Report of Independent Auditors and Financial Statements ... Page Files/financials2015.pdf · REPORT OF INDEPENDENT AUDITORS ON INTERNAL CONTROL OVER ... financial position of Oregon

ReportofIndependentAuditorsandFinancialStatementswithFederalAwardsSupplementary

Informationfor

OregonResearchInstitute

December31,2015and2014

CONTENTS PAGEREPORTOFINDEPENDENTAUDITORS 1‐2FINANCIALSTATEMENTS Statementoffinancialposition 3 Statementofactivities 4 Statementoffunctionalexpenses 5 Statementofcashflows 6 Notestofinancialstatements 7‐15

SUPPLEMENTARYINFORMATION Scheduleofexpendituresoffederalawards 16‐17 Notestothescheduleofexpendituresoffederalawards 18REPORTOFINDEPENDENTAUDITORSONINTERNALCONTROLOVERFINANCIALREPORTINGANDONCOMPLIANCEANDOTHERMATTERSBASEDONANAUDITOFFINANCIALSTATEMENTSPERFORMEDINACCORDANCEWITHGOVERNMENTAUDITINGSTANDARDS 19‐20REPORTOFINDEPENDENTAUDITORSONCOMPLIANCEFOREACHMAJORFEDERALPROGRAMANDREPORTONINTERNALCONTROLOVERCOMPLIANCEREQUIREDBYTHEUNIFORMGUIDANCE 21‐22SCHEDULEOFFINDINGSANDQUESTIONEDCOSTS 23

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REPORTOFINDEPENDENTAUDITORSTheBoardofDirectorsOregonResearchInstituteReportontheFinancialStatementsWehaveauditedtheaccompanyingfinancialstatementsofOregonResearchInstitute,whichcomprisethestatementsof financialpositionasofDecember31,2015and2014,andtherelatedstatementsofactivities, functional expenses, and cash flows for the years then ended, and the related notes to thefinancialstatements.Management’sResponsibilityfortheFinancialStatementsManagement is responsible for the preparation and fair presentation of these financial statements inaccordancewithaccountingprinciplesgenerallyacceptedintheUnitedStatesofAmerica;thisincludesthe design, implementation, andmaintenance of internal control relevant to the preparation and fairpresentationoffinancialstatementsthatarefreefrommaterialmisstatement,whetherduetofraudorerror.Auditor’sResponsibilityOur responsibility is to express an opinion on these financial statements based on our audits. Weconductedouraudits inaccordancewithauditingstandardsgenerallyacceptedintheUnitedStatesofAmericaand the standardsapplicable to financial audits contained inGovernmentAuditingStandards,issued by the Comptroller General of the United States. Those standards require that we plan andperformtheauditstoobtainreasonableassuranceaboutwhetherthefinancialstatementsarefreefrommaterialmisstatement.Anauditinvolvesperformingprocedurestoobtainauditevidenceabouttheamountsanddisclosuresinthe financial statements. The procedures selected depend on the auditor’s judgment, including theassessmentof the risksofmaterialmisstatementof the financial statements,whetherdue to fraudorerror. Inmakingthoseriskassessments, theauditorconsiders internalcontrolrelevanttotheentity’spreparationand fairpresentationof the financial statements inorder todesignauditprocedures thatare appropriate in the circumstances, but not for the purpose of expressing an opinion on theeffectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonableness ofsignificantaccountingestimatesmadebymanagement,aswellasevaluatingtheoverallpresentationofthefinancialstatements.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforourauditopinion.

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OpinionIn our opinion, the financial statements referred to above present fairly, in allmaterial respects, thefinancialpositionofOregonResearchInstituteasofDecember31,2015and2014,andthechangesinitsnetassetsanditscashflowsfortheyearsthenendedinaccordancewithaccountingprinciplesgenerallyacceptedintheUnitedStatesofAmerica.OtherMattersOurauditwasconductedforthepurposeofforminganopiniononthefinancialstatementsasawhole.Thescheduleofexpendituresof federalawardsasrequiredbyTitle2U.S.CodeofFederalRegulations(CFR)Part200,UniformAdministrativeRequirements,CostPrinciples,andAuditRequirementsforFederalAwards is presented for purposes of additional analysis and is not a required part of the financialstatements. Such information is the responsibility ofmanagement andwas derived from and relatesdirectly to theunderlyingaccountingandotherrecordsused toprepare the financialstatements.Theinformation has been subjected to the auditing procedures applied in the audit of the financialstatements and certain additional procedures, including comparing and reconciling such informationdirectlytotheunderlyingaccountingandotherrecordsusedtopreparethefinancialstatementsortothe financial statements themselves, and other additional procedures in accordance with auditingstandardsgenerallyaccepted in theUnitedStatesofAmerica. Inouropinion, the information is fairlystated,inallmaterialrespects,inrelationtothefinancialstatementsasawhole.OtherReportingRequiredbyGovernmentAuditingStandardsIn accordancewithGovernmentAuditing Standards, we have also issued our report datedMarch 14,2016onourconsiderationof theOregonResearchInstitute’s internalcontrolover financialreportingand on our tests of its compliance with certain provisions of laws, regulations, contracts, and grantagreements and othermatters. The purpose of that report is to describe the scope of our testing ofinternal control over financial reporting and compliance and the results of that testing, and not toprovide an opinion on internal control over financial reporting or on compliance. That report is anintegralpartof anauditperformed inaccordancewithGovernmentAuditingStandards in consideringOregonResearchInstitute’sinternalcontroloverfinancialreportingandcompliance.

Eugene,OregonMarch14,2016

OREGONRESEARCHINSTITUTESTATEMENTOFFINANCIALPOSITION

Seeaccompanyingnotes. 3

2015 2014CURRENTASSETSCashandcashequivalents 533,771$ 916,241$Grantsandcontractsreceivable 1,094,626 725,016Prepaidexpensesanddeposits 138,000 130,749Totalcurrentassets 1,766,397 1,772,006

PROPERTYANDEQUIPMENT,lessaccumulateddepreciationandamortization 401,631 391,777

OTHERASSETSOtherreceivables 26,975 26,000Beneficialinterestinassetsheldbyothers 188,125 280,468

TOTALASSETS 2,383,128$ 2,470,251$

LIABILITIESANDNETASSETS

CURRENTLIABILITIESAccountspayable 543,317$ 687,867$Accruedpayrollandrelatedexpenses 473,592 413,054Accruedleavepayable,currentportion 117,808 99,985Long‐termdebt,currentportion 63,000 36,000Totalcurrentliabilities 1,197,717 1,236,906

LONG‐TERMLIABILITIESAccruedleavepayable 248,083 300,738Long‐termdebt 95,978 79,433

TOTALLIABILITIES 1,541,778 1,617,077

NETASSETSUnrestricted 841,350 853,174Totalnetassets 841,350 853,174

TOTALLIABILITIESANDNETASSETS 2,383,128$ 2,470,251$

ASSETS

DECEMBER31,

OREGONRESEARCHINSTITUTESTATEMENTOFACTIVITIES


2015 2014Unrestricted Unrestricted

Total TotalREVENUES,GAINSANDOTHERSUPPORTGrantsandcontracts 16,591,978$ 18,660,309$Interestincome 4,763 2,894Contributionsanddonations 5,566 7,903Otherincome 10,279 42,069

Totalrevenues,gains,othersupport 16,612,586 18,713,175

EXPENSESProgramservices:HealthyChildDevelopment 1,950,024 2,779,205PhysicalHealth 1,917,936 2,061,184PsychologicalHealth 2,184,775 2,411,683PreventionandTreatment 5,159,256 5,561,273

Totalprogramservices 11,211,991 12,813,345

Supportservices 5,311,040 5,709,399Depreciationandamortization 101,379 168,872

Totalsupportservices 5,412,419 5,878,271

Totalexpenses 16,624,410 18,691,616

CHANGEINNETASSETS (11,824) 21,559

NETASSETS,beginningofyear 853,174 831,615

NETASSETS,endofyear 841,350$ 853,174$

YEARENDEDDECEMBER31,

OREGONRESEARCHINSTITUTESTATEMENTOFFUNCTIONALEXPENSES

FORTHEYEARSENDEDDECEMBER31,2015AND2014

2015 2015HealthyChild Physical Psychological Preventionand Support TotalDevelopment Health Health Treatment Total Services Expenses

Personnel 1,201,842$ 1,185,785$ 1,508,359$ 4,309,201$ 8,205,187$ 2,781,087$ 10,986,274$Subcontracts/Consultants 572,347 564,180 492,848 388,824 2,018,199 67,190 2,085,389Participantfeesandsimilarincentives 38,365 43,149 83,118 320,391 485,023 9,222 494,245Meetings,travel,andtraining 42,438 59,179 39,130 60,904 201,651 97,062 298,713Occupancy 93,586 55,188 37,478 79,936 266,188 1,713,561 1,979,749Financingandinvestmentcosts ‐ ‐ ‐ ‐ ‐ 1,320 1,320Equipment,below$5,000 1,446 10,455 23,842 ‐ 35,743 641,598 677,341Depreciationandamortization ‐ ‐ ‐ ‐ ‐ 101,379 101,379

Totalexpenses 1,950,024$ 1,917,936$ 2,184,775$ 5,159,256$ 11,211,991$ 5,412,419$ 16,624,410$

2014 2014HealthyChild Physical Psychological Preventionand Support TotalDevelopment Health Health Treatment Total Services Expenses

Personnel 1,612,221$ 1,337,918$ 1,593,218$ 4,408,800$ 8,952,157$ 2,892,126$ 11,844,283$Subcontracts/Consultants 1,036,808 470,206 582,874 793,821 2,883,709 79,069 2,962,778Participantfeesandsimilarincentives 51,204 66,406 151,252 157,019 425,881 7,418 433,299Meetings,travel,andtraining 32,455 86,986 34,536 68,350 222,327 114,175 336,502Occupancy 46,517 82,381 45,896 54,437 229,231 1,861,952 2,091,183Financingandinvestmentcosts ‐ ‐ ‐ ‐ ‐ 9,194 9,194Equipment,below$5,000 ‐ 17,287 3,907 78,846 100,040 745,465 845,505Depreciationandamortization ‐ ‐ ‐ ‐ ‐ 168,872 168,872

Totalexpenses 2,779,205$ 2,061,184$ 2,411,683$ 5,561,273$ 12,813,345$ 5,878,271$ 18,691,616$


2015ProgramServices

2014ProgramServices

OREGONRESEARCHINSTITUTESTATEMENTOFCASHFLOWS


2015 2014

CASHFLOWSFROMOPERATINGACTIVITIESChangeinnetassets (11,824)$ 21,559$Adjustmentstoreconcileexcessofrevenuesoverexpensestonetcashfromoperatingactivities:Depreciationandamortization 101,379 168,872Unrealized(gain)loss‐beneficialinterest 10,411 (11,778)

Changesinassetsandliabilities:Grantsandcontractsreceivable (369,610) (124,838)Prepaidexpensesanddeposits (7,251) ‐Otherreceivable,realtedparty (975) (26,000)Accountspayable (144,550) 66,898Accruedpayrollandrelatedexpenses 60,538 333,470Accruedleavepayable (34,832) (69,504)

Netcashfrom(usedby)operatingactivities (396,714) 358,679

CASHFLOWSFROMINVESTINGACTIVITIESAdditionstoinvestmentsheldby

OregonCommunityFoundation (18,068) (10,016)Disbursementsfrominvestmentsheldby

OregonCommunityFoundation 100,000 30,000Additionstopropertyandequipment (111,233) (59,108)Netcashusedbyinvestingactivities (29,301) (39,124)

CASHFLOWSFROMFINANCINGACTIVITIESProceedsfromdebtissuance 80,000 ‐Principalpaymentsonlong‐termdebt (36,455) (71,862)Netcashfrom(usedby)financingactivities 43,545 (71,862)

NET(DECREASE)INCREASEINCASH (382,470) 247,693

CASHANDCASHEQUIVALENTS,beginningofyear 916,241 668,548

CASHANDCASHEQUIVALENTS,endofyear 533,771$ 916,241$

SUPPLEMENTALDISCLOSURECashpaidforinterest 1,320$ 9,194$

YEARENDEDDECEMBER31,

OREGONRESEARCHINSTITUTENOTESTOFINANCIALSTATEMENTS

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NOTE1‐NATUREOFORGANIZATIONANDSUMMARYOFSIGNIFICANTACCOUNTINGPOLICIESNatureoforganization‐OregonResearchInstitute(ORIortheInstitute)wasincorporatedunderthelawsoftheStateofOregon,withthepurposeofprovidingcharitable,scientificandeducationalresearch.TheInstituteissupportedprimarilybyresearchgrantsfromtheU.S.DepartmentofHealthandHumanServicesandtheU.S.DepartmentofEducation.TheInstitute’sprimaryfacilitiesarelocatedinEugene,Oregon,with branchoffices inPortland,Oregon;Albuquerque,NewMexico; Seattle,Washington; andLaredo,Texas.Functional expenses ‐ Expenses for the Institute are summarized according to the functionalclassificationofprogramservicesandsupportservices.Theactivitiesaresegregatedasfollows: ProgramServices:

PromotingHealthy ChildDevelopment: Researchers in this area examine the role that families,schools, friends, neighborhoods, and communities play in promoting the positive development ofchildren, teens, and young adults. The research teams study what leads to social and academicsuccess aswell aswhat leads toproblembehaviors, suchas substanceuseand school failure.ORIscientists work with schools and parents to refine and adapt evidence‐based programs such asliteracystrengthening,socialskillsprograms,andparenttrainingprograms.PromotingPhysicalHealth:ORIresearchersarestudyingwaystokeeppeopleofallagesphysicallyhealthy.ORI’sworkinchronicillnesspreventionbeganinthe1980’swithresearchtofindwaystohelppeoplewithdiabetesmanagetheirillness.Thestudyandpromotionofphysicalactivitybeganinthe1990swithimportantlongitudinalresearchonthefactorswhichinfluencechildrenandyouthtobecome and remain physically active and with important clinical trials of the benefits of Tai Chiexercisefortheelderly.

PromotingPsychologicalHealth: ORIscientistsstudyemotionalandbehavioraldisordersaswellasnormativedevelopmentandpersonality, inordertobetterunderstandfactors thatmakepeoplevulnerabletoseriousmentalhealthdisordersaswellasfactorsthatincreaseresilience,thatis,thathelp people cope with daily challenges. An important component of research in this area isdevelopingandevaluatinginterventionsforthepreventionandtreatmentofdisorders.Treating Tobacco, Alcohol and Illegal Drug Use: ORI’s work in this area dates from researchfunding obtained in the late 1970’s to study tobacco use in young people. Since then, researchinterestshavebroadenedtoincluderesearchonthepreventionofalcoholandotherdruguseamongyouth.TwoimportantORIlongitudinalstudies‐oneonpeerandfamilyinfluencesonyouthdruguse,andtheotheronyoungchildren’sknowledgeofandintenttousealcoholanddrugs‐haveprovidedvaluableguidanceinthedevelopmentofsubstanceabusepreventionprograms.


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NOTE1 ‐NATUREOFORGANIZATIONAND SUMMARYOF SIGNIFICANTACCOUNTINGPOLICIES(Continued)Support services:These expenses relate to the administration, fiscal, personnel, andorganization‐widefunctionsnecessaryfortheInstitutetooperate.

Estimates‐ThepreparationoffinancialstatementsinconformitywithaccountingprinciplesgenerallyacceptedintheUnitedStatesofAmericarequiresmanagementtomakeestimatesandassumptionsthataffect certain reported amounts and disclosures. Accordingly, actual results could differ from thoseestimates.Basisofpresentation‐Theaccompanyingfinancialstatementshavebeenpreparedontheaccrualbasisofaccounting inaccordancewithaccountingprinciplesgenerallyaccepted in theUnitedStatesofAmerica.Net assets and revenues, expenses, gains, and lossesare classifiedbasedon theexistenceor absenceofdonor‐imposedrestrictions.Accordingly,netassetsoftheInstituteandchangesthereinareclassifiedandreportedasfollows: Unrestrictednetassets‐Netassetsthatarenotsubjecttodonor‐imposedstipulations. Temporarilyrestrictednetassets‐Netassetssubjecttodonor‐imposedstipulationsthatmayorwill

bemet, either by actions of the Institute and/or the passage of time. When a restriction expires,temporarily restricted net assets are reclassified to unrestricted net assets and reported in thestatementofactivitiesasnetassetsreleasedfromrestrictions.Whenrevenueisreceivedinthesamefiscalperiodastheexpendituresareincurred,therevenueisrecordedasunrestrictednetassets.In2015and2014,theInstitutehadnotemporarilyrestrictednetassets.

Permanentlyrestrictednetassets‐Netassetssubjecttodonor‐imposedstipulationsspecifythatthe

Institutemaintainthempermanently.Generally,thedonorsoftheseassetspermittheInstitutetouseallorpartofthe incomeearnedonanyrelatedinvestmentsforgeneralorspecificpurposes. AsofDecember31,2015and2014,theInstitutehadnopermanentlyrestrictednetassets.

Propertiesandequipment(property)‐Purchasedpropertiesarerecordedatcost.Donatedpropertiesarerecordedattheirestimatedfairmarketvalueonthedateofgift.Expendituresformaintenanceandrepairsareexpensed,whilerenewalsandbettermentsarecapitalized.Assetspurchasedwithacostoflessthan$5,000arenotaccountedforasproperty;however,theInstitutemaintainsrecordsforfederalgrant and insurancepurposes. The cost andaccumulateddepreciationofproperty soldorotherwisedisposedofareeliminatedfromtheaccountsandtheresultinggainsorlossesarereflectedinrevenueand expenses. Depreciation and amortization are computed using straight‐line methods over theestimatedlivesoftherelatedassetsrangingfrom2to15years.Depreciationandamortizationexpensewas$101,379and$168,872fortheyearsendedDecember31,2015and2014,respectively.


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NOTE1 ‐NATUREOFORGANIZATIONAND SUMMARYOF SIGNIFICANTACCOUNTINGPOLICIES(Continued)Revenuerecognition ‐TheInstituterecognizesrevenueasqualifiedexpensesare incurred,subjecttothe amount authorized in the grant agreement. Unreimbursed grant expenses due from grantoragenciesarereflectedinthefinancialstatementsasreceivablesandrevenues.Grantsandcontractsreceivable‐Grantsandcontractsreceivableincludeamountsbilledandunbilledon grants and other agreements through December 31. As of December 31, 2015 and 2014, noallowance for uncollectible receivables was deemed necessary by management, as all amounts areconsideredcollectible.Incometaxes‐TheInstituteisatax‐exemptorganizationandisnotsubjecttofederalorstateincometaxes, except for unrelated business income, in accordance with Section 501(c)(3) of the InternalRevenue Code. In addition, the Institute qualified for the charitable contribution deduction underSection 170(b)(1)(A) and has been classified as an organization that is not a private foundation.Unrelated business income tax, if any, is insignificant and no tax provision has been made in theaccompanyingfinancialstatements.The Institute follows theprovisionsofFASBAccountingStandardsCodification (ASC)740‐10, IncomeTaxes,relatingtoaccountingforuncertaintaxpositionsandthereisnofinancialstatementimpacttotheInstitute. The Institute recognizes the taxbenefit fromuncertain taxpositiononly if it ismore likelythan not that the tax positionswill be sustained on examination by the tax authorities, basedon thetechnicalmerits of the position. The tax benefit ismeasured based on the largest benefit that has agreater than 50% likelihood of being realized upon ultimate settlement. The Institute recognizesinterestandpenaltiesrelatedtoincometaxmattersinsupportexpenses.TheInstitutehadnouncertaintaxpositionsatDecember31,2015.Cashand cashequivalents ‐ For purposes of the statement of cash flows, the Institute considers allhighlyliquidinvestmentsanddebtinstrumentspurchasedwithamaturityofthreemonthsorlesstobecashequivalents.ThebalancesatDecember31,2015and2014are composedof tworegionalbanks’demanddepositandmoneysweepaccounts.Grantsandcontracts ‐ Amounts receivedor receivable fromgrantor agencies are subject to audit andadjustmentbysuchagencies.AnydisallowedcostscouldbecomealiabilityoftheInstitute.Managementbelieves that unallowable costs, if any,wouldnotbe significant andwouldnothave amaterial adverseeffectontheInstitute’sfinancialposition.Concentrationofcreditrisk‐FinancialinstrumentsthatpotentiallysubjecttheInstitutetocreditriskconsist of cash and receivables. The Institute’s cash balances are with federally insured banks andperiodically the Institute’sdeposits exceed insured limits. AtDecember31,2015and2014,balancesexceeded insured limits by $485,063 and $915,144, respectively. The Institute’s receivables areprimarilyfromgovernmentalentities.


10

NOTE1 ‐NATUREOFORGANIZATIONAND SUMMARYOF SIGNIFICANTACCOUNTINGPOLICIES(Continued)

Fairvalueoffinancialinstruments‐TheInstitutehasadoptedFinancialAccountingStandardsBoard(“FASB”) authoritative guidance that defines fair value, establishes a framework for measuring fairvalue, and expands disclosures about fair valuemeasurements. Fair value is the price thatwould bereceived to sell an asset or paid to transfer a liability in an orderly transaction between marketparticipantsatthemeasurementdate.Thefairvaluehierarchyrequiresanentitytomaximizetheuseofobservableinputsandminimizetheuseofunobservableinputswhenmeasuringfairvalue. Therearethreelevelsofinputsthatmaybeusedtomeasurefairvalue:

Level1‐Quotedpricesinactivemarketsforidenticalassetsorliabilities.

Level 2 ‐Observable inputs other thanLevel 1prices, such asquotedprices for similar assets orliabilities;quotedpricesinmarketsthatarenotactive;orotherinputsthatareobservableorcanbecorroboratedbyobservablemarketdataforsubstantiallythefulltermoftheassetsorliabilities.

Level 3 ‐ Unobservable inputs that are supported by little or no market activity and that aresignificanttothefairvalueoftheassetsorliabilities.

Financestaffdetermine fairvaluemeasurementpoliciesandproceduresunder thesupervisionof theAdministrativeDirectorandFinanceCommittee.Thesepoliciesandproceduresarereassessedannuallyto determine if current valuation techniques are still appropriate. A variety of qualitative factors areused to subjectively determine the most appropriate valuation methodologies. Methodologies areconsistent with the market, income and cost approaches. Unobservable inputs used in fair valuemeasurementsareevaluatedandadjustedonanannualbasis,orasnecessarybasedoncurrentmarketconditionsandotherthirdpartyinformation.The fair values of the Institute’s financial instruments have generally been determined to fallwithinLevel 1 of the valuation hierarchy, with the exception of funds held by The Oregon CommunityFoundationwhichareconsideredLevel3investments.SeeNote4–OtherAssets.

Supportconcentration ‐TheU.S.DepartmentofHealthandHumanServicesfunded$12,675,734and$15,612,190 in the years endedDecember 31, 2015 and 2014, respectively. The U.S. Department ofEducation funded $1,027,103 and $1,277,387 in the years ending December 31, 2015 and 2014respectively. This is 76.3% and 6.2% (83.4% and 6.8% for 2014), respectively, of the total revenuereceived.ThesegrantscoverprojectperiodsexpiringatvariousdatesthroughJune2020.

SubsequentEvents ‐ Subsequent events are events or transactions that occur after the statement offinancial position date but before financial statements are available to be issued. The Instituterecognizes in the financial statements the effects of all subsequent events that provide additionalevidenceaboutconditions thatexistedat thedateof thestatementof financialposition, including theestimates inherent in the process of preparing the financial statements. The Institute’s financialstatementsdonotrecognizesubsequenteventsthatprovideevidenceaboutconditionsthatdidnotexistatthedateofthestatementoffinancialpositionbutaroseafterthestatementoffinancialpositiondateandbeforefinancialstatementsareavailabletobeissued.


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NOTE1 ‐NATUREOFORGANIZATIONAND SUMMARYOF SIGNIFICANTACCOUNTINGPOLICIES(Continued)Subsequent Events (Continued) ‐ The Institute has evaluated subsequent events throughMarch 14,2016,whichisthedatethefinancialstatementswereissued.Reclassifications‐ Certain accounts in the prior year financial statements have been reclassified forcomparative purposes to conform to the presentation in the current year financial statements. Suchreclassificationsdonotaffectpreviouslyrecordednetassets.NOTE2‐GRANTSANDCONTRACTSRECEIVABLEGrantsandcontractsreceivableconsistofthefollowing:

2015 2014

U.S.DepartmentofEducation 59,234$ 56,616$U.S.DepartmentofHealthandHumanServices 442,731 389,181Passthroughgrants 584,919 275,417Other 7,743 3,802

1,094,626$ 725,016$

DECEMBER31,

NOTE3‐PROPERTYANDEQUIPMENTPropertyandequipmentconsistofthefollowing:

2015 2014

Facilitiesequipment 355,881$ 355,881$Technologyequipmentandsoftware 412,453 311,445Researchequipment 131,442 121,218

899,776 788,544Lessaccumulateddepreciationandamortization (498,145) (396,767)

401,631$ 391,777$

DECEMBER31,


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NOTE4‐OTHERASSETSThe Institute provides funds for the Oregon Research Institute Fund (the Fund) with the OregonCommunity Foundation (OCF). OCF is the legal owner of the Fund. In accordancewith aDecember1999agreement,OCFisrequiredtomakeannualdistributionsofaportionofthevalueoftheFundtoORI. However, at the requestofORI, thosedistributionshavebeendeferreduntil the fundreachesaspecifiedlevel.Additionally,theagreementalsograntstoOCFthepowertomodifytherestrictionsandconditionsoftheFundagreementtoincludethenatureandtimingofdistributionsastheOCFBoardofDirectorsseesfit.Thisprovisionisconsideredvariancepower.AsofDecember31,2015,$188,125hasbeenrecognized in theStatementofFinancialPositionof theInstitute,andisconsideredabeneficialinterestinassetsheldbyothers($280,468asofDecember31,2014). Thebeneficial interest is investedintheBostonCommonAssetManagementFund, inamixofUnitedStatesequities, internationalequities,andfixed incomeinstruments;allofwhicharetraded inpublicmarkets.Thefairvalueofthebeneficialinterestisrecordedatcurrentmarketvalue.The following schedule summarizes the activity in the Fund, stated at fair value, for the years endedDecember31:

2015 2014

Beginningbalance 280,468$ 288,674$Increases:

TransferstoOCF 5,566 7,903Interestanddividendincomeoninvestments 4,193 2,190Realizedgainoninvestment 11,328 2,666Unrealizedgain(loss)oninvestment (10,411) 11,778

Decreases:TransfersfromOCF (100,000) (30,000)OCFfees (3,019) (2,743)

Endingbalance 188,125$ 280,468$


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NOTE5–SHORT‐TERMDEBTTheInstitutemaintainsalineofcreditfor$200,000withavariableinterestrateof1.0percentagepointovertheprimelendingrate.However,undernocircumstanceswilltheinterestrateonthelineofcreditbe less than 5.0%per annum. The interest ratewas 5.0% as ofDecember 31, 2015 and 2014. ThebalanceonthelineofcreditasofDecember31,2015and2014waszero,andthelineofcreditwassettoexpireinJulyof2016.Thelineofcreditiscollateralizedwithpropertyandequipment.Subsequenttoyearend,theInstituterenewedthelineofcreditincreasingtheavailablelineto$500,000andextendingthematuritydatetoJuly2017.

NOTE6–LONG‐TERMDEBT

2015 2014

On December 31, 2012 the Institute initiated a notewith a line of credit totaling $181,240. The note issecuredbyequipmentandaccountsreceivable,anditis payable to Pacific Continental Bank in monthlyinstallments of $3,384 at an annual fixed interest rateof 4.5% at December 31, 2015. The note matures inJanuary2018. 78,978 115,443

On November 30, 2015 the Institute initiated an$80,000 note payable. The note is secured byequipment and accounts receivable, and it is payableto Pacific Continental Bank in monthly installmentsof $2,365 at an annual fixed interest rate of 3.98%.ThenotematuresinDecember2018. 80,000 ‐

158,978 115,443Lesscurrentportion (63,000) (36,000)

95,978$ 79,443$

DECEMBER31,

Principalmaturitybyyearisasfollows:

YEARENDINGDECEMBER31,

2016 63,000$2017 66,0002018 29,978

Thereafter ‐

158,978$


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NOTE7‐COMMITMENTSANDCONTINGENCIESOperatingleases‐TheInstituteisobligatedundernon‐cancelableoperatingleasesforofficespaceandequipment.Theleasesgenerallyprovideforrenewalsonsubstantiallythesametermsandconditionsasthose in effect during the initial term. The total annual rent expense under all agreements was$1,702,001 and $1,685,154 for 2015 and 2014, respectively. Approximate minimum annual rentalcommitmentsareasfollows:


2016 1,714,0002017 1,732,0002018 1,650,0002019 1,658,0002020 1,948,000

Thereafter 15,172,000

23,874,000$

Total minimum annual rental payments have not been reduced byminimum sublease rentals in thefutureundernon‐cancelablesubleases,asofDecember31,2015.The Institute subleases office space under a non‐cancelable operating lease. Total annual rent andcommon area maintenance income under the agreement was $419,123 and $396,242 for 2015 and2014, respectively. Sublease income has offset occupancy expense in the Statement of FunctionalExpenses.Approximateminimumsubleaseincomecommitmentsareasfollows:


2016 352,0002017 331,000

Thereafter ‐

683,000$

NOTE8–RELATEDPARTYTRANSACTIONSServiceAgreements–TheInstituteprovidesofficespaceandcertainadministrativeservicesforthreeCompanies, two of which are affiliated with ORI. All three Companies are separately controlledCompanies, however, some employees of theCompanies are also employees of the Institute. For theyears ended December 31, 2015 and 2014, service reimbursements under these agreements totaled$88,050and$35,050,respectively.AtDecember31,2015and2014,servicereimbursementsreceivabletotaled$7,743and$3,802,respectively.


15

NOTE9‐RETIREMENTPLANTheInstitutemakescontributionstotaxshelteredannuitiesforallsalariedemployeeswhoareone‐halfthe full timeequivalentormore. Theannuities areestablishedunder InternalRevenueCodeSection403(b)which is available to certain tax exempt organizations. The Institute’s contribution ratewas8.5%and7.5%of theemployee’s salary in2015and2014, respectively. Foreligibleemployeeswhoelectsalarydeferredcontributionsofatleast1%oftheircompensation,theInstituteincreasesby2%itscontributionsmadeontheirbehalf.Contributionstotheplanwere$797,438and$787,790in2015and2014,respectively.NOTE10–CONTINGENCIESGrants – The Institute has grants with various organizations and government agencies which aresubjecttoaudit.Managementbelievesthatanyliabilitywhichmayresultfromtheseauditswouldnotbematerial.Legal–TheInstituteisapartytocertainlegalactionsarisingintheordinarycourseofbusiness.Intheopinion of management, additional liabilities, if any, under these actions will not result in materialchargesagainstnetassets.NOTE11‐INDIRECTADMINISTRATIVEEXPENSESIndirect administrative expenses have been allocated to the various programs. For the year endedDecember31,2015and2014, the indirect rate toon‐siteprogramswas55.7%. Theprovisional rategrantedbytheFederalGovernmentis55.6%in2015andin2014.

SUPPLEMENTARYINFORMATION

OREGONRESEARCHINSTITUTESCHEDULEOFEXPENDITURESOFFEDERALAWARDS

FORTHEYEARENDEDDECEMBER31,2015

The accompanying notes are an integral part of this schedule. 16

Federal Pass‐Through

CFDA EntityIdentifying Federal AmountProvided

Number Number Expenditures toSubrecipients

RESEARCHANDDEVELOPMENTCLUSTER

DEPARTMENTOFEDUCATION

DirectPrograms

EducationResearch 84.305 670,630$ ‐$SpecialEducation‐ResearchandInnovationtoImproveServices

andResultsForChildrenWithDisabilities 84.324 356,473 154,540

TOTALDEPARTMENTOFEDUCATIONDIRECTPROGRAMS 1,027,103 154,540

Pass‐ThroughProgramFrom:

UniversityofTexasHealthScienceCenteratHouston‐Education,

Research,Development,Dissemination 84.305 R305A140386 198,232 ‐

IRISMedia‐EducationResearch,DevelopmentandDissemination 84.305 R305A150046 62,871 ‐

OregonStateBoardofHigherEducationforandon

behalfoftheUniversityofOregon‐ResearchandInnovationto

ImproveServicesandResultsForChildrenWithDisabilities 84.324 R324A120304 97,760 ‐

BoardofRegents,UniversityofWisconsinSystem‐Researchand

InnovationtoImproveServicesandResultsForChildrenWithDisabilities 84.324 R324A120408 21,022 ‐

UniversityofLouisville‐ResearchandInnovationtoImprove

ServicesandResultsForChildrenWithDisabilities 84.324 R324A150179 118,384 ‐


behalfoftheUniversityofOregon‐ResearchandInnovationto

ImproveServicesandResultsForChildrenWithDisabilities 84.324 R324A150138 26,726 ‐

TOTALDEPARTMENTOFEDUCATIONSUBRECIPIENTPROGRAMS 524,995 ‐

TOTALDEPARTMENTOFEDUCATIONALLPROGRAMS 1,552,098$ 154,540$

DEPARTMENTOFHEALTHANDHUMANSERVICES(DHHS)

DirectPrograms

InnovationsinAppliedPublicHealthResearch 93.061 232,286$ ‐$

FamilySmokingPreventionandTobaccoControlActRegulatoryResearch 93.077 11,467 ‐

ResearchandTraininginComplementaryandAlternativeMedicine 93.213 238,177 4,511

MentalHealthResearchGrants 93.242 1,301,137 166,364

AlcoholResearchPrograms 93.273 868,384 135,739

DrugAbuseResearchPrograms 93.279 5,169,975 490,107

CancerCauseandPreventionResearch 93.393 782,228 3,434

Diabetes,Digestive,andKidneyDiseasesExtramuralResearch 93.847 1,197,144 17,478

CenterforResearchforMothersandChildren 93.865 796,387 164,427

AgingResearch 93.866 2,078,549 463,541

TOTALDHHSDIRECTPROGRAMS 12,675,734 1,445,601

FederalGrantor/

Pass‐ThroughGrantor/ProgramorClusterTitle

OREGONRESEARCHINSTITUTESCHEDULEOFEXPENDITURESOFFEDERALAWARDS(continued)


The accompanying notes are an integral part of this schedule. 17

Federal Pass‐ThroughCFDA EntityIdentifying Federal AmountProvidedNumber Number Expenditures toSubrecipients

DEPARTMENTOFHEALTHANDHUMANSERVICES(DHHS)(continued)Pass‐ThroughProgramFrom:

UniversityofKansasCenterforResearch‐MaternalandChild

HealthFederalConsolidatedPrograms 93.110 1R40MC26822 141,543$ ‐$UniversityofSouthCarolina‐MentalHealthResearch 93.242 5RO1MH097699 305,503 ‐

DePaulUniversity‐AlcoholResearchPrograms 93.273 1RO1AA022763 25,327 ‐

ArizoniaStateUniversity‐AlcoholResearchPrograms 93.273 7RO1AA022071 180,622 ‐

BrownUniversity‐AlcoholResearchPrograms 93.273 1RO1AA023522 3,743 ‐

FamilyWorks‐DrugAbuseResearchPrograms 93.279 2R44DA026658 58,125 ‐

VirginiaCommonwealthUniversity‐DrugAbuseResearchPrograms 93.279 RO1DA031724 61,863 ‐

RegentsoftheUniversityofMinnesota‐DrugAbuseResearchPrograms 93.279 3U54DA031659 787,897 ‐

OregonHealthandScienceUniversity‐DrugAbuseResearchPrograms 93.279 3R33DA035640 76,490 ‐

UniversityofConnecticut‐DrugAbuseResearchPrograms 93.279 5RO1DA021898 14,135 ‐


behalfoftheUniversityofOregon‐DrugAbuseResearchPrograms 93.279 1R01DA037628 135,720 ‐

ArizonaStateUniversity‐DrugAbuseResearchPrograms 93.279 5RO1DA035832 216,137 ‐

ArizonaStateUniversity‐DrugAbuseResearchPrograms 93.279 5RO1DA007031 92,240 ‐

BoardofRegents,UniversityofNevada,Reno‐MentalHealth

NationalResearchServiceAwardsforResearchTraining 93.282 RO1MH083740 2,489 ‐

RegentsoftheUniversityofMinnesota‐CancerResearchPrograms 93.393 RO1CA141531 69,684 ‐

KleinBlundel,Inc.‐CancerResearchPrograms 93.393 R42HD051244 1,017 ‐

OregonHealthandScienceUniversity‐CancerTreatmentResearch 93.395 5RO1CA1634740 78,449 ‐


behalfoftheUniversityofOregon‐Arthritis,Musculoskeletal

andSkinDiseasesResearch 93.846 RO1AR063713 12,489 ‐

RegentsoftheUniversityofColorado,UniversityofColoradoDenverUrologyandHematologyResearch 93.847 5R18DK096387 19,546 ‐

UniversityofMichigan‐Diabetes,Digestive,andKidneyDiseasesExtramuralResearch 93.847 1RO1DK102532 14,261 ‐


behalfoftheUniversityofOregon‐AgingResearch 93.866 5RO1AG046401 41,198 ‐

TOTALDHHSSUBRECIPIENTPROGRAMS 2,338,478 ‐

TOTALDHHSALLPROGRAMS 15,014,212$ 1,600,141$

ENVIRONMENTALPROTECTIONAGENCY

Pass‐ThroughProgramFrom:


behalfoftheUniversityofOregon‐ScienceToAchieve

Results(STAR)ResearchProgram 66.509 83575701 19,181$ ‐$

TOTALRESEARCHANDDEVELOPMENTCLUSTER 16,585,491 1,754,681

TOTALEXPENDITURESOFFEDERALAWARDS 16,585,491$ 1,754,681$

FederalGrantor/Pass‐ThroughGrantor/ProgramorClusterTitle

OREGONRESEARCHINSTITUTESCHEDULEOFEXPENDITURESOFFEDERALAWARDS


18

Note1‐BasisofPresentationThe accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federalgrant activity of Oregon Research Institute under programs of the federal government for the yearended December 31, 2015. The information in this Schedule is presented in accordance with therequirementsofTitle2U.S.CodeofFederalRegulationsPart200,UniformAdministrativeRequirements,CostPrinciples,andAuditRequirements forFederalAwards (UniformGuidance).Because theSchedulepresentsonlyaselectedportionoftheoperationsofOregonResearchInstitute,itisnotintendedtoanddoesnotpresentthefinancialposition,changesinnetassetsorcashflowsofOregonResearchInstitute.

Note2‐SummaryofSignificantAccountingPoliciesExpenditures reported on this Schedule are reported on the accrual basis of accounting. Suchexpendituresarerecognizedfollowing,asapplicable,eitherthecostprinciplesinOMBCircularA‐122,CostPrinciples forNon‐profitOrganizations, or the costprinciples contained in theUniformGuidance,wherein certain types of expenditures are not allowable or are limited to reimbursement. NegativeamountsshownontheSchedule,ifany,representadjustmentsorcreditsmadeinthenormalcourseofbusinesstoamountsreportedasexpendituresinprioryears.OregonResearchInstitutehaselectednottousethe10percentdeminimusindirectrateallowedundertheUniformGuidance.

19

REPORTOFINDEPENDENTAUDITORSONINTERNALCONTROLOVERFINANCIALREPORTINGANDONCOMPLIANCEANDOTHERMATTERSBASEDONANAUDITOFFINANCIALSTATEMENTS

PERFORMEDINACCORDANCEWITHGOVERNMENTAUDITINGSTANDARDSTheBoardofDirectorsOregonResearchInstituteWehaveaudited, inaccordancewiththeauditingstandardsgenerallyacceptedintheUnitedStatesofAmerica and the standards applicable to financial audits contained inGovernmentAuditingStandardsissued by the Comptroller General of the United States, the financial statements of Oregon ResearchInstitute,whichcomprisethestatementoffinancialpositionasofDecember31,2015,andtherelatedstatements of activities, functional expenses, and cash flows for the year then ended, and the relatednotestothefinancialstatements,andhaveissuedourreportthereondatedMarch14,2016.InternalControlOverFinancialReportingIn planning and performing our audit of the financial statements, we considered Oregon ResearchInstitute’sinternalcontroloverfinancialreporting(internalcontrol)todeterminetheauditproceduresthat are appropriate in the circumstances for the purpose of expressing our opinion on the financialstatements,butnot for thepurposeofexpressinganopinionon theeffectivenessofOregonResearchInstitute’s internal control. Accordingly,wedonot express anopinionon the effectivenessofOregonResearchInstitute’sinternalcontrol.A deficiency in internal control exists when the design or operation of a control does not allowmanagementoremployees,inthenormalcourseofperformingtheirassignedfunctions,toprevent,ordetect and correct, misstatements on a timely basis. A material weakness is a deficiency, or acombinationofdeficiencies,ininternalcontrolsuchthatthereisareasonablepossibilitythatamaterialmisstatementoftheentity'sfinancialstatementswillnotbeprevented,ordetectedandcorrected,onatimelybasis.Asignificantdeficiency isadeficiency,oracombinationofdeficiencies,ininternalcontrolthatislessseverethanamaterialweakness,yetimportantenoughtomeritattentionbythosechargedwithgovernance.Ourconsiderationofinternalcontrolwasforthelimitedpurposedescribedinthefirstparagraphofthissection and was not designed to identify all deficiencies in internal control that might be materialweaknessesorsignificantdeficiencies.Giventheselimitations,duringourauditwedidnotidentifyanydeficiencies in internal control that we consider to be material weaknesses. However, materialweaknessesmayexistthathavenotbeenidentified.

20

REPORTOFINDEPENDENTAUDITORSONINTERNALCONTROLOVERFINANCIALREPORTINGANDONCOMPLIANCEANDOTHERMATTERSBASEDONANAUDITOFFINANCIALSTATEMENTS

PERFORMEDINACCORDANCEWITHGOVERNMENTAUDITINGSTANDARDS(Continued)

ComplianceandOtherMattersAs part of obtaining reasonable assurance about whether Oregon Research Institute’s financialstatements are free from material misstatement, we performed tests of its compliance with certainprovisionsoflaws,regulations,contracts,andgrantagreements,noncompliancewithwhichcouldhaveadirectandmaterialeffectonthedeterminationoffinancialstatementamounts.However,providinganopiniononcompliancewiththoseprovisionswasnotanobjectiveofouraudit,andaccordingly,wedonotexpresssuchanopinion.TheresultsofourtestsdisclosednoinstancesofnoncomplianceorothermattersthatarerequiredtobereportedunderGovernmentAuditingStandards.PurposeofthisReportThe purpose of this report is solely to describe the scope of our testing of internal control andcompliance and the results of that testing, and not to provide an opinion on the effectiveness of theentity’s internal control or on compliance. This report is an integral part of an audit performed inaccordance with Government Auditing Standards in considering the entity’s internal control andcompliance.Accordingly,thiscommunicationisnotsuitableforanyotherpurpose.


21

REPORTOFINDEPENDENTAUDITORSONCOMPLIANCEFOREACHMAJORFEDERALPROGRAMANDREPORTONINTERNALCONTROLOVERCOMPLIANCEREQUIREDBYTHE

UNIFORMGUIDANCE

TheBoardofDirectorsOregonResearchInstituteReportonComplianceforEachMajorFederalProgramWe have audited Oregon Research Institute’s compliancewith the types of compliance requirementsdescribed in theOMBCompliance Supplement that could have a direct andmaterial effect onOregonResearch Institute'smajor federal program for the year endedDecember 31, 2015. OregonResearchInstitute's major federal program is identified in the summary of auditor's results section of theaccompanyingscheduleoffindingsandquestionedcosts.Management’sResponsibilityManagement is responsible for compliance with federal statutes, regulations, and the terms andconditionsofitsfederalawardsapplicabletoitsfederalprograms.Auditor’sResponsibilityOurresponsibilityistoexpressanopiniononcomplianceforOregonResearchInstitute’smajorfederalprogrambasedonourauditofthetypesofcompliancerequirementsreferredtoabove.WeconductedourauditofcomplianceinaccordancewithauditingstandardsgenerallyacceptedintheUnitedStatesofAmerica; the standards applicable to financial audits contained in Government Auditing Standards,issuedbytheComptrollerGeneraloftheUnitedStates;andtheauditrequirementsofTitle2U.S.CodeofFederal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Those standards and the Uniform Guidancerequire that we plan and perform the audit to obtain reasonable assurance about whethernoncompliancewith the typesof compliance requirements referred toabove that couldhaveadirectandmaterialeffectonamajorfederalprogramoccurred.Anaudit includesexamining,onatestbasis,evidenceaboutOregonResearch Institute’scompliancewiththoserequirementsandperformingsuchotherproceduresasweconsiderednecessaryinthecircumstances.We believe that our audit provides a reasonable basis for our opinion on compliance for the majorfederal program. However, our audit does not provide a legal determination of Oregon ResearchInstitute’scompliance.OpiniononEachMajorFederalProgramIn our opinion, Oregon Research Institute complied, in all material respects, with the types ofcompliance requirements referred to above that could have a direct andmaterial effect on itsmajorfederalprogramfortheyearendedDecember31,2015.

22

REPORTOFINDEPENDENTAUDITORSONCOMPLIANCEFOREACHMAJORFEDERALPROGRAMANDREPORTONINTERNALCONTROLOVERCOMPLIANCEREQUIREDBYTHE

UNIFORMGUIDANCE(Continued)

ReportonInternalControlOverComplianceManagement of Oregon Research Institute is responsible for establishing and maintaining effectiveinternal control over compliance with the types of compliance requirements referred to above. Inplanningandperformingourauditof compliance,weconsideredOregonResearch Institute's internalcontrolovercompliancewiththetypesofrequirementsthatcouldhaveadirectandmaterialeffectonthe major federal program to determine the auditing procedures that are appropriate in thecircumstances for thepurposeofexpressinganopiniononcompliance for themajor federalprogramandtotestandreportoninternalcontrolovercomplianceinaccordancewiththeUniformGuidance,butnot for thepurposeofexpressinganopinionon theeffectivenessof internalcontrolovercompliance.Accordingly,wedonotexpressanopinionontheeffectivenessofOregonResearchInstitute'sinternalcontrolovercompliance.Adeficiency in internal controlover complianceexistswhen thedesignor operationof a control overcompliance does not allow management or employees, in the normal course of performing theirassigned functions, to prevent, or detect and correct, noncompliance with a type of compliancerequirement of a federal program on a timely basis. A material weakness in internal control overcomplianceisadeficiency,oracombinationofdeficiencies,ininternalcontrolovercompliancesuchthatthereisareasonablepossibilitythatmaterialnoncompliancewithatypeofcompliancerequirementofafederal program will not be prevented, or detected and corrected, on a timely basis. A significantdeficiencyininternalcontrolovercomplianceisadeficiency,oracombinationofdeficiencies,ininternalcontrolovercompliancewithatypeofcompliancerequirementofafederalprogramthatislessseverethanamaterialweaknessininternalcontrolovercompliance,yetimportantenoughtomeritattentionbythosechargedwithgovernance.

Ourconsiderationofinternalcontrolovercompliancewasforthelimitedpurposedescribedinthefirstparagraph of this section and was not designed to identify all deficiencies in internal control overcompliance that might be material weaknesses or significant deficiencies. We did not identify anydeficienciesininternalcontrolovercompliancethatweconsidertobematerialweaknesses.However,materialweaknessesmayexistthathavenotbeenidentified.Thepurpose of this report on internal control over compliance is solely to describe the scopeof ourtestingofinternalcontrolovercomplianceandtheresultsofthattestingbasedontherequirementsofUniformGuidance.Accordingly,thisreportisnotsuitableforanyotherpurpose.


OREGONRESEARCHINSTITUTESCHEDULEOFFINDINGSANDQUESTIONEDCOSTS


23

SectionI‐SummaryofAuditor’sResults

Financial Statements

Typeofauditor’sreportissued: Unmodified

Internalcontroloverfinancialreporting:

Materialweakness(es)identified? Yes No

Significantdeficiency(ies)identified? Yes Nonereported

Noncompliancematerialtofinancialstatementsnoted? Yes No

FederalAwards

Internalcontrolovermajorfederalprograms:

Materialweakness(es)identified? Yes No

Significantdeficiency(ies)identified? Yes Nonereported

Anyauditfindingsdisclosedthatarerequiredtobereportedinaccordancewith2CFR200.516(a)? Yes No

IdentificationofMajorFederalProgramsandTypeofAuditor’sReportIssuedonComplianceforMajorFederalPrograms:

CFDANumbers NameofFederalProgramorCluster

TypeofAuditor’sReportIssuedonComplianceforMajorPrograms

Various ResearchandDevelopmentCluster Unmodified

DollarthresholdusedtodistinguishbetweentypeAandtypeBprograms: $ 750,000

Auditeequalifiedaslow‐riskauditee? Yes No

SectionII‐FinancialStatementFindingsNonereported

SectionIII‐FederalAwardFindingsandQuestionedCostsNonereported

Documents

Report of Independent Auditors and Financial Statements ... Page Files/financials2015.pdf · REPORT OF INDEPENDENT AUDITORS ON INTERNAL CONTROL OVER ... financial position of Oregon