Proposed Revisions to 901.2 - Foundation Financial Statements
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.
Item 3-012-R1273, Submission of Annual Financial Statements, Endowment Research Foundations, December 10, 1973.