Foundation Source provides professional accounting services for all private foundation needs—even the highly specialized audit support that some foundations domiciled in California or other states may require. Here’s a closer look at our accounting and auditing services for private foundations.

Receiving Financial Statements

  • Our Finance Department receives a duplicate financial statement for each account where Foundation Source is responsible for back-office work.
  • Statements are generally received on a monthly basis, but may also be quarterly or semi-annually, depending on the investment and the financial institution.
  • Most statements are received via mail, but some are received via e-mail, fax, directly from the client, or via online access.
  • As statements are received, they are logged into our systems and scanned.
  • Once scanned, statements are separated by region and given to the analyst responsible for that region.

Account Reconciliation

  • Client accounts are reconciled on a daily basis, as statements are received.
  • Statement information is compared to the information within our systems.
  • Data is entered manually or via a data feed sent by a third-party provider (Advent Data).
  • Corrections to the transactions are completed to reconcile the account.
  • This information is used to display client asset information within Impactfully as well as for the preparation of the client’s tax return.

Audit Support

Some private foundations consider it best practice to conduct an annual independent audit of their finances. In addition, some states may require private foundations to conduct an annual, professionally prepared, audit. That may entail creating a financial statement. This requirement may be triggered by a revenue threshold or foundation activity. For clients that desire an audit or are required to conduct one, Foundation Source can furnish spreadsheets, reports, trial statements, and other assistance.