ML20274A228
| ML20274A228 | |
| Person / Time | |
|---|---|
| Site: | 07000938 |
| Issue date: | 09/29/2020 |
| From: | PricewaterhouseCoopers, LLP |
| To: | Massachusetts Institute of Technology (MIT), NRC/NMSS/DFM/FFLB |
| Naquin T | |
| Shared Package | |
| ml20274a208 | List: |
| References | |
| Download: ML20274A228 (3) | |
Text
Report of Independent Accountants To the Corporation of Massachusetts Institute of Technology:
We have performed the procedures included in the Consolidated NMAA Decommissioning Guidance -
Financial Assurance, Recordkeeping, and Timeliness (NUREG-1757, Volume 3, Revision 1, Appendix A) and enumerated below, which were agreed to by management of Massachusetts Institute of Technology (the Institute"), solely to assist you in evaluating the Institutes compliance with the Nuclear Regulatory Commission's financial assurance regulations 10 CFR Part 70 and 72 with respect to NRC MIT licenses SNM-986 and R-37. The sufficiency of these procedures is solely the responsibility of the parties specified in this report. Consequently, we make no representation regarding the sufficiency of the procedures enumerated below either for the purpose for which this report has been requested or for any other purpose.
The procedures performed in relation to the CFOs Letter dated September 29, 2020 and results thereof are as follows.
- 1. We obtained the CFO Letter which states on page 2 total tangible net worth. We agreed the amount stated to total net assets as stated in the Institute's financial statements for the year ended June 30, 2020, which we have audited in accordance with auditing standards generally accepted in the United States of America and have issued our report thereon dated September 11, 2020. A comparison of the financial statements to the CFOs Letter is shown in the accompanying schedule to this report.
We inquired of management as to the existence of any reconciling items between tangible net worth and total net assets as shown on the schedule. Management responded that there were no reconciling items.
- 2. Mathematical accuracy checks over a schedule of reconciling items was not performed. Based on procedure 1, no reconciling items between tangible net worth and total net assets were noted.
- 3. We compared the bond ratings in the CFO Letter to data obtained from external, publicly available source as follows:
Rating per the Rating per CFO Letter External Source External Source AAA AAA www.standardandpoors.com
- 4. We inquired of management as to the existence of any off-balance sheet arrangements. We obtained from management a schedule of off-balance sheet arrangements totaling $3,412,363,000.
We recalculated the totals of off-balance sheet arrangements as shown on the schedule. We compared the total of the off-balance sheet arrangements to the tangible net worth of $24.2 billion in the CFO letter. No exceptions were noted.
PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Boston, Massachusetts 02210 T: (617) 530 5000, F: (617) 530 5001, www.pwc.com/us
This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. We were not engaged to and did not conduct an examination or review, the objective of which would be the expression of an opinion or conclusion, respectively, on compliance with the regulations. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.
This report is intended solely for the information and use of management and the Corporation of Massachusetts Institute of Technology and the Nuclear Regulatory Commission, and is not intended to be, and should not be, used by anyone other than these specified parties.
Boston, Massachusetts September 29, 2020 2 of 3
Schedule for Reconciling Amounts Contained in Chief Financial Officers Letter with Amounts in Financial Statements Massachusetts Institute of Technology Year Ended June 30, 2020 Per Financial Per CFO's Statements Letter Total net worth (thousands) $24,216,931 Total net worth, rounded (billions) $24.2 Tangible net worth (billions) $24.2 3 of 3