Jun 3, 2026Board meeting
University Of Guam Board Of Regents Budget Finance And Audit Committee And Investment Committee Special Meeting
The committee held a special joint meeting to discuss the fiscal year 2025 audited financial statements for the University of Guam. Key topics included a presentation on the statement of net position, revenues, expenses, and changes in net position, noting a clean, unqualified opinion on the audit. The committee also addressed accounting restatements, including the adoption of new GASB standards regarding compensated absences and the correction of errors related to construction arrangements between the university and the foundation. Additionally, findings from the compliance audit regarding reporting requirements for federal grants from the Economic Development Administration were discussed.