Page 25 - RFCUNY Annual Report 2016

Independent Auditors’ Report
The Board of Directors Research Foundation of The City University of New York:

We have audited the accompanying consolidated evaluating the overall presentation of the consoli-
financial statements of the Research Foundation dated financial statements.
of The City University of New York and related We believe that the audit evidence we have
entities, which comprise the consolidated bal- obtained is sufficient and appropriate to provide
ance sheets as of June 30, 2016 and 2015, and a basis for our audit opinion.
the related consolidated statements of activities
and cash flows for the years then ended, and Opinion
the related notes to the consolidated financial In our opinion, the consolidated financial state-
statements. ments referred to above present fairly, in all
material respects, the financial position of the
Management’s Responsibility for Research Foundation of The City University of
the Consolidated Financial Statements New York and related entities as of June 30, 2016
Management is responsible for the preparation and 2015, and the changes in their net assets and
and fair presentation of these consolidated finan- their cash flows for the years then ended, in accor-
cial statements in accordance with U.S. generally dance with U.S. generally accepted accounting
accepted accounting principles; this includes the principles.
design, implementation, and maintenance of
internal control relevant to the preparation and fair Other Matter
presentation of consolidated financial statements Our audits were conducted for the purpose of
that are free from material misstatement, whether forming an opinion on the consolidated financial
due to fraud or error. statements as a whole. The 2016 consolidating
information is presented for purposes of addi-
Auditors’ Responsibility tional analysis of the 2016 consolidated financial
Our responsibility is to express an opinion on statements rather than to present the financial
these consolidated financial statements based position, changes in net assets, and cash flows of
on our audits. We conducted our audits in accor- the individual entities and is not a required part
dance with auditing standards generally accepted of the 2016 consolidated financial statements.
in the United States of America. Those standards Such information is the responsibility of manage-
require that we plan and perform the audit to ment and was derived from and relates directly
obtain reasonable assurance about whether the to the underlying accounting and other records
consolidated financial statements are free from used to prepare the 2016 consolidated financial
material misstatement. statements. The 2016 consolidating information
An audit involves performing procedures to has been subjected to the auditing procedures
obtain audit evidence about the amounts and applied in the audit of the 2016 consolidated
disclosures in the consolidated financial state- financial statements and certain additional proce-
ments. The procedures selected depend on the dures, including comparing and reconciling such
auditors’ judgment, including the assessment information directly to the underlying accounting
of the risks of material misstatement of the con- and other records used to prepare the 2016
solidated financial statements, whether due to consolidated financial statements or to the 2016
fraud or error. In making those risk assessments, consolidated financial statements themselves,
the auditor considers internal control relevant to and other additional procedures in accordance
the entity’s preparation and fair presentation of with auditing standards generally accepted in
the consolidated financial statements in order the United States of America. In our opinion, the
to design audit procedures that are appropriate 2016 consolidating information is fairly stated in
in the circumstances, but not for the purpose of all material respects in relation to the 2016 consol-
expressing an opinion on the effectiveness of the idated financial statements as a whole.
entity’s internal control. Accordingly, we express
no such opinion. An audit also includes evaluating
the appropriateness of accounting policies used
and the reasonableness of significant account-
ing estimates made by management, as well as October 28, 2016

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