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NACUBO 2004 Financial Statements For the Years Ended July 31, 2004 and 2003

To the Board of Directors of the National Association of College and University Business Officers.

By

Independent Auditor's Report

To the Board of Directors of the National Association of College and University Business Officers

We have audited the accompanying statements of financial position of the National Association of College and University Business Officers (NACUBO) as of July 31, 2004 and 2003, and the related statements of activities and cash flows for the years then ended. These financial statements are the responsibility of NACUBO's management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits 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 NACUBO as of July 31, 2004 and 2003, and the changes in its net assets and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental statements of activities by natural classification are presented for the purposes of additional analysis and are not a required part of the basic financial statements. Such information, except for the portion marked “unaudited”, on which we express no opinion, has been subjected to the auditing procedures applied in the audits of the basic financial statements; and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

Raffa, P.C.

Washington, DC
September 23, 2004

View the NACUBO 2004 Financial Statements