17.4 A certified external audit of the financial statements along with management letter is prepared each year, in conformity with generally accepted accounting principles (GAAP) and federal guidelines. (See definition of Certified External Audit.)
a. Audits demonstrate a recent history of financial stability. (See definition of Financial Stability.)
b. Audit is prepared using the “net asset” model of accounting consistent with the policies and procedures provided by the American Institute of Certified Public Accountants (AICPA) in its document, Audit and Accounting Guide: Not-for-Profit Organizations: June 1, 1996, or any later enacted version.
c. The audit demonstrates adequate finances to support the institutional mission and programs.
The Institution currently contracts with Page and Smith to provide a financial compliance audit.