ML25337A145
| ML25337A145 | |
| Person / Time | |
|---|---|
| Site: | 07000938 |
| Issue date: | 09/29/2025 |
| From: | PricewaterhouseCoopers, LLP, PwC |
| To: | Massachusetts Institute of Technology (MIT), Office of Nuclear Material Safety and Safeguards |
| Shared Package | |
| ML25337A139 | List: |
| References | |
| Download: ML25337A145 (0) | |
Text
Report of Independent Accountants To the Corporation of the Massachusetts Institute of Technology:
We have performed the procedures enumerated in the Consolidated NMAA Decommissioning Guidance -
Financial Assurance, Recordkeeping, and Timeliness (NUREG-1757. Volume 3, Revision 1, Appendix A),
which were agreed to by management of the Massachusetts Institute of Technology (the Institute, as the engaging party) and the U.S. Nuclear Regulatory Commission (NRC), solely to assist you in evaluating the Institute's compliance with the U.S. Nuclear Regulatory Commissions financial assurance regulations 10 CFR Part 70 and 72 with respect to NRC MIT licenses SNM-986 and R-37 (the Subject Matter) as of June 30, 2024. The Institute is responsible for its compliance with those requirements.
In an agreed-upon procedures engagement, we perform specific procedures that the Institute has agreed to and acknowledged to be appropriate for the intended purpose of the engagement and we report on findings based on the procedures performed. The procedures performed may not address all the items of interest to a user of this report and may not meet the needs of all users of this report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes.
The parties specified in this report have agreed to and acknowledged that the procedures performed are appropriate for their purposes. This report may not be suitable for any other purpose.
The procedures performed 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 Institutes financial statements for the year ended June 30, 2024, which we have audited in accordance with auditing standards generally accepted in the United States of America and have issued our report thereon dated October 11, 2024. 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 CFO Letter Rating per 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 $4.1 billion.
We recalculated the totals of off-balance sheet arrangements as shown in the schedule. We compared the total of the off-balance sheet arrangements to the to the tangible net worth of $33.6 billion in the CFO letter. No exceptions were noted.
PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Suite 500, Boston, MA 02210 T: (617) 530 5000, www.pwc.com/us
2 This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants (AICPA). We were not engaged to and did not conduct an audit or an examination engagement, the objective of which would be the expression of an opinion, or a review engagement, the objective of which would be the expression of a conclusion, on the Institutes compliance with the specified requirements. 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.
In performing this engagement, we are required to be independent of the Institute and to meet our ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.
This report is intended solely for the information and use of management and the Corporation of Massachusetts Institute of Technology and the U.S. 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, 2025
3 Schedule of Reconciling Amounts Contained in Chief Financial Officers Letter with Amounts in Financial Statements Massachusetts Institute of Technology Year Ended June 30, 2024 Per Financial Statements Per CFOs Letter Total net worth (thousands)
$33, 550, 877 Total net worth, rounded (billions)
$33.6 Tangible net worth (billions)
$33.6