We have audited the basic financial statements of Virginia Commonwealth University (University) as of and for the year ended June 30, 2025, and issued our report thereon, dated December 15, 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.vcu.edu.  Our audit found:

 

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

 

• • three matters involving internal control and its operation requiring management’s attention that also represent instances of noncompliance with applicable laws and regulations that are required to be reported under Government Auditing Standards; however, we do not consider the matters to be material weaknesses; and

 

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

 

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 recommendations.