Staff Report
The University's financial health is good, according to an external audit approved by the Board of Regents on Monday.
Global consulting firm KPMG came to that conclusion after reviewing financial statements indicating that UNM's total assets as of June 30, 2003 increased over last year - to almost $1.25 billion.
The audit showed UNM's current assets, those deemed to be consumed or convertible to cash within one year, are more than $380 million. The University's current liabilities, amounts due within one year, are about $139 million.
Auditors began reviewing the University's financial information in May and met with Regent Mel Eaves regarding their findings in October.
"This is the fastest we've ever gotten this thing turned around and released," Regent President Jamie Koch said. "I think what it shows is positive for UNM."
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About one third of UNM's total revenue is generated through state and local appropriations, federal grants and contracts, according to the audit report.
Tuition and fees accounted for more than $87 million through June.
The report also states that "for one in 12 disbursements tested, the University did not obtain a suspension and debarment certification from contractors receiving federal individual awards in excess of $100,000," which could cause UNM to "contract for services with suspended or debarred entities."
KPMG auditor John Kennedy said the instance of "non-compliance is not a show-stopper type finding, but (UNM) does need to be aware of it."
Outside audits are conducted each year to check the financial well-being of the University.
