OHSU Board approves audited financial reports

10/22/12  Portland, Ore.

Reports were for 2011-2012 budget year that ended June 30

The Oregon Health & Science University (OHSU) Board of Directors today formally accepted the report of KPMG, LLC, an independent auditor charged with reviewing OHSU’s fiscal year 2012 financial statements. Commissioning an independent audit is a standard, recurring part of OHSU’s annual budget year.

The KPMG report noted “no material errors” and issued “an unqualified opinion stating that the financial statements of OHSU are fairly presented, in all material respects,” in accordance with generally accepted accounting principles. The report also noted no disagreements with management about matters that could be significant to the financial statements or the final report, and no deficiencies in internal controls.

OHSU’s final FY 12 results showed only one notable change from the preliminary figures presented to the Board in September – a $3 million improvement of operating income to $83 million. This reflects a reclassification of $3 million in gifts from non-operating to operating revenues to better reflect the character of the gifts.

About OHSU

Oregon Health & Science University is the state's only public academic health and research university. As one of Oregon's largest employers with more than 14,000 employees, OHSU's size contributes to its ability to provide many services and community support not found anywhere else in the state. OHSU serves patients from every corner of Oregon and is a conduit for learning for more than 4,400 students and trainees. OHSU is the source of more than 200 community outreach programs that bring health and education services to each county in the state.