Page 26 - TMCF Annual Report, 2022

FINANCIAL REPORTS
INDEPENDENT AUDITOR’S REPORT
To the Board of Directors of
Thurgood Marshall College Fund and Affiliates
Opinion
We have audited the accompanying consolidated financial statements of Thurgood Marshall College Fund and Affiliates (collectively, “the Organization”), which comprise the consolidated statements of financial position as of December 31, 2022 and 2021; the related consolidated statements of activities, functional expenses, and cash flows for the years then ended; and the related notes to the consolidated financial statements.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Organization as of December 31, 2022 and 2021, and the changes in its net assets and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinion
We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are required to be independent of the Organization and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Emphasis of Matter
As discussed in Note 2 to the consolidated financial statements, the Organization adopted Accounting Standards Update (ASU) 2016-02, Accounting Standards Codification (ASC) 842, Leases, and all subsequent ASUs that modified ASC 842. The Organization has applied the modified retrospective method to adopt this standard during the year ended December 31, 2022, and adjusted the presentation in the consolidated financial statements as permitted by ASC 842. Our opinion is not modified with respect to this matter.
Rogers & Company PLLC
Certified Public Accountants
8300 Boone Boulevard Suite 600
Vienna, Virginia 22182
703.893.0300 voice 703.893.4070 facsimile www.rogerspllc.com
26 2022 ANNUAL REPORT
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