INDEPENDENT AUDITOR’S REPORT
We have audited the accompanying statement of financial position of New School University (the “University”) as of June 30, 2003, and the related statements of activities and cash flows for the year then ended. These financial statements are the responsibility of the University’s management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of the University for the year ended June 30, 2002, were audited by other auditors whose report, dated November 1, 2002, expressed an unqualified opinion on those statements. The prior year summarized comparative information has been derived from the University's 2002 financial statements.
We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards required 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 audit provides 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 University as of June 30, 2003, and the changes in its net assets and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.
New York, New York
October3, 2003
