Summary

The audit of the financial statements of Florida Gulf Coast University for the fiscal year ended June 30, 2006, was conducted pursuant to Section 11.45, Florida Statutes, and applicable standards contained in Government Auditing Standards issued by the Comptroller General of the United States.

The scope of this audit included an examination of the financial statements of the 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 grant agreements and other matters that are material to the financial statements.  An examination of Federal awards administered by the 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 University: 

• We found that the University’s financial statements presented fairly, in all material respects, the financial positions of the University and its aggregate discretely presented component unit as of June 30, 2006, and the respective changes in financial position and cash flows, where applicable, thereof for the fiscal year then ended.

• We noted no matters involving the University's internal control over financial reporting and its operation that we considered to be material weaknesses. 

• The results of our tests disclosed no material instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.