We have audited the basic financial statements of the University of Virginia as of and for the year ended June 30, 2025, and issued our report thereon, dated November 24, 2025.  Our report, included in the University’s Financial Report, is available at the Auditor of Public Accounts’ website at www.apa.virginia.gov and at the University’s website at www.virginia.edu.  Our audit found:

 

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

 

• • one matter involving internal control and its operation requiring management’s attention that also represents an instance of noncompliance with applicable laws and regulations required to be reported under Government Auditing Standards; however, we do not consider the matter to be a material weakness;

 

• • one additional internal control finding requiring management’s attention; however, we do not consider it to be a material weakness; and

 

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

 

We did not perform audit work on the prior audit finding titled “Improve Reporting to the National Student Loan Data System” as noted in the Findings Summary included in the Appendix because the University did not implement corrective action during our audit period.  We will follow up on this finding during the fiscal year 2026 audit.

 

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 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.