Financial Statements

UMB's audited financial statements are reported as part of the Supplementary Data section of the University System of Maryland (USM) Financial Report. UMB does not publish separate audited financial statements.

Component Units

Component Units are defined by GASB Statement No. 39 which can be viewed on the GASB web page gasb.org.

As described in GASB 39, organizations that are legally separate, tax-exempt entities and that meet all of the following criteria should be discretely presented as component units. These criteria are:

1. The economic resources received or held by the separate organization are entirely or almost entirely for the direct benefit of the primary government, its component units, or its constituents.
2. The primary government, or its component units, is entitled to, or has the ability to otherwise access, a majority of the economic resources received or held by the separate organization.
3. The economic resources received or held by an individual organization that the specific primary government, or its component units, is entitled to, or has the ability to otherwise access, are significant to that primary government.

UMB currently reports one affiliated foundation and three practice associations in a separate column of its financial statements as component units. These organizations are:

• University of Maryland Baltimore Foundation, Inc.
• University of Maryland Faculty Physicians, Inc.
• University of Maryland Orthopaedic Associates, P.A.
• University of Maryland Pediatric Associates, P.A.