A financial analysis of Edward Waters College

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Edward Waters College's financial statements are audited on an annual basis by an independent auditing firm. In addition to auditing and providing an opinion on the College's financial statements, a report is issued on internal control over financial reporting and compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters in accordance with Governmental Auditing Standards.

Reports are issued on compliance with requirements applicable to the College's financial aid program, major Federal and State financial programs, schedules of Federal, State and local awards, and internal controls over compliance in accordance with OMB Circular A-133, the Florida Single Act, and the Florida's Department of Education.

The College's auditors provide written communication to management and the audit committee describing significant deficiencies and material weaknesses, if applicable, that are identified during the audit in accordance with Statement of Auditing Standards No.114 and other professional standards. Also, there is a management letter that addresses recommendations regarding the internal controls and opportunities for improvement or efficiency as noted during the audit. The College's responses to audit findings are included in the audit reports.

The annual financial statement audit for fiscal year 2008-2009, which was conducted by an independent auditing firm, issued an unqualified report with some material weaknesses identified, but no non-compliance or other matters to be reported under Governmental Auditing Standards. The report on internal controls identified certain items that were considered to have significant deficiencies. However, there were no instances of non-compliance. The auditor's report issued on the financial aid program, major programs, and the schedule of expenditures of Federal, State, and Local awards was qualified with no non-compliance issues except for items listed in the report. The College has moved to address each item as cited in the report.

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The annual financial statement audit for fiscal year 2007-2008, which was conducted by an independent auditing firm, issued an unqualified report with some material weaknesses identified, but no non-compliance or other matters to be reported under Governmental Auditing Standards. The report on internal controls identified certain items that were considered to have significant deficiencies. However, there were no instances of non-compliance. The auditor's report issued on the financial aid program, major programs, and the schedule of expenditures of Federal, State, and Local awards was unqualified with no non-compliance issues noted.

The annual financial statement audit for fiscal year 2006-2007, which was conducted by an independent auditing firm, issued an unqualified report with some material weaknesses identified, but no noncompliance or other matters to be reported under the Governmental Auditing Standards. The report on internal controls over compliance identified no matters that were considered material and there were no instances of non-compliance or reportable conditions. The auditor's report issued on the financial aid program, major programs, and the schedule of expenditures of Federal, State, and Local awards was unqualified with no non- compliance issue noted.

The annual financial statement audit for fiscal year 2005-2006, which was conducted by an independent auditing firm, issued an unqualified report with no matters involving any material weaknesses of internal controls over financial reporting identified and no non-compliance or other matters to be reported under Governmental Auditing Standards. The report on internal controls over compliance identified no matters that were considered material and there were no instances of non-compliance or reportable conditions with regards to the single audit. The auditor's report issued on the financial aid program, major programs, and the schedule of expenditures of Federal, State, and Local awards was unqualified with no non compliance issues.

All FISAP reports have been processed and filed, the latest on October 1, 2010.

Edward Waters College has a current "Program Participation Agreement" with the US Department of Education for Federal Student Aid which is valid through June 30, 2013. The College has qualified to participate in programs under the Higher Education Act of 1965, as amended (HEA) and the Federal student financial assistance programs ( Title IV, HEA programs ) via the Eligibility and Certification Approval Report.

Documentation:

Financial Statements Audit 2008-2009

Financial Statements Audit 2007-2008

Combined Financial Statements Audit and A133 Financial and Compliance Audit 2006-2007

Financial Statements Audit 2005-2006

A133 Financial and Compliance Audit 2008-2009

A133 Financial and Compliance Audit 2007-2008

A133 Financial and Compliance Audit 2005-2006

FISAP Report 2009-2010

FISAP Report 2008-2009

FISAP Report 2007-2008

FISAP Report 2006-2007

US Department of Education Program Participation Agreement

US Department of Education Federal Student Financial Aid Program Approval Letter

US Department of Education Eligibility and Certification Approval Report (ECAR)

US Department of Education FY 2008 Official Cohort Default Rate Notification Letter

US Department of Education Program Review Report