Budget and Finance

UNIVERSITY OF CINCINNATI

TABLE OF CONTENTS

Page

INDEPENDENT AUDITORS’ REPORT 1–2

MANAGEMENT’S DISCUSSION AND ANALYSIS 3–14

FINANCIAL STATEMENTS FOR THE YEARS ENDED JUNE 30, 2008 AND 2007:

Statements of Net Assets 15

Statements of Revenues, Expenses and Changes in Net Assets 16

Statements of Cash Flows 17–18

Notes to Financial Statements 19–41

SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS

FOR THE YEAR ENDED JUNE 30, 2008 42–90

NOTES TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS

FOR THE YEAR ENDED JUNE 30, 2008 91–92

INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER FINANCIAL

REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT

OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT

AUDITING STANDARDS 93–94

INDEPENDENT AUDITORS’ REPORT ON COMPLIANCE WITH REQUIREMENTS

APPLICABLE OF EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER

COMPLIANCE IN ACCORDANCE WITH OMB CIRCULAR A-133 95–96

SCHEDULE OF FINDINGS AND QUESTIONED COSTS FOR THE YEAR ENDED

JUNE 30, 2008 97–98

SUMMARY OF SCHEDULE OF PRIOR AUDIT FINDINGS AND

QUESTIONED COSTS 99