The North Dakota University System's (the "System") discussion and analysis (MD&A) provides an overview of the System's financial activities and issues for the year ended June 30, 2008. It is designed to focus on the current year's activities, resulting changes and currently known facts to assist readers in understanding the accompanying financial statements. This discussion provides an overview of the financial position of the System for the year ended June 30, 2008 and should be read in conjunction with the accompanying financial statements and notes to the financial statements. Activities from the eleven public post-secondary campuses, the North Dakota University System Office, and the System's component units are included in the accompanying financial statements. This annual report consists of a series of financial statements. The Statement of Net Assets, the Statement of Revenues, Expenses, and Changes in Net Assets, and the Statement of Cash Flows provide information on the System as a whole and present a long-term view of the System's finances.