The Library Foundation has a fiduciary responsibility to ensure that all gifts are used for the purposes intended by the donors. We take this responsibility seriously. To ensure the efficient use of private funds, the Foundation has established an Audit Committee and a Finance Committee of the Board of Trustees.
The Audit Committee’s responsibilities include:
- Report and recommend the results of audit findings to the Foundation’s Board of Trustees for approval,
- Review the audited financial statements and other financial reports (including, the IRS Form 990) prepared by the Foundation,
- Review and assess the organization’s operational and financial risk management process, including the adequacy of the overall control environment and controls in selected areas representing significant risk, and,
- Hire and monitor the performance of the Foundation’s independent audit firm.
The Finance Committee’s responsibilities include:
- Review the monthly and annual financial statements, investment reports, key financial ratios, and key operating benchmarks and ensure compliance with fiscal budget guidelines,
- Recommend internal accounting and financial reporting policies that maintain and improve the financial health and integrity of the Foundation,
- Review and recommend an annual operating budget consistent with the long-range financial plan,
- Monitor the financial performance of the Foundation against approved budgets, long-term trends, and industry benchmarks,
- Review and recommend a long-range financial plan for the Foundation, and,
- Review the financial aspects of major proposed transactions, new programs, and services, as well as proposals to discontinue programs or services, and make recommendations to the Board.
The Foundation has consistently delivered clean audits and has gained a well-earned reputation as a safe and credible institution to manage donations and funds.
The Foundation has both endowed and non-endowed funds. Endowment funds are invested strategically to preserve their original value and generate income. Income generated from these funds are used to support library programs, services, books, and materials.
The San Diego Public Library Foundation is a 501(c)(3) nonprofit organization registered with the IRS and the State of California.