AUDIT SUMMARY

 

We have audited the consolidated basic financial statements of The College of William and Mary in Virginia as of and for the year ended June 30, 2025, and issued our report thereon, dated February 23, 2026.  The consolidated basic financial statements of The College of William and Mary in Virginia include the financial activity of The College of William and Mary in Virginia (William & Mary), Virginia Institute of Marine Science, and Richard Bland College (Richard Bland), which report to the Board of Visitors of The College of William and Mary in Virginia.  Our report, included in the consolidated basic financial statement, is available at the Auditor of Public Accounts’ website at www.apa.virginia.gov and at William & Mary’s website at www.wm.edu.  Our audit found:

 

• • the financial statements are presented fairly, in all material respects;

 

• • five matters involving internal control and its operation requiring management’s attention, three of which also represent instances of noncompliance with applicable laws and regulations that are required to be reported under Government Auditing Standards; however, we do not consider the matters to be material weaknesses; and

 

• • adequate corrective action with respect to prior audit findings identified as complete in the Findings Summaries included in the Appendix.

 

Our audit also included testing over federal Student Financial Assistance performed in accordance with the U.S. Office of Management and Budget Compliance Supplement Part 5 Student Financial Assistance Programs; and found internal control findings requiring management’s attention and instances of noncompliance in relation to this testing.

 

We also performed a separate review of internal controls over various business cycles at Richard Bland.  The business cycles and financial activity included in this review are not material to the consolidated basic financial statements of William & Mary but were reviewed in preparation for Richard Bland’s transition from William & Mary’s governing Board of Visitors to independent governance effective for the fiscal year beginning, July 1, 2025.  We communicated the results of that review in a separate letter to management titled “Richard Bland College Internal Control Questionnaire Review Results as of June 2025.”

 

In the section titled “Internal Control and Compliance Findings and Recommendations,” we have included our assessment of the conditions and causes resulting in the internal control and compliance findings identified through our audit as well as recommendations for addressing those findings.  Our assessment does not remove management’s responsibility to perform a thorough assessment of the conditions and causes of the findings and develop and appropriately implement adequate corrective actions to resolve the findings 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 recommendations.