The following interim financial statements and supplementary reports are the unaudited representations of management. Management believes that the combined financial statements fairly reflect the form and substance of transactions and that the combined financial statements reasonably present the University's financial condition and results of its operations in conformity with generally accepted accounting principles. Management has included in these interim financial statement amounts that are based on estimates and judgments, which it believes are reasonable under the circumstances.
MTU maintains a system of internal controls designed to provide reasonable assurance, at appropriate cost, as to the protection of assets and the integrity of the financial statements. An internal audit function periodically tests this system of internal controls. On an annual basis, an independent audit firm audits the University's Financial Statements in accordance with generally accepted auditing standards in the United States of America and provides an objective, independent review of the University's internal controls and the fairness of its reported financial condition and results of operations. Currently the University's independent review is conducted by The Rehmann Group.
Certain prior fiscal year amounts have been reclassified to conform with the current fiscal year interim financial statement presentation.
The interim numbers have been rounded without any change to account for the differences that may arise from the rounding.