The Board of Visitors’ Audit, Compliance and Risk Committee convened Tuesday to review audited financial statements from July 2022 through June 2023. The open session also included a discussion of the University’s protocol for financial reporting, as well as a general review of the University’s financial position over the fiscal year. At the University, the fiscal year begins July 1 and ends June 30.
As a government-funded nonprofit, the University is largely exempt from income tax, but is required to provide external reports of its audited financial statements per state law. Financial statements are audited by the Commonwealth of Virginia’s Auditor of Public Accounts and are available online.
According to University reports, the Academic Division’s total net position — the combination of all assets, investments and liabilities — rose from roughly $12.4 billion to $12.6 billion, a 1.6 percent increase. The reports also stated that “higher education costs” rose by 4 percent in 2023.
Additionally, the Academic Division’s current assets increased by 6.9 percent over the course of the fiscal year, totaling $1.2 billion in December. Endowment assets decreased by 0.6 percent to roughly $7 billion, while capital assets, which include significant properties such as the Chemistry Building and Gilmer Hall, increased 3.9 percent to $5.1 billion.
The Committee also held a closed session where members considered the performance of unspecified administrative personnel in light of the annual financial statement. The closed session also involved consultation with University Counsel — which represents the Rector and the Board of Visitors in all legal matters — pertaining to legal issues with financial reporting.
Although the first portion of the meeting was open to the public, it was not livestreamed.
The Audit, Compliance and Risk Committee will reconvene in February, alongside the other Board of Visitors committees.