Report Number 03-112 Summary

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Report Number:	03-112
Report Title:	Florida Agricultural and Mechanical University - Financial Statements
Report Period:	FYE 06/30/2002
Release Date:	01/31/2003

The audit of the financial statements of the Board of Trustees of the Florida Agricultural and Mechanical University for the fiscal year ended June 30, 2002, was conducted pursuant to the provisions of Section 11.45, Florida Statutes.

The scope of this audit included an examination of the financial statements of the Florida Agricultural and Mechanical University, a component unit of the State of Florida, and a determination as to whether management has complied with applicable laws, administrative rules, regulations, contracts, and grants that are material to the financial statements. An examination of Federal awards administered by the Florida Agricultural and Mechanical University is included in our Statewide audit of Federal awards administered by the State of Florida.

The following provides a summary of the findings of our audit of the financial statements of the Florida Agricultural and Mechanical University:

We found that the financial statements presented fairly, in all material respects, the financial position of the Florida Agricultural and Mechanical University and of its discretely presented component units as of June 30, 2002; the revenues, expenses, and changes in net assets; and the cash flows for the fiscal year then ended.
The results of our tests disclosed no instances of noncompliance that are required to be reported under Government Auditing Standards.
We noted no matters involving the University's internal control over financial reporting and its operation that we considered to be material weaknesses.