An annual audit (financial review when assets total less than $1 million) is performed by an independent public accountant, reviewed and accepted by the governing body and made available to the public upon request.
Stewardship and Accountability - Standard IV. Part G.

The Standard

An annual audit (financial review when assets total less than $1 million) is performed by an independent public accountant, reviewed and accepted by the governing body and made available to the public upon request.

Underlying Rationale

Confirms to the governing board and the community that proper stewardship of the funds placed in its care is being exercised and that funds are being used as the donor intended and to benefit the community.

Potential Outcomes

The community is provided an independent confirmation of the trust and confidence it has placed in the community foundation.