Enriquez added, “The significant number of grants managed by the university allow our students to engage in research at the undergraduate and graduate level. This translates directly into opportunities for students; another reason why the university is the natural choice for our community and the region.”

UOG conferred a record number of 550 undergraduate and graduate degrees in academic year 2014-15 and enrollment for Fall 2015 achieved a record of 3,991 students. Including Fall 2015 graduates, Triton alumni now number over 16,000. “Our alumni add tremendous value to the professional backbone, service, and leadership of our island, the region, and beyond,” said Enriquez.

Other FY 2015 audit highlights include:

The total amount received from the government of Guam increased $2.7 million from $35.3 million for Fiscal Year 2014 to $38 million for Fiscal Year 2015.

UOG managed 112 grants and contracts amounting to $35.5 million. They include awards for student financial aid, developmental disabilities, cancer research, alternative energy, green projects and building renovation.

Operating expenses decreased by $3.7 million from FY14. The decrease is the result of tight budget management and decreased electrical costs.

“Record enrollment, a record number of students earning their degrees, financial stability, low-risk auditee status, and an increase in federal grants, along with an increase in research opportunities for students, underscore the achievements made across the entire campus,” added Underwood. “These achievements will create a stronger community.”

The university reported a $9.2 million increase in net position up from $6.8 million in the prior year on a restated basis. The increases were driven largely by the implementation of GASB No. 68 which allowed some retirement expenses to be deferred. Apart from the impact of GASB No. 68, the increase in net position would have been slightly positive.