We provided unmodified audit opinions on UW System’s FY 2020-21 financial statements, including its aggregate discretely presented component units. UW System’s net position increased from $5.4 billion as of June 30, 2020, to $6.0 billion as of June 30, 2021. A decline in revenue from tuition and auxiliary operations was offset by the increased federal funding UW System received related to the public health emergency. On a budgetary basis, UW System’s unrestricted program revenue balance increased from $773.2 million as of June 30, 2020, to $977.3 million as of June 30, 2021, or by 26.4 percent. We continued to identify concerns related to establishing a comprehensive information security program at UW System. We recommend UW System Administration ensure it monitors UW institutions for compliance with systemwide policies.