Two Excerpts from a Letter Written by a Gentleman in Our Government to a "Recent" Graduate of the College of William and Mary in Virginia.

To the Board of Visitors of The College of William and Mary and Richard Bland College: We are pleased to submit the following consolidated annual financial report for The College of William and Mary and Richard Bland College for the fiscal year ended June 30,2014. Financial management has prepared and is responsible for the consolidated financial statements and all information in the financial report. The financial statements have been prepared in conformity with generally accepted accounting principles consistently applied. The statements contained in this report are intended to provide a picture of the flow of financial resources during the fiscal year 2013-14 and the balances available for the future. Management believes that the current internal control systems provide reasonable assurance that assets are safeguarded against loss from unauthorized use or disposition, and that the financial records are reliable for preparing financial statements and maintaining accountability for assets. These statements are augmented by written policies and organizational structure providing division of responsibilities, careful selection and training ofthe financial staffl, and aprogram of internal audits. (Unaudited) This Management's Discussion and Analysis (MD&A) is a supplement to the College's financial statements designed to assist readers in understanding the financial statement information presented. The following information includes a comparative analysis between the current fiscal year ending June 30, 2014 and the prior year ending June 30, 2013. Significant changes between the two fiscal years and important management decisions are highlighted. The summarized information presented in the MD&A should be reviewed in conjunction with both the financial statements and associated footnotes in order for the reader to have a comprehensive understanding of the College's financial status and results of operations for fiscal year 2014. College management has prepared the MD&A, along with the financial statements and footnotes, and is responsible for all of the information presented. statements are summarized and analyzed in the MD&A. The financial statements of the College of William and Mary are consolidated statements that include the College, the Virginia Institute of Marine Science (VIMS) and Richard Bland College (RBC). All three entities are agencies of the Commonwealth of Virginia reporting to the Board of Visitors of the College of William and Mary and are referred to collectively as the " Colleges " within the MD&A as well as in the financial statements under the columns titled " College " , unless otherwise indicated. The College's affiliated foundations are also included in …