Messenger - Vol. 1, No. 3, Page 5
Spring 1992
University of Delaware Annual Report
Independent Auditors' Report

                    Peat Marwick
                    Certified Public Accountants
                    1201 Market Street
                    Suite 1400
                    Wilmington, DE 19801

     We have audited the balance sheet of the University of Delaware
as of June 30, 1991, and the related statements of changes in fund
balances and current funds revenues, expenditures, transfers and
changes in fund balances for the year then ended. These financial
statements are the responsibility of the University's management. Our
responsibility is to express an opinion on these financial statements
based on our audit.
     We conducted our audit in accordance with generally accepted
auditing standards. These standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
     In our opinion, the aforementioned financial statements present
fairly, in all material respects, the financial position of the
University of Delaware as of June 30, 1991, and the changes in its
fund balances and its current funds revenues, expenditures, transfers
and changes in fund balances for the year then ended in conformity
with generally accepted accounting principles.
     As described in Note 5 to the financial statements, the
University adopted the provisions of Statement of Financial Accounting
Standards No. 93 "Recognition of Depreciation by
Not-for-Profit-0rganizations," in 1991.
     Our audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplementary
information included in the schedule of stocks and convertible
securities is presented for purposes of additional analysis and is not
a required part of the basic financial statements. Such information
has been subjected to the auditing procedures applied in the audit of
the basic financial statements and, in our opinion, is fairly stated
in all material respects in relation to the basic financial statements
taken as a whole.


     September 27, 1991

                    Member Firm of
                    Klynveld Peat Marwick Goerdeler