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Agenda Item (VIII-D-1)

Meeting2/21/2017 - Regular
Agenda ItemCommittee - Resources (VIII-D-1)
Subject2015-2016 Independent Audit Report for the Riverside Community College District Foundation
College/DistrictDistrict
Funding
N/A
Recommended ActionIt is recommended that the Board of Trustees receive the Riverside Community College District Foundation’s independent audit report for the year ended June 30, 2016 for the permanent file of the District.

Background Narrative:


An independent audit of the Foundation’s 2015-2016 financial statements was performed by Ahern, Adcock, Devlin, LLP Certified Public Accountants (AAD). A representative of the firm will be available to present the report. Results of the audit are summarized below.

  • Auditor’s Opinion – The auditors have issued an unmodified opinion for the financial audit as of June 30, 2016 and 2015.


  • Audit Findings – There were no findings or questioned costs.


  • As noted in both the SAS 114 and 115 letters, AAD identified a material weakness in the Foundation’s internal control associated with two Charitable Remainder Unitrust donations that were not recognized or recorded in the year the agreements were established. The Foundation is establishing policies to appropriately recognize and account for Charitable Remainder Unitrusts.


  • The audit report was presented to and accepted by the Foundation’s Board of Directors on January 24, 2017.
Prepared By: Aaron Brown, Vice Chancellor, Business and Financial Services
 Melissa Elwood, Controller
Launa K. Wilson, District Foundation Executive Director