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University of Delaware State Funds Financial Statement Audit for Fiscal Year 2020

Report Details

Report Description: 
What Was Performed? A financial statement audit was performed to review the University of Delaware’s actions for managing and spending state funds for fiscal year 2020. Why This Engagement? In January 2019, under new leadership, the Office of the State Auditor thoroughly reviewed Delaware Code. Upon review, it was revealed that the Office of the State Auditor was lacking in participation in jointly selecting an audit firm with the University of Delaware to perform their financial report. This engagement was performed in accordance with 29 Del. C. §2906(h) and 14 Del. C. § 5109. It requires a separate audit to be conducted for the use of state funds. The Code permits joint section of the auditing firm with input from the State Auditor’s Office and the University of Delaware. What Was Found? The financial statements were presented fairly. We found that $111.2 million of the $125.3 million of state funds was spent on payroll and benefits. Based on the samples tested, the majority of the payroll amounts tested were comingled. The General Assembly has spelled it out in the University’s charter at 14 Del. C. §5109 that if the University commingles funds from a state appropriation with other funds, the audit of state appropriated funds may include the commingled nonstate funds. § 5109 Audit of accounts. 27 Del. Laws, c. 117, § 5; Code 1915, § 2337; 32 Del. Laws, c. 166, § 1; Code 1935, § 2779; 14 Del. C. 1953, § 5109; 54 Del. Laws, c. 256, § 2.; It also states” (e) This section shall not affect § 5109 of Title 14 which shall remain in full force and effect; however, any other provision which stands in conflict with this section shall be null and void.”
Date Issued: 
Wednesday, December 30, 2020
Agency Reviewed / Investigated: 
Location: 
DE
United States
Type of Report: 
Audit
Professional Standard: 
Other

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