Albany State University Foundation receives clean 2019 audit
Special Photo: ASU
From staff reports
ALBANY – The Albany State University Foundation received a clean audit for the July 1, 2018-June 30, 2019 fiscal year. This year’s audit did not include any material weaknesses or recommendations for improvement from the auditor.
“The ASU Foundation has continued to improve its financial management, procedures and staff training,” A.L. Fleming, vice president for Institutional Advancement and executive director of the ASU Foundation, said in a news release.
The audit is a regular review of the fundraising and nonprofit unit of Albany State University. The Foundation’s finances and practices were audited by the accounting firm Mauldin & Jenkins.
“This year’s clean audit report is an outcome of the continued process improvement strategically implemented by the Division of Institutional Advancement,” ASU President Marion Fedrick said. “These changes were critical to ensure the full confidence of ASU donors in the practices and processes of the ASU Foundation.”
“The results of the audit further highlight the professionalism and dedication of the staff and the ongoing efforts to ensure that these changes are a matter of business for the institution and not temporary changes,” Gregory Hylick, the ASU Foundation board chairman, said. “ I’m pleased with the outcome, as I’m sure all of our stakeholders will be.”
The ASU Foundation’s primary responsibility is to solicit and accept private financial and in-kind gifts in order to provide resources, services and funds in support of scholarships and student aid. The organization also maintains donor records, manages specific assets and disburses funds to support university programs. The Foundation has approximately $47 million in total assets, including one real estate venture comprising two East Campus residence halls and the East Campus student center.
The Foundation also has an endowment value of approximately $3.2 million as of June 30, an increase from the June 30, 2018 endowment value of $2.3 million. The ASU Foundation assesses no fees, administrative or otherwise, on gifts made by donors. Gifts made to the ASU Foundation are tax deductible to the extent allowable by law.
The next audit will occur in August 2020.
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