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North Carolina Community Foundation, Inc.Board Presentation
Presentation by
Eddie Burke, CPAPartner
Cherry Bekaert LLP
Table of Contents
Role of the External Auditor
Key Highlights
Summary
1
3
2
2
3
Role of the External Auditor
Actions Plan Perform
Results Express Opinion
Communication Independence Changes
4
Key Highlights
New CFO New Controller
New Investment
Manager
Sold Hickory Property
Major Gifts1. Agency Fund – Duke Energy
2. Contributions - Burevitch
5
Key Highlights
SAS 114 Letter
One passed adjusting journal entry
No adjusting journal entries
6
Total Assets
Cash and CDs
Investments
Other
0.0 50.0 100.0 150.0 200.0 250.0
237.0
14.8
207.1
15.1
Millions
Key HighlightsAssets
7
Key HighlightsReturn on Investments
Measure of profitability that indicates whether or not an organization is using its resources efficiently
*NCCF return is net of agency earnings and investment fees. NCCF investment mix is based on risk with a target model of 65% equities, 25% fixed income, 5% alternative strategies, and 5% cash. Note the DJIA and S&P 500 are pure equity indexes.
2015 2014 20130.0%
5.0%
10.0%
15.0%
20.0%
25.0%
8%
13%
10%10%
20%
11%
8%
11%
9%
DJAS&P 500NCCF
8
Key HighlightsInvestment Audit Procedures
Confirmed large balances and tied
others to statements
Reviewed the fair value footnote
Detail tested fair value for sample of investments
Verified holdings are in accordance with investment policy
Tested controls regarding
management’s review of SSAE 16 reports
Reviewed investment statements for any
significant subsequent events
Analytically reviewed investment revenue and expense items
9
Total Liabilities and Net Assets
A/P and accrued expenses
Agency funds payable
Net assets
0.0 50.0 100.0 150.0 200.0 250.0
237.0
0.9
28.9
207.2
Millions
Key HighlightsLiabilities and Net Assets
10
Key HighlightsRevenues
Total Revenues
Contributions, net
Interest and other investment income
Realized and unrealized gains
Other
0.0 10.0 20.0 30.0 40.0 50.0 60.0
47.7
31.9
5.6
9.9
0.3
Millions
11
Key HighlightsExpenses
Total Expense
Program services, net
Fundraising and development
Administrative
0.0 2.0 4.0 6.0 8.0 10.0 12.0
10.2
8.8
0.5
0.9
Millions
12
Key HighlightsExpenses Percentage By Category
Percentages
Program services
Fundraising and development
Administrative
0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.0
86%
5%
9%
13
Summary
Clean Opinion
No AJEs, one PAJE
Good Internal Controls
No Management
Letter Comments
Full Cooperation
with Management
