Donor assurance in the financial health of the Foundation as well the confidentiality of information is of utmost importance to the Foundation. As a supporting organization to First Community Church, the Foundation takes very seriously its obligation to operate transparently. Its financial information is available for public inspection.
Our expectations are to adhere to current best practices for not-for-profit organizations and foundations as well as generally accepted accounting principles and requirements. The Foundation also has annual requirements for completion of the IRS Form 990 to ensure it meets federal and state standards.
The Foundation’s assets are professionally managed by an independent registered investment advisor, Johnson Investment Counsel. Johnson is regulated by the Securities and Exchange Commission and is legally bound to act in a client’s best interest.
The First Community Foundation has a stringent system of checks and balances in place to ensure it is operated in a sound fiscal manner. Through our Board of Trustees and its committees, we draw upon the financial and management expertise from the members of First Community Church to continuously improve our fiscal performance. The organization’s operating budget as well as grant funding decisions are reviewed and approved by committees of our Board of Trustees, with the final approval by our Board.
Each year, the Foundation undergoes an annual financial statement audit by an independent CPA firm. The latest audit was completed in June 2020, and our independent auditors reported our financial statements fairly and accurately present our financial position. The annual audit is approved by the Board of Trustees.