GENERAL PURPOSE FINANCIAL STATEMENTS OF THE MINNESOTA HIGHER EDUCATION SERVICES OFFICE Financial Statements and Supplemental Schedules for the Years Ended June 30, 2001 and 2000 and Independent Auditors’ Report MINNESOTA HIGHER EDUCATION SERVICES OFFICE TABLE OF CONTENTS Page MANAGEMENT’S DISCUSSION AND ANALYSIS i INDEPENDENT AUDITORS’ REPORT 1 GENERAL PURPOSE FINANCIAL STATEMENTS FOR THE YEARS ENDED JUNE 30, 2001 AND 2000: Combined Statement of Net Assets 2 Combined Statement of Activities 3 Balance Sheet - Governmental Fund Types 4 Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Fund Types 5 Statement of Revenues, Expenses, and Changes in Net Assets - Proprietary Fund Types 6 Statement of Cash Flows - Proprietary Fund Types 7 Notes to Financial Statements 8 SUPPLEMENTAL SCHEDULES FOR THE YEARS ENDED JUNE 30, 2001 AND 2000: Statement of Net Assets and Changes in Net Assets of Agency Funds 18 Budgetary Comparison Schedule 20 .MANAGEMENT’S DISCUSSION AND ANALYSIS Our discussion and analysis of Minnesota Higher Education Services Office’s (MHESO) financial performance provides an overview of MHESO’s financial activities for the fiscal year ended June 30, 2001. FINANCIAL HIGHLIGHTS • MHESO’s net assets increased $15.5 million as a result of this year’s operations. • MHESO received a new federal grant (AmeriCorps) of $348,000. The AmeriCorps grant supplements the goal of the Get ...