FY19 CAFR Final Bridgewater State University

COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEARS ENDED JUNE 30, 2019 AND 2018 PREPARED BY THE OFFICE OF FISCAL AFFAIRS, BRIDGEWATER STATE UNIVERSITY Included in the State University Fund, and Enterprise Fund of the Commonwealth of Massachusetts BRIDGEWATER STATE UNIVERSITY BRIDGEWATER, MA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEARS ENDED JUNE 30, 2019 AND 2018 INCLUDED IN THE STATE UNIVERSITY FUND, AND ENTERPRISE FUND OF THE COMMONWEALTH OF MASSACHUSETTS Prepared by the Office of Fiscal Affairs, Bridgewater State University INCOMING FRESHMAN CLASS FALL 2018 TABLE OF CONTENTS INTRODUCTORY SECTION President’s Letter  Letter of Transmittal - Bridgewater State University Board of Trustees  Organizational Chart  Certificate of Achievement for Excellence in Financial Reporting  FINANCIAL SECTION Independent Auditors’ Report - Management’s Discussion and Analysis - Basic Financial Statements: Statements of Net Position - Statements of Revenues, Expenses and Changes in Net Position  Statements of Cash Flows - Combining Statements of Net Position of Major Component Units - Combining Statements of Revenues, Expenses and Changes in Net Position of Major Component Units  Notes to Financial Statements: Note  – Summary of Significant Accounting Policies - Note  – Cash and Equivalents  Note  – Cash Held by State Treasurer  Note  – Restricted Cash and Equivalents  Note  – Investments – Component Units… - Note  – Fair Value Measurements – Component Units  Note  – Accounts Receivable, Net  Note  – Contributions Receivable – Component Units  Note  – Capital Assets - Note  – Unearned Revenues  Note  – Deferred Inflows of Resources – Service Concession Arrangement  Note  – Long-Term Liabilities - Note  – Pension Plan - Note  – Postemployment Benefits Other Than Pensions (OPEB) - Note  – Restricted Net Position  Note  – Contingencies - Note  – Operating Expenses  Note  – Interest Expense  Note  – Massachusetts Management Accounting and Reporting System - Note  – State Controlled Accounts  Note  – Fringe Benefits for Current Employees and Post Employment Obligations – Pension and Non-pension  Note  – Pass-through Loans  Note  – Massachusetts State College Building Authority  TABLE OF CONTENTS Required Supplementary Information to the Financial Statements: Schedule of the University’s Proportionate Share of the Net Pension Liability  Schedule of the University Contributions - Net Pension  Notes to Schedule of the University’s Proportionate Share of the Net Pension Liability and Schedule of University Contributions - Schedule of the University’s Proportionate Share of the Net OPEB Liability  Schedule of the University Contributions – Net OPEB  Notes to Schedule of the University’s Proportionate Share of the Net OPEB Liability and Schedule of University Contributions  STATISTICAL SECTION Schedule of Revenues by Source - Schedule of Expenses by Use - Schedule of Expenses by Function  Schedule of Net Position and Changes in Net Position  Schedule of Ratios of Outstanding Debt  Admissions, Enrollment and Degree Statistics - Average Annual Tuition and Fees - Faculty and Staff Statistics  Schedule of Capital Asset Information  Fall Residence Hall Occupancy – For the Last Ten Years  Labor Force Estimates by Workforce Area  Labor Force Estimates by Workforce City and Town  Demographic Statistics for the Commonwealth of Massachusetts  Largest Employers for the Commonwealth of Massachusetts  Largest Employers of Brockton Area  Academic Subject Areas and Degrees Offered Fall   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 - INTRODUCTORY SECTION BRIDGEWATER STATE UNIVERSITY COMPREHENSIVE ANNUAL FINANCIAL REPORT December 21, 2019 Dear Friends, We are pleased to present the Comprehensive Annual Financial Report for Bridgewater State University (BSU) for the fiscal year ended June 30, 2019 The audit report conveys an unmodified opinion of the university’s financial statements Several factors contributed to the continued strength of the university’s financial position, including: • Sound financial planning, budgeting and management • Implementation of new and more effective recruitment strategies, including the shift to the Common Application, development of a new virtual tour, and an enhanced presence on Naviance (a high school college search platform), resulting in BSU achieving its largest incoming class in its history • Development of new academic programs that are responding to critical needs in the marketplace, including BSU’s first engineering program in photonics/optical engineering and expanded offerings in the health sciences • Implemented a highly successful Senior College offering 6-week seminars and courses for learners over 50 years old • Adoption and expansion of retention strategies targeting at-risk populations of students, including development and scaling-up of a highly successful Summer Bears program facilitating the transition to college for students with lower GPAs and personalized interventions designed to keep students who may otherwise have left the university (e.g., for holds on their accounts) • Making significant new investments in financial aid (local aid has increased by 33 percent since 2015) and hiring a new director of financial aid to more effectively deploy resources to enhance recruitment and retention • Hiring of a new Chief Development Officer and restructuring of the alumni relations and development functions within the president’s office to strengthen alumni engagement and enhance giving in anticipation of launching a major capital campaign in 2020 • Fully aligning resources with university strategic priorities in the budgeting process As a result of the university’s careful stewardship of fiscal resources, Bridgewater has been able to invest in initiatives and programs that advance our highest priority: student success In the past year, BSU: • Continued to support high impact practices, including undergraduate research, study abroad and internships, which are proven to contribute to student success, retention and graduation In 2018-19, BSU surpassed the 600-mark for paid internships, half-way to its goal of creating 1,000 paid internships each year for students BSU was recently recognized as one the three best undergraduate research programs in the nation by the Council of Undergraduate Research BSU also has been named a “Fulbright top producing institution” and was named for the third time by Apple Computer as an Apple Distinguished School • Furthered global engagement, for example, by being selected for the fourth consecutive year to host 25 Mandela Fellows for six weeks as part of the U.S Department of State’s Young African Leaders Initiative • Made continued investments in its full-time faculty In 2019, BSU had 355 full-time faculty, compared to 335 in Fall 2015 • Awarded 2,543 undergraduate and graduate degrees and certificates BSU is committed to providing our students with access to world-class learning opportunities both inside and outside of the classroom at a cost they can afford through careful management of public resources and student funds Sincerely, Frederick W Clark Jr., Esq President LETTER OF TRANSMITTAL December 21, 2019 To President Frederick W Clark Jr., Esq Members of the Board of Trustees and Citizens of the Commonwealth of Massachusetts We are pleased to present to you the Comprehensive Annual Financial Report for Bridgewater State University for the year ended June 30, 2019 The audit report appears in the Financial Section and conveys an unmodified opinion on the university’s financial statements MANAGEMENT RESPONSIBILITY This Comprehensive Annual Financial Report contains the financial statements for the fiscal year ending June 30, 2019, as well as other useful information for the university’s constituents Management assumes full responsibility for the completeness and reliability of the information contained within this report We believe that, to the best of our knowledge, the data contained herein is presented fairly and accurate in all material respects This report was based upon the established internal controls of the university The university’s internal controls ensure that the financial information of the university is reasonable and free of material misstatements Internal control provides reasonable assurance against fraud and misappropriation The cost of internal controls implemented should not exceed the anticipated benefits The internal control plan identifies and summarizes department-wide risks and associated controls to mitigate those risks which can be broadly defined in four categories: student life, safety, capital assets/facilities and financial resources This letter of transmittal should be read in conjunction with the Management’s Discussion and Analysis (pages 21-38), which focuses on current activities, accounting changes and currently known facts The university’s financial statements reflect the reporting standard issued by the Governmental Accounting Standards Board Further, this Comprehensive Annual Financial Report contains all disclosures necessary for a reader to gain an understanding of the university’s financial operations for the fiscal year ending June 30, 2019 PROFILE OF THE UNIVERSITY Founded by American public education pioneer Horace Mann in 1840, Bridgewater State University has grown from its first home – a single room in the basement of Bridgewater Town Hall – to become the largest of the nine Massachusetts state universities and the third largest of the 29 public college and university campuses in the commonwealth With an enrollment of approximately 11,000 students, Bridgewater State University provides opportunity to residents of the region and the commonwealth through a myriad of academic programs and innovative learning experiences inside and outside the classroom The University’s academic programs (36 undergraduate majors and 80 graduate programs) are housed and administered through its six colleges: the College of Education and Health Sciences; the College of Graduate Studies; the College of Humanities and Social Sciences; the Louis M Ricciardi College of Business; the Bartlett College of Science and Mathematics; and the College of Continuing Studies Despite BRIDGEWATER STATE UNIVERSITY 111 460 659 139 136 64 19.3:1 61 19.2:1 461 663 150 177 153 177 357 113 273 173 33 165 337 10 316 14 355 118 278 176 29 163 124 94 118 129 91 109 1119 357 66% 355 67% 1124 2017 2018 135 458 652 362 106 259 169 37 171 1110 55 18.9:1 152 171 313 10 117 92 111 362 67% 2016 135 452 633 335 103 257 176 39 173 1085 54 19.0:1 152 161 302 11 118 79 113 335 65% 2015 134 439 621 332 98 249 177 39 163 1060 55 18.8:1 147 168 302 13 117 84 112 332 68% 2014 Source: Bridgewater State University Office of Institutional Research and Assessment **Of Tenure track faculty Employees Total Full-Time Employees By Category Faculty Executive/Admin/Managerial Other Professional Technical/Paraprofessional Secretarial/Clerical Skilled Craft Service Maintenance By Gender Male Female By Race/Ethnicity Faculty & Staff of Color Faculty Total Full-Time Faculty Percentage Tenured Faculty by Rank** Professor Associate Professor Assistant Professor Instructor By Terminal Degree** With Terminal Degree Without Terminal Degree By Gender** Male Female By Race/Ethnicity Faculty of Color** Students per full-time faculty ratio 129 434 599 328 86 246 170 37 163 1033 53 19.2:1 152 159 298 13 115 87 108 328 68% 2013 114 417 582 321 87 229 173 36 150 999 48 20.4:1 148 148 283 13 110 80 105 321 68% 2012 100 408 556 316 131 162 168 36 147 964 45 20.3:1 156 147 289 14 112 82 108 316 67% 2011 FACULTY AND STAFF STATISTICS - Last Ten Fiscal Years 94 403 556 309 134 166 166 36 144 959 42 21.6:1 154 143 278 19 114 85 94 309 71% 2010 85 402 558 305 129 172 167 38 145 960 37 22.6:1 150 143 275 18 103 94 95 305 70% 2009 112 6,251 4,621 6,724 1,725 6,685 4,630 6,325 - 120 120 10 3,295 3,251 99% 467 467 10 3,294 3,215 98% 403 403 2017 4,621 6,881 - 4,426 10 3,295 3,300 100% 120 463 403 2016 4,656 6,722 1,707 4,602 10 3,295 3,309 100% 120 463 403 2015 4,656 6,622 - 4,694 10 3,295 3,384 103% 120 463 403 2014 4,604 6,601 1,622 4,657 10 3,281 3,191 97% 120 450 301 2013 4,369 7,256 - 4,349 2,781 2,829 102% 120 194 301 2012 Sources: Student Housing Parking Facilities Dining Facilities Building Square Footage 4,232 7,550 1576* 4,378 2,781 2,829 102% 120 194 301 2011 Bridgewater State University Residence Life and Housing Bridgewater State University Administrative Support Services Bridgewater State University Administrative Support Services Bridgewater State University Office of Institutional Research and Assessment * There was a reissuance of faculty/staff parking permits in 2011 Going forward decals will be issued every odd year Student Housing: Residence halls Apartments Units design occupancy Units actual occupancy Percent occupancy Dining facilities: Locations Average daily customers Parking facilities: Parking spaces available Parking permits issued to students Parking permits issued to faculty/staff Academic buildings Net Assignable square feet (in thousands) Adminstrative, support and auxiliary buildings Net Assignable square feet (in thousands) Library Net Assignable square feet (in thousands) 2018 SCHEDULE OF CAPITAL ASSET INFORMATION 4,449 7,610 1,370 4,361 2,781 2,859 103% 120 194 370 2010 4,729 8,247 - 4,288 2,708 2,801 103% 120 197 364 2009 113 2.5 3.0 3.5 2018 3.2 3.3 2017 3.3 3.3 2016 2015 2014 3.2 3.3 Actual Capacity 2013 3.3 3.3 3.3 3.3 3.4 3.3 2012 2.8 2011 2.8 2.8 Normal Capacity 2.8 Bridgewater State University Fall Residence Hall Occupancy For The Last Academic Ten Years Source: Bridgewater State University Residence Life and Housing 0.0 0.5 1.0 1.5 2.0 Thousands 2010 2.8 2.8 2009 2.7 2.7 Actual Capacity Normal Capacity 114 68,313 403,363 202,570 139,588 152,120 324,423 143,076 164,849 120,751 234,596 193,332 495,576 546,533 143,377 242,440 312,015 3,886,900 Labor Force 66,171 392,536 195,608 135,120 148,472 314,316 139,237 160,055 116,060 224,662 187,225 484,555 534,144 138,988 235,993 303,631 3,776,800 Employed 2,142 10,827 6,962 4,468 3,648 10,107 3,839 4,794 4,691 9,934 6,107 11,021 12,389 4,389 6,447 8,384 110,100 Unemployed 3.1% 2.7% 3.4% 3.2% 2.4% 3.1% 2.7% 2.9% 3.9% 4.2% 3.2% 2.2% 2.3% 3.1% 2.7% 2.7% 2.8% Unemployment Rate % Source: Massachusetts Department of Workforce Development, Statewide Report on Labor Force and Umemployment rate, August 2019 Data is not seasonally adjusted Berkshire County Boston Bristol County Brockton Cape & Islands Central MA Franklin/Hampshire Greater Lowell Greater New Bedford Hampden County Lower Merrimack Valley Metro North Metro South/West North Central North Shore South Shore Massachusetts Labor Force Estimates by Workforce Area 115 49,928 9,110 15,059 6,668 17,040 4,094 9,666 Brockton East Bridgewater Easton Hanson Stoughton West Bridgewater Whitman 47,929 8,893 14,667 6,485 16,537 3,979 9,403 9,308 2,748 15,171 135,120 Employed 1,999 217 392 183 503 115 263 456 259 81 4,468 Unemployed 4.0% 2.4% 2.6% 2.7% 3.0% 2.8% 2.7% 2.7% 2.9% 2.9% 3.2% Unemployment Rate Source: Massachusetts Department of Workforce Development Area, Labor Force and Unemployment Rate, August 2019 Data is not seasonally adjusted 9,567 2,829 15,627 139,588 Labor Force Abington Avon Bridgewater Brockton Geographic Area Labor Force Estimates by City and Town 116 Population as of June 30 * 6,824 6,784 6,755 6,709 6,646 6,588 6,557 6,518 6,544 6,450 Year 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 $ 450,962 442,500 415,636 396,206 381,271 363,944 352,243 336,400 327,324 333,046 Total Personal Income ** Source: Commonwealth of Massachusetts Comprehensive Annual Financial Report * Amounts in thousands **Amounts in millions State of Massachusetts Last Ten Calendar Years DEMOGRAPHIC STATISTICS $ 65,890 65,137 62,603 58,737 56,923 54,687 53,471 51,552 49,643 51,254 Per Capita Income 3.8% 4.3% 5.3% 6.2% 6.7% 6.8% 8.1% 8.7% 8.6% 5.1% Average Annual Unemployment Rate 117 Bay State Medical Center, Inc Beth Israel Deaconess Medical Center Boston Medical Center Corporation Boston University Brigham and Women's Hospital, Inc DeMoulas Supermarkets, Inc EMC Corporation General Hospital Corporation Harvard University Massachusetts Institute of Technology Raytheon Company S & S Credit Company, Inc Shaw's Supermarkets, Inc Southcoast Hospitals Group State Street Bank and Trust Company The Children's Hospital Corporation Tufts University UMASS Memorial Medical Center, Inc Verizon New England, Inc 2009 Note: According to the 2018 Commonwealth of Massachusetts Comprehensive Annual Financial Report - March 2018 survey, the following companies are all large Massachusetts employers, however they are headquartered outside of Massachusetts: CVS Pharmacy, Inc, Home Depot U.S.A., Target Corp, United Parcel Service, Inc., Wal-Mart Associates, Inc., and Whole Foods Market Group, Inc Verizon New England is a subsidiary of Verizon Communications, headquartered in New York The information is based on employers registered for unemployment insurance The list may not include those employers who business in Massachusetts under multiple legal corporations and those who register each store, facility or franchisee as a separate employer Source: Commonwealth of Massachusetts Comprehensive Annual Financial Report Bay State Medical Center, Inc Beth Israel Deaconess Medical Center Boston Medical Center Corporation Boston University Brigham and Women's Hospital, Inc DeMoulas Supermarkets, Inc EMC Corporation General Hospital Corporation Harvard University Massachusetts Institute of Technolgy Partners Healthcare Systems, Inc Raytheon Company The Stop & Shop Supermarkets, Co Shaw's Supermarkets, Inc State Street Bank and Trust Company The Children's Hospital Corporation The TJX Companies, Inc Tufts University UMASS Memorial Medical Center, Inc 2018 Largest Private Sector Employers Commonwealth of Massachusetts Latest Completed Calendar Year and Ten Years Prior (Listed Alphabetically) LARGEST EMPLOYERS FOR THE COMMONWEALTH OF MASSACHUSETTS 118 BROCKTON BROCKTON BROCKTON BROCKTON BROCKTON BRIDGEWATER BRIDGEWATER BRIDGEWATER BROCKTON STOUGHTON WEST BRIDGEWATER NORTH EASTON BROCKTON BROCKTON BROCKTON BRIDGEWATER STOUGHTON GOOD SAMARITAN MEDICAL CTR MASSASOIT OF NC INC NISOURCE INC SIGNATURE HEALTH CARE BROCKTON US VETERANS MEDICAL CTR BRIDGEWATER RAYNHAM S D BRIDGEWATER STATE HOSPITAL BRIDGEWATER STATE UNIVERSITY BROCKTON HIGH SCHOOL NEW ENGLAND SINAI HOSPITAL & REHAB SHAW'S SUPERMARKETS INC STONEHILL COLLEGE BROCKTON PUBLIC SCHOOLS BROCKTON SPECIAL EDUCATION CAMPANELLI STADIUM CORRECTIONS DEPARTMENT CURA HEALTH HOSPITAL STOUGHTON 1,000-4,999 1,000-4,999 1,000-4,999 1,000-4,999 1,000-4,999 500-999 500-999 500-999 500-999 500-999 500-999 500-999 250-499 250-499 250-499 250-499 250-499 # of Employees Source: Massachusetts Department of Workforce Development, Division of CareerServices, Economic Analysis Office This list is ordered by size range then alphabetically within the size range City Company Brockton Area Top 20 Employers 119 Source: Bridgewater State University Office of Institutional Research and Assessment BA - Bachelor of Arts BS - Bachelor of Science BSE - Bachelor of Science in Education CAGS - Certificate of Advanced Graduate Study MA - Master of Arts MAT - Master of Arts in Teaching MEd - Master of Education MPA - Master of Public Administration MS - Master of Science MSA - Master of Science in Accountancy MSW - Master of Social Work Accounting and Finance Anthropology Art Aviation Science Biological Sciences Chemical Sciences Communication Studies Communication Disorders Computer Science Criminal Justice Dance Economics Elementary and Early Childhood Education English Global Languages Geography Geological Sciences History Management Mathematics Movement Arts, Health Promotion & Leisure Studies Music Philosophy Physics Political Science Psychology Social Work Sociology Special Education Theater UNDERGRADUATE BS BA BA BS BA BA BA BS BS BS BA BS BSE BA BA BA BA BA BS BS BA BA BA BA BA BS BS BA BSE BA BS BS BS BS BS BS BS Accounting and Finance Art Biological Sciences Communication Disorders Computer Science Counselor Education Criminal Justice Elementary and Early Childhood Education English History Mathematics Movement Arts, Health Promotion & Leisure Studies Music Physics Political Science Psychology Secondary Education and Professional Programs Social Work Special Education ACADMEMIC SUBJECT AREAS AND DEGREES OFFERED - FALL 2018 GRADUATE MSA MAT MAT MS MS MEd MS MEd MA MAT MAT MEd MAT MAT MPA MA MAT MSW MEd MEd MS CAGS MAT CAGS CAGS WBIM Bridgewater State University’s radio station got a new, modern and highly visible space in the Rondileau Campus Center’s lower foyer The new glass-encased soundproof studio with brand new state-of-the art technology including new microphones, computers, monitors and soundboard The radio station was established 1972 and continues to be an all student run staff working together to create a series of regularly scheduled programs each week and offering a wide variety of musical genres SUPPLEMENTAL INFORMATION BRIDGEWATER STATE UNIVERSITY COMPREHENSIVE ANNUAL FINANCIAL REPORT INDEPENDENT AUDITORS' REPORT INDEPENDENT AUDITORS' REPORT Independent Auditors' Report on Internal Control Over Financial Reporting The Board of Trustees Independent Auditors' Report on Internal Control Over Financial Reporting Bridgewater State University andofon Compliance and Other Matters Based on an Audit of Financial The Board Trustees and on Compliance Other Matters Based onOver an Audit of Financial Bridgewater, Massachusetts Independent Auditors' and Report on Internal Control Financial Reporting Bridgewater State University Statements Performed in Accordance with Government Auditing Standards Statements Performedand in Accordance withBased Government Auditing Standards Bridgewater, Massachusetts and on Compliance Other Matters on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards The Board Report on of theTrustees Financial Statements The Boardaudited ofState Trustees Bridgewater University We have the accompanying financial statements of Bridgewater State University (an Agency of the Report on the Financial Statements Bridgewater State University Bridgewater, Massachusetts Commonwealth of Massachusetts) (the "university"), and discretely State presented major (an component units, The Board of Trustees We have audited the accompanying financial statements of its Bridgewater University Agency of the Bridgewater, Massachusetts the Bridgewater State University Foundation and the Bridgewater Alumni Association, which comprise the Bridgewater State University Commonwealth of Massachusetts) (the "university"), and its discretely presented major component units, We have audited, in accordance with auditing standards generally accepted in the United States of America statement of net position as of June 30, 2018 and 2017, the related statements of revenues, expenses, and Bridgewater, Massachusetts We have audited, in accordance with auditing standards generally acceptedAuditing in the United States of America the Bridgewater State University Foundation and the Bridgewater Alumni Association, which comprise and the standards applicable to financial audits contained in Government Standards issued by the the changes in net position, cash flows, combining statements of net position of major component units and the standards applicable to financial audits contained in Government Auditing Standards issued byand the statement of net position June 2018 the and financial 2017,generally the statements related statements of revenues, expenses, and Comptroller General of as theofUnited States, of in thethe business-type activities of We have audited, in accordance with30, auditing standards accepted United States of America combining statements of revenues, expenses and changes in net position of major component units for the Comptroller General of the United States, the financial statements of the business-type activities of changes in net position, cashto(the flows, combining statements net presented position ofmajor major component units Bridgewater State University “university”), and its discretely component units, of and the standards applicable financial audits contained in of Government Auditing Standards issued byasand the year then ended, and the related notes to the financial statements, which collectively comprise the Bridgewater State University (the “university”), and its discretely presented major component units, as of and for the statements year endedof 2019, and theand related notes to financial statements, whichunits collectively combining ofJune revenues, expenses changes in statements netthe position major component for the Comptroller General the 30, United States, the financial ofofthe business-type activities of and for the year ended June 30, 2019, and thethe related notesof tocontents theour financial statements, which collectively university’s basic financial statements as listed in the table comprise the university's basic financial statements and have issued report thereon dated DATE year then ended, and the related notes to financial statements, which collectively comprise Bridgewater State University (the “university”), and its discretely presented major component units, asthe of comprise thebasic university's basic financialas statements andtable have of issued our report thereon dated DATE university’s financial statements in the and for the year ended 30, 2019, andlisted the related notes tocontents the financial statements, which collectively Internal Control Over June Financial Reporting Management's Responsibility for the Financial Statements comprise the university's basic financial statements and have issued ourconsidered report thereon dated December 6, Internal Control Over Financial Reporting In planning and performing audit of the financial statements, we the university's internal Management is Responsibility responsible our forfor thethe preparation and fair presentation of these financial statements in Management's Financial Statements 2019 In planning and performing our audit of the financial statements, we considered the university's internal control overwith financial reporting (internalgenerally control) to determine theUnited audit procedures that are appropriate in the the accordance accounting principles accepted inpresentation the States of America; thisstatements includes Management is responsible for the preparation and fair of these financial in control over financial reporting (internal control) to determine thefinancial audit procedures that arenot appropriate in the circumstances for the purpose of expressing our opinion on the statements, but for the purpose Internal Control Over Financial Reporting design, implementation, and principles maintenance of our internal control relevant to the preparation and fair presentation accordance with accounting generally accepted in the United States of America; this includes the circumstances for the purpose of expressing opinion on the financial statements, but not for the purpose of expressing an performing opinion onare thefree effectiveness of the university's internal control Accordingly, weinternal not In planning statements and our audit of material the financial statements, we considered theoruniversity's of financial that from misstatement, whether to fraud design, implementation, and of internal control relevant to thedue preparation anderror fair presentation of expressing an opinion on maintenance the effectiveness of the university's internal control Accordingly, we not express an opinion on the effectiveness of the university's internal control control over financial reporting (internal control) to determine the audit procedures that are appropriate in the of financial statements that are free from misstatement, express an opinion on the effectiveness of material the university's internal whether control due to fraud or error circumstances the purpose expressing our design opinionoron the financial statements, formanagement the purpose Auditors' Responsibility A deficiency infor internal controlofexists when the operation of a control does but not not allow of expressing an opinion on the effectiveness of the university's internal control Accordingly, we correct, not A deficiency in internal control exists when the design or operation of a control does not allow management Our responsibility is normal to express an opinion on thesetheir financial statements based on our audits Weand conducted or employees, in the course of performing assigned functions, to prevent, or detect Auditors' Responsibility express an opinion on the effectiveness of the university's internal control or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, our in accordance with auditing standards accepted inorbased the United America and misstatements on aistimely basis material is a deficiency, a combination ofofdeficiencies, in Our audits responsibility to express anAopinion onweakness thesegenerally financial statements on ourStates audits We conducted misstatements on such a timely basis Ais material weakness isinaGovernment deficiency, or a combination of deficiencies, in the standards applicable to financial audits contained Auditing Standards, issued by the internal control, that there a reasonable possibility that a material misstatement of the entity's A internal control exists when the design or operation of in a control does States not allow management ourdeficiency audits in inaccordance with auditing standards generally accepted the United of America and internal control, such that there is a reasonable possibility that a material misstatement of the entity's Comptroller General of the United States Those standards require thatAuditing we and or perform audit to financial statements will notcourse be prevented, or detected corrected onto plan aprevent, timely basis Athe significant or in the normal of performing their assigned functions, detect and correct, theemployees, standards applicable financial audits contained in and Government Standards, issued by the financial statements will to not becombination prevented, or detected and corrected on a timely basis A significant obtain reasonable assurance about whether the financial statements are free from material misstatement deficiency is a deficiency, or a of deficiencies, in internal control that is less severe than misstatements on a timely A material weakness is a deficiency, a combination of deficiencies, ina Comptroller of thebasis States Those standards require thatorwe plan that and is perform the audit deficiency is General a deficiency, orUnited a combination of deficiencies, in internal control less severe thantoa material weakness, yet important enough to merit attention by those charged with governance internal control, such that there iswhether a reasonable possibility that aare material misstatement of the entity's obtain reasonable assurance about the financial statements freewith from material misstatement material yet important enough totomerit attention by those about charged governance An auditweakness, involves performing procedures obtain audit evidence the amounts and disclosures in the financial statements will not be prevented, or detected and corrected on a timely basis A significant Our consideration of internal control was for the limited purpose described in the first paragraph of this financial statements The procedures selected depend on the auditors' judgment, including the assessment deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than Our consideration of internal control was for the limited purpose described in the first paragraph of An auditand involves obtain auditinevidence about the disclosures in this thea section was notperforming designed toprocedures identify alltodeficiencies internal control thatamounts might beand material weaknesses of the risks of material misstatement of the financial statements, whether due to fraud or error In making material weakness, yet important enough to merit attention by those charged with governance section and was not designed to identify all deficiencies in internal control that might be material weaknesses financial statements The procedures depend on the including assessment or significant deficiencies Given theseselected limitations, during ourauditors' audit wejudgment, did not identify any the deficiencies in those risk assessments, the auditors consider internal control relevant to the preparation and fair or significant deficiencies Given these limitations, during ourHowever, audit we material diddue notentity's identify any deficiencies in of the risks of material misstatement of the financial statements, whether to fraud or error In making internal control that we consider to be material weaknesses weaknesses may exist that Our consideration offinancial internal statements control wasinfororder the limited purpose described inthat the are firstappropriate paragraph of this presentation of the to design audit procedures in the internal control that we consider to be material weaknesses However, material weaknesses may exist that thosenot risk assessments, the auditors consider internal control relevant themight entity's and fair have been identified section and was not designed to identify all deficiencies in internal controltothat be preparation material weaknesses circumstances, but not for the statements purpose of expressing an opinion on the effectiveness of the entity's internal have not beenof identified presentation the financial in order to design audit procedures that are appropriate in the or significant deficiencies Given these limitations, during our audit we did not identify any deficiencies in control Accordingly, we express no such opinion Ananaudit also on includes evaluating the appropriateness of circumstances, but not for the purpose of expressing opinion the effectiveness of the entity's internal internal control that we consider to be material weaknesses However, material weaknesses may exist that accounting policies used the reasonableness ofAn significant accounting estimates made by management, control we and express no such opinion audit also includes evaluating the appropriateness of have notAccordingly, been identified as well as evaluating the overall presentation of the financial statements accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion 25 Braintree Hill Office Park 25 Braintree27 Hill OfficeStreet Park Church 27 Church Street 25 Braintree Hill Office Park 27 Church Street 122 Suite 102 Braintree, MA 02184 P:617.471.1120 F:617.472.7560 Suite 102 MA Braintree, 02184 P:617.471.1120 F:617.472.7560 Winchester, 01890 MA P:781.729.4949 F:781.729.5247 Winchester, MA 01890 P:781.729.4949 F:781.729.5247 Suite 102 www.ocd.com Braintree, MA 02184 P:617.471.1120 F:617.472.7560 www.ocd.com Winchester, MA 01890 P:781.729.4949 F:781.729.5247 www.ocd.com Compliance and Other Matters As part of obtaining reasonable assurance about whether the university’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts However, providing an opinion on compliance with those Other Reporting Required by Government Auditing Standards provisions was not an objective of our audit and accordingly, we not express such an opinion The results In accordance with Government Auditing Standards, we have also issued our report dated October 15, 2018, of our tests disclosed no instances of noncompliance or other matters that are required to be reported under on our consideration of the university's internal control over financial reporting and on our tests of its Government Auditing Standards compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters The purpose that report is to describe the scope of our testing of internal control over financial reporting Purpose of of this Report and the results of that testing, the andscope not toofprovide an opinion on control internaland control over and Thecompliance purpose of and this report is solely to describe our testing of internal compliance financial reporting or on compliance That report is an integral part of an audit performed in accordance the results of that testing, and not to provide an opinion on the effectiveness of the entity's internal control or with Government This Auditing Standards in considering theaudit university's internal control over financial reporting on compliance report is an integral part of an performed in accordance with Government Auditing and compliance Standards in considering the entity's internal control and compliance Accordingly, this communication is not suitable for any other purpose Certified Public Accountants Certified Public Accountants Braintree, Massachusetts Braintree, Massachusetts October 15,6,2018 December 2019 123 LAVENDER GRADUATION The Lavender Graduation is BSU’s annual ceremony that honors the lives and achievements of our LGBTQ+ and ally students graduating with either an undergraduate or a graduate degree Bridgewater State University was ranked 36th in the nation by College Choice in supporting LGBTA student success COMMENCEMENT GRADUATE - MAY 16, 2019 UNDERGRADUATE - MAY 18, 2019 ... institution’s name to Bridgewater State University Bridgewater State University is considered to be a part of the State of Massachusetts’ primary entity The funds for Bridgewater State University are... accompanying financial statements of Bridgewater State University (an Agency of the Report on the Financial Statements Bridgewater State University Commonwealth of Massachusetts) (the "university" ), and... introduction to Bridgewater State University? ??s basic financial statements Bridgewater State University? ??s basic financial statements comprise two components: 1) the financial statements and 2)