Category Archives: Finances

Auditors Find “Material Weakness” in UVa Financial Statements

Editor’s note: This is the first in an ongoing series of articles based on material presented to the University of Virginia Board of Visitors — material that never sees the light of day in standard news sources. We aim to provide a more complete understanding of how the university is governed. 

Auditors found a “material weakness” in the University of Virginia’s Fiscal 2022 financial statements but said they had uncovered no indication of fraudulent or illegal activity.

“We have resolved any significant difficulties experienced,” David Rasnic, head of the Auditor of Public Accounts’ higher-ed auditing team, told the Board of Visitors Wednesday.

The audit revealed two sources of concern that increased the risk that might give rise to financial misstatements. First, there was no central authority to align the financial reporting of UVa’s academic division and its healthcare division. Creating a central authority, said Rasnic, “would be helpful.” Continue reading