State Auditor Releases A Clean Audit Of UNC Asheville
Today, the North Carolina State Auditor’s Office released its most recent report of UNC Asheville’s finical health. The report found that there was “no material errors for the year.”
State Auditor Dave Boliek said, “These results are particularly encouraging given the impact Hurricane Helene had on the Western North Carolina region. UNC-Asheville staff were very helpful as we examined the University’s finances, and we’re thankful for their assistance and cooperation.”
Here are some of the top takeaways from the audit:
The University’s total assets increased this year by $15.5 million, or 5.04%.
The largest contributor to the increase was current assets which is comprised of cash, receivables and inventories. Unrestricted cash increased a combined $8.38 million due to additional balances in various auxiliary trust funds related to student services such as housing and dining, conference and camps, and grant receipts over the prior year, as well as carryforward funds from the State’s Hurricane Helene relief funds.
Total liabilities increased $16.39 million or 9.89%, due primarily to a $16.80 million net increase in the University’s net pension and net other postemployment benefits (OPEB) long-term liabilities as a result of changes in actuarial valuations.
Other major shifts in current and long-term liabilities resulted from $3.08 million in scheduled payments on long-term bond debt and notes from direct borrowings. In addition, the recognition of current and long-term liabilities totaling an additional $2.20 million were recorded as net additions to lease liabilities.
In summary, the change to the increase in net position from fiscal 2024 to fiscal 2025 was $7.30 million or 70.72%. Several major matters occurred in fiscal 2025 resulting in large fluctuations within the SRECNP year over year and are discussed below.
Net student tuition and fees declined $6.94 million or 37.98% due to the combined net effect of three major factors, 1) Helene related tuition and fee credits to students resulting in an additional $4.34 million of institutional aid that is applied to the scholarship discount, which reduces net tuition revenue; 2) a change in methodology for calculation of the scholarship discount whereby a higher portion of the scholarship discount is applied to tuition and fees; and 3) these factors were partially offset by increased revenues from enrollment growth.
