TCNJ

1 FY 21 ANNUAL FINANCIAL REPORT Dear Trustees and President Foster, I am pleased to submit this executive summary of e College of New Jersey (the college or TCNJ) audited financial statements for the fiscal years ending June 30, 2021. e management of the college is responsible for the preparation, integrity, and fair presentation of the financial statements. e financial statements have been prepared in conformity with accounting principles generally accepted in the United States. e management's discussion and analysis provides an overview of the financial position and activities of the college and should be read in conjunction with the financial statements and notes to the financial statements. e financial results for TCNJ Foundation and Trenton State College Corporation, component units of TCNJ, are presented discretely from the college in the audited financial report. e financial statements have been audited by the independent accounting firm of KPMG LLP, which was given unrestricted access to all financial records and related data, including minutes of all meetings of the Board of Trustees. e college believes that all representations made to the independent auditors during the audit were valid and appropriate. KPMG's unmodified audit opinion is presented on pages 1 to 2 of the report. e college maintains a system of internal controls over financial reporting, which is designed to provide reasonable assurance to the college's management and Board of Trustees regarding the preparation of reliable published financial statements. Such controls are maintained by the establishment and communication of accounting and financial policies and procedures, by the selection and training of qualified personnel and by an internal audit program designed to identify internal control weaknesses in order to permit management to take appropriate corrective actions on a timely basis. ere are, however, inherent limitations in the effectiveness of any system of internal control, including the possibility of human error and the circumvention of controls. Accordingly, even an effective internal control system can provide only reasonable assurance with respect to the financial statement preparation. Management believes that, as of June 30, 2021, the college's system of internal controls was adequate to accomplish the objectives discussed herein. e college's Board of Trustees, through its Audit, Risk Management, and Compliance Committee, is responsible for engaging the independent auditors, and meeting regularly with management, internal auditors, and the independent auditors to ensure that each is carrying out their responsibilities and to discuss auditing, internal control, and financial reporting matters. To insure auditor independence, both internal auditors and the independent auditors have full and free access to the Audit, Risk Management, and Compliance Committee during the committee meetings both with management present and in sessions without management. Based on the above, I hereby certify, to the best of my knowledge, that the information contained in the accompanying financial statements fairly presents, in all material respects the financial condition, changes in net position and cash flows of e College of New Jersey as of June 30, 2021. Respectfully submitted, Mr. Lloyd A. Ricketts Vice President and Treasurer

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