Annual Examination of University’s Finances Indicates No Material Weakness, Bolstering Strong Bond Rating
In compliance with an annual mandatory examination of its fiscal health, Morgan State University successfully underwent an independent financial statement audit, which revealed no material weaknesses, unresolved debt covenants, fraud or abnormalities detracting from the issuance of an unmodified opinion. SB & Company, a certified public accounting and business advisory firm, conducted the independent audit and reported their comprehensive findings to Morgan’s President David Wilson and the University’s Board of Regents. Copies of theaudit report also were distributed to the state and federal governments, creditors and bond rating agencies. The University maintains solid A1 and A+ bond ratings, as ascribed by Moody’s and Standard & Poor’s, respectively.
“What the analysis in this audit report publicly shows is that our house is in order and that Morgan is a good steward of the assets and resources under its management,” said Sidney Evans, vice president for Finance and Management at Morgan. “Getting a clean report that allows the University to maintain its top bond rating serves as a clear indication that, operationally, we are making good decisions and headed in the right direction.”
The University participates in multiple audit examinations annually, which include the aforementioned independent financial statement audit, audits by the State of Maryland Legislative Office and audits conducted by Morgan’s own Internal Audit & Management Review office. The collective findings of the audits assist the University in accomplishing its overall objectives by limiting risks, improving best practices, assessing processes, promoting efficiency and strengthening compliances.
“The state of the University is strong, and Morgan is moving forward on solid financial footing as we embark upon our sesquicentennial year,” said Morgan President David Wilson. “Many thanks to the University’s management team for their efforts in maintaining our position as a world-class institution, not only in how we present ourselves externally but also in how we govern our operations internally.”
Morgan State University, founded in 1867, is a Carnegie-classified Doctoral Research Institution offering more than 70 academic programs leading to bachelor’s degrees as well as programs at the master’s and doctoral levels. As Maryland’s premier public urban research university, Morgan serves a multiethnic and multiracial student body and seeks to ensure that the doors of higher education are opened as wide as possible to as many as possible. More information about the university is available at www.morgan.edu.