The Johns Hopkins University
Financial Report 1996

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Independent Auditor's Report

KPMG Peat Marwick LLP
111 South Calvert Street
Baltimore, MD 21202

We have audited the balance sheets of The Johns Hopkins University as of June 30, 1996 and 1995 and the related statements of activities and cash flows for the years then ended. These financial statements are the responsibility of the UniversityÕs management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits 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 audits provide 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, 1996 and 1995 and the changes in its net assets and its cash flows for the years then ended in conformity with generally accepted accounting principles.

As discussed in note 1 to the financial statements, the University changed its method of accounting for investments in 1996. The change was made on a retroactive basis and, accordingly, the 1995 financial statements have been restated.

September 27, 1996

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