University of Delaware FY25
Financial Statement Audit – Fiscal Year Ended June 30, 2025
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Report Summary
Background
The Office of Auditor of Accounts presents an audit of financial schedules of State of Delaware (the State) appropriated funds to the University of Delaware (the University) for the Fiscal Year ended June 30, 2025. The primary objective of the audit is to provide reasonable assurance that the schedules present fairly, in all material respects, the state-funded appropriations to the University.
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 is a privately chartered university with public support and is classified as a doctoral university with very high research activity, and is a 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 in fiscal year 2025 totaled approximately $146.6 million compared to $139.5 million in fiscal year 2024.
The State appropriated to the University:
In the Senate Bill No. 325 Act of 2025, the State appropriated:
- $124,874,600 for unrestricted use in its operations and student scholarships and
- $18,974,500 for restricted programmatic support for the related colleges within the University
- $2,795,400 exclusively for personnel costs.
In the House Bill No. 475 Act of 2025, the State appropriated $17,000,000 to the University for deferred maintenance of campus improvements and upgrades to the softball field. 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 $146,644,500 in State General Funds the University received and expended, $123,338,618 was for payroll and benefits, $19,096,098 for student scholarships, and $2,656,910 for supplies, travel, and other expenses. The remaining balance of $1,552,874 was unexpended as of the report date.
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 report on internal control over financial reporting and compliance and other matters based on an audit of schedules in accordance with Government Auditing Standards did not identify any deficiencies required to be reported.