Proposed Revisions to 901.2 - Foundation Financial Statements
REPEAL ENTIRE POLICY – SUPERSEDED BY
901.9
Board policy:
1. Each separately incorporated foundation
is requested to submit an annual financial report through the Commissioner of
Higher Education to the Board of Regents at their December meeting. Such statements should include an expression
of opinion by an independent certified public accountant. In addition, the Board of Regents recommends
that the private foundations incorporate those fund structures and accounting
principles promulgated by College and University Business Administration
and the A.I.C.P.A. - Audit Guide where applicable.
2. It is understood that the accounting
records of the private foundations will be maintained separately from those of
the college or university.
History:
Item 3-012-R1273,
Submission of Annual Financial Statements, Endowment Research
Foundations, December 10, 1973.