AUDIT SUMMARY

 

We have audited the basic financial statements of James Madison University (University) as of and for the year ended June 30, 2024, and issued our report thereon, dated March 25, 2025.  Our report, included in the University’s basic financial statements, is available at the Auditor of Public Accounts’ website at www.apa.virginia.gov and at the University’s website at www.jmu.edu.  Our audit found:

 

 

• • the financial statements are presented fairly, in all material respects;
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  • one matter involving internal control and its operation requiring management’s attention, that also represents an instance of noncompliance with applicable laws and regulations that is required to be reported under Government Auditing Standards; however, we do not consider the matter to be a material weakness; and
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  • adequate corrective action with respect to prior audit findings and recommendations identified as complete in the Findings Summary included in the Appendix.

 

Our audit also included testing over the major federal program of the Student Financial Assistance Programs Cluster for the Commonwealth’s Single Audit as described in the U.S. Office of Management and Budget Compliance Supplement; and found one internal control finding requiring management’s attention and an instance of noncompliance in relation to this testing.

 

In the section titled “Internal Control and Compliance Finding and Recommendation” we have included our assessment of the conditions and causes resulting in the internal control and compliance finding identified through our audit as well as recommendations for addressing that finding.  Our assessment does not remove management’s responsibility to perform a thorough assessment of the conditions and causes of the finding and develop and appropriately implement adequate corrective actions to resolve the finding as required by the Department of Accounts in Topic 10205 – Agency Response to APA Audit of the Commonwealth Accounting Policies and Procedures Manual.  Those corrective actions may include additional items beyond our recommendation.