We have audited the basic financial statements of George Mason University (University) as of and for the year ended June 30, 2024, and issued our report thereon, dated October 3, 2025.  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.gmu.edu.  Our audit found:

 

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

 

• • one comment for management’s consideration regarding an issue that came to our attention during the audit;

 

• • two internal control findings requiring management’s attention; however, we do not consider them to be material weaknesses;

 

• • three matters involving internal control and its operation necessary to bring to management’s attention that also represent instances of noncompliance with applicable laws and regulations or other matters that are required to be reported; and

 

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

 

Our audit included testing over the major federal program of the Student Financial Assistance Programs Cluster for the Commonwealth’s Single Audit, as described in the U.S. Office of Management and Budget Compliance Supplement.

 

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 audit 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.