Cornell University 2011-2012 Annual Report - DFA Home - Cornell ...

CONSOLIDATEDFINANCIALSTATEMENTSReport of Independent AuditorsThe Board of Trustees of Cornell University:In our opinion, the accompanying consolidated statement of financial position and the relatedstatements of activities, and of cash flows, present fairly, in all material respects, the financialposition of Cornell University at June 30, 2012, and the changes in their net assets and their cashflows for the year then ended in conformity with accounting principles generally accepted in theUnited States of America. These financial statements are the responsibility of the Cornell University’smanagement. Our responsibility is to express an opinion on these financial statementsbased on our audit. The prior year summarized comparative information has been derivedfrom Cornell University’s June 30, 2011 financial statements, and in our report dated September27, 2011, we expressed an unqualified opinion on those financial statements. We conductedour audit of these statements in accordance with auditing standards generally accepted in theUnited States of America. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free of material misstatement.An audit includes examining, on a test basis, evidence supporting the amounts and disclosuresin the financial statements, assessing the accounting principles used and significant estimatesmade by management, and evaluating the overall financial statement presentation. We believethat our audit provides a reasonable basis for our opinion.October 25, 2012Rochester, New York8