The Board of Trustees
The Johns Hopkins University:
We have audited the accompanying balance sheet of The Johns
Hopkins University as of June 30, 1994 and the related statements
of changes in fund balances, current funds revenues and current
funds expenditures for the year then ended. These financial
statements are the responsibility of the University's management.
Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of The Johns Hopkins University as of June 30, 1994 and the changes in fund balances, current funds revenues and current funds expenditures for the year then ended in conformity with generally accepted accounting principles.
As discussed in note 8, the University changed its method of accounting for postretirement benefit costs in 1994 to adopt the provisions of the Financial Accounting Standards Board's Statement of Financial Accounting Standards No. 106, "Employers' Accounting for Postretirement Benefits Other Than Pensions."
September 23, 1994, except as to note 2 which is as of October 26, 1994
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