SUMMARY

We provided an unmodified audit opinion on UW System’s FY 2014-15 and FY 2013-14 financial statements. As of June 30, 2015, UW System’s net position, which provides a measure of its overall financial condition, was $6.7 billion. We recommend UW System Administration review institution reserves policies and improve its oversight and administration of investments. We also recommend UW System Administration assist UW institutions in implementing changes to IT controls and develop a UW System-wide IT security program. Because UW System’s financial activity is included in the State of Wisconsin’s Comprehensive Annual Financial Report, we also include this recommendation in report 16-2.