The accompanying Financial Statements show the financial position and the results of operations of the University of California, Los Angeles, for the fiscal year ended June 30, 2001.

The UCLA Financial Statements are prepared from the official University of California records and accounts, which are maintained in accordance with the standards prescribed by the Governmental Accounting Standards Board and the general principles recommended in College and University Business Administration, published by the National Association of College and University Business Officers, and in the Industry Audit Guide for Colleges and Universities, published by the American Institute of Certified Public Accountants.

The accounts of the University of California system are audited on an annual basis by the firm of PricewaterhouseCoopers, whose report is transmitted to The Regents.

As discussed in the summary of significant accounting policies, during the year ended June 30, 2001, the University adopted Governmental Accounting Standards Board Statement No. 33, “Accounting and Financial Reporting of Nonexchange Transactions”.

Respectfully submitted,

Susan K. Abeles
Assistant Vice Chancellor,
Corporate Financial Services

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