AUDIT SUMMARY

 

We have audited the basic financial statements of the Virginia Military Institute (Institute) as of and for the year ended June 30, 2025, and issued our report thereon, dated July 27, 2026.  Our report, included in the Institute’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.vmi.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 that 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 them to be material weaknesses; and

 

• • adequate corrective action with respect to the prior audit finding identified as complete in the Findings Summary 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.

 

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 audits 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 recommendation.