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The Board of Directors
Research Foundation of The City University of New York:
We have audited the accompanying consolidated balance sheets of the Research Foundation of The City University of New York and
related entities (the Foundation) as of June 30, 2011 and 2010, and the related consolidated statements of activities and cash flows for
the years then ended. These consolidated financial statements are the responsibility of the Foundation’s management. Our responsibility
is to express an opinion on these consolidated financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Foundation’s internal
control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of
the Research Foundation of The City University of New York and related entities as of June 30, 2011 and 2010, and the changes in their
net assets and their cash flows for the years then ended, in conformity with U.S. generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the consolidated financial statements taken as a whole. The 2011
consolidating information is presented for purposes of additional analysis of the 2011 consolidated financial statements rather than to
present the financial position, changes in net assets, and cash flows of the individual entities. The 2011 consolidating information has
been subjected to the auditing procedures applied in the audit of the 2011 consolidated financial statements and, in our opinion, is fairly
stated in all material respects in relation to the 2011 consolidated financial statements taken as a whole.
November 11, 2011
Independent Auditors’ Report
The Research Foundation of the City University of New York
The Research Foundation of The City University of New York