At the end of each fiscal year, the University of Central Florida Foundation undergoes an annual financial audit by an independent accounting firm — currently CliftonLarsonAllen (CLA).
The fiscal year 2021 audit, which was completed in accordance with Government Auditing Standards (GASB), resulted in an “unmodified opinion” (clean audit), the highest level of assurance. As part of this process, the auditors review the Foundation’s financial results while considering risk, internal controls, accounting policies and significant estimates. The audit did not reveal any significant deficiencies or material weaknesses in the Foundation’s internal controls.
“Independent audits, such as the one just completed, are important for inspiring and maintaining donor trust because they demonstrate that UCF and the UCF Foundation are committed to financial transparency and accountability,” says Karen Cochran, interim vice president for university advancement and interim CEO of the UCF Foundation. “This reflects our ongoing commitment to proper internal controls and stewardship of university and donor assets.”
Additional highlights included a year-over-year increase of approximately $88 million in total assets held by the Foundation; a $43 million increase in contributions; and a 975% increase in net investment income.