National Standard 13: A Board Oversees Fund Management and Financial Records

A community foundation is a steward of charitable funds, which invests and prudently manages funds and maintains accurate financial records.

Key Elements 

13.1 Are records retained in accordance with federal and state law and the foundation’s record retention policy?

13.2 Does the board receive interim and annual financial statements at board meetings that include a balance sheet, income statement, and cash flow statement?

13.3 Does the board annually receive a report on how its investments performed in relation to its investment policy?

13.4 Who reviews and reports investment performance to the board?

  • a board committee with investment experience
  • a community foundation staff member with investment experience
  • the investment firm managing the funds
  • a third party firm that reports back on the board’s due diligence
  •  other, fill in the blank