09: Annual Audit (or Independent Financial Review)

Confirming
Reconfirming

The community foundation submits a copy of the annual audit as conducted by an independent certified public accountant. If total assets are $5 million or less, the foundation may submit a financial review conducted by an independent certified public accountant. Evidence of the public availability of the most recent audit or financial review is also submitted.

Key Elements 
  1. If assets are less than $5 million:
    • The financial review was conducted by an independent certified public accountant.
    • The financial review indicates that no material modifications should be made to the financial statements.
  2. If assets are $5 million or more:
    • The audit was conducted by an independent certified public accountant.
    • The audit receives an unqualified opinion.
  3. Evidence of public availability of audit or financial review.
Core Materials 

Required Documents

  • Audit or financial review
  • Evidence of public availability of audit or financial review (page from annual report or printout from website)
Related Standards 

IV. Stewardship and Accountability

IV.A    A community foundation is a steward of charitable funds, investing and prudently managing funds and maintaining accurate financial records.

IV.F    A community foundation ensures that the foundation's financial resources are used solely in furtherance of its mission.

IV.G    A community foundation has an annual audit (or financial review, when assets total less than $5 million) that is performed by an independent public accountant, reviewed and accepted by the governing body, and made available to the public upon request.