We have audited the basic financial statements of Virginia Commonwealth University (University) as of and for the year ended June 30, 2023, and issued our report thereon, dated December 11, 2023. Our report, included in the University’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.vcu.edu. Our audit found:

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

• two internal control findings requiring management’s attention that also represent instances of noncompliance or other matters required to be reported under Government Auditing Standards; however, we do not consider them to be material weaknesses.

Our audit also included testing over the major federal program of the Research and Development Cluster for the Commonwealth’s Single Audit as described in the U.S. Office of Management and Budget Compliance Supplement; and found no internal control findings requiring management’s attention or 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 developing and appropriately implementing adequate corrective actions to resolve the findings as required by the Department of Accounts in Section 10205 – Agency Response to APA Audit of the Commonwealth Accounting Policies and Procedures Manual. Those corrective actions may include additional items beyond our recommendations.