National Standard 17: The Board Has and Makes Public the Annual Audit

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. 

Key Elements 

17.1 Does your community foundation have an audit committee?

17.2 Did the Board review and accept the auditor’s annual management letter and audit? If under $5 million, did the board review and approve an independent CPA’s review?

17.3 Is your audit available to the public (i.e. via the website or the office)?