The University received a clean financial bill of health from a recently released state audit covering fiscal year 1994-95.
"We are most pleased to present a clean audit opinion on the financial statements of the University of North Carolina at Chapel Hill," said Ralph Campbell Jr., state auditor. "This reflects the accuracy of the statements themselves and that our testing revealed no material weaknesses in internal controls or instances of noncompliance with either federal or state rules and regulations."
Wayne Jones, vice chancellor for business and finance, said: "We acknowledge this as a Universitywide achievement. We are decentralized in our budget administration; therefore, a lot of people are involved in properly accounting for and spending our resources."
Only 32 percent of the University's total budget comes from state funds. Last year, Carolina's $943.5 million budget included $302.3 million in state appropriations; $81.5 million from tuition and fees; $235.2 from governmental contracts and grants; $67.7 million from private gifts, contracts and grants; $230.5 million from sales, services and other sources; and $26.3 million from investment and endowment income.
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