Financial Statement Audit – Fiscal Year Ended June 30, 2024

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Report Summary

Background

The Office of Auditor of Accounts presents a financial statement audit of the University of Delaware. This audit was conducted for Fiscal Year ended June 30, 2024. The primary objective of a financial statement audit is to provide reasonable assurance that the financial statements present fairly, in all material respects, the financial position of an entity (state-funded portion of the finances to the University of Delaware).  

AOA completed this engagement under the authority of 29 Del. C., §2906(a) – “The Auditor shall conduct audits of all the financial transactions of all state agencies. To the extent possible, the Auditor shall conduct the audits at least once every 2 years.” as authorized by §5109 of Title 14.

The University of Delaware (the University), a privately chartered university with public support, is a doctoral/research institution extensive, land grant, sea grant, space grant, and urban grant institution.

The University receives annual operating and capital appropriations from the state. Delaware General Fund state appropriations provided to the University of Delaware in fiscal year 2024 totaled approximately $139.5 million  compared to $134 million in fiscal year 2023.

In the House Bill No. 195 Act of 2024, the State appropriated $117,392,000 to the University for unrestricted use in its operations and student scholarships. Additionally, in House Bill No. 195 Act of 2024 the State appropriated $17,624,300 for restricted programmatic support for the related colleges within the University. The State also provided contingency funds of $4,982,600 exclusively for personnel costs.

In the Senate Bill No. 160 Act of 2024, the State appropriated $20,000,000 to the University for the construction and deferred maintenance of laboratories.  Capital appropriations are required to be expended within three years of issuance unless a continuance is requested and approved.

Key Information and Findings

Of the $139,547,296 of state general funds received, $120,601,224  was expended on payroll and benefits, $16,564,320 was spent on student scholarships, and $2,381,752 was spent on supplies and travel.

The financial statement audit contains an unmodified “clean” opinion. An unmodified opinion expresses that the financial statements present fairly, in all material respects, an entity’s financial position, results of operations and cash flows in conformity with generally accepted accounting principles.

The auditor’s reports over internal control over financial reporting did not identify any deficiencies in internal control that is considered to be a material weakness.

There were no findings required to be reported under Government Auditing Standards.