Auditor's Opinion

Commonwealth of Virginia
Auditor of Public Accounts
P.O. Box 1295
Richmond, Virginia 23210

Walter J. Kucharski, Auditor

October 14, 1994

The Honorable George F. Allen
Governor of Virginia

The Honorable Stanley C. Walker
Chairman, Joint Legislative Audit
  and Review Commission

The Board of Visitors
University of Virginia

INDEPENDENT AUDITOR'S REPORT ON THE FINANCIAL STATEMENTS

We have audited the balance sheet of the University of Virginia as of June 30, 1994, and the related statements of changes in fund balances and current fund revenues, expenditures and other changes for the year then ended. These financial statements are the responsibility of the University's management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with generally accepted government auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the University of Virginia as of June 30, 1994, and the changes in fund balances and current fund revenues, expenditures and other changes for the year then ended, in conformity with generally accepted accounting principles.

Walter J. Kucharski
AUDITOR OF PUBLIC ACCOUNTS

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