FundSvcs Community

Hi: I have lead a few of these. They are very time consuming, but worth doing. Do not underestimate the time and manpower needed. I lead this effort at Children's Hospital Foundation (DC). It took more than 2 years. It was critical to have participation from the Controller's Office, General Counsel and academic/clinical leadership. End users were all involved along the way. I established a committee that included institutional leadership to review and adjudicate. It helped. It would not have succeeded if the development team alone worked on this. I have done similar work as a consultant along the way. External counsel is a good idea, including guidance from auditors and non profit accounting consultants. Best of luck, Deborah On Tue, Jun 25, 2019 at 10:12 AM Stacey Halphen <shalphen@lsufoundation.org> wrote: > Good Morning, > > Our organization is looking to conduct a comprehensive fund audit, as the > first step in building out our “compliance” program. Some of our goals of > this process are to develop a central repository for all gift details, > identify spending issues, and flag accounts that may need revision of gift > agreements. > > > > If your organization has gone through a similar exercise for all of your > foundation accounts, can you share the following details? > > - How many accounts were part of your audit? > - Who was involved in the work? (departments; # of team members) > - How long did the process take you? > - Did a consultant help you with the work? What consultant did you > work with? > > > > Thank you in advance for taking the time to provide some insight. > > > > *[image: LSUF Email RGB]* > > *Stacey Halphen* > Director of Stewardship and Gift Administration > LSU Foundation > 3796 Nicholson Drive, Baton Rouge, LA 70802 > office 225-578-7604| fax 225-578-0530 > shalphen@lsufoundation.org| lsu.edu <http://www.lsu.edu/> | > www.lsufoundation.org > > [image: Facebook] <http://www.facebook.com/LSUFoundation> [image: > Twitter] <http://www.twitter.com/LSU_Foundation> [image: Instagram] > <http://www.instagram.com/LSU> [image: YouTube] > <https://www.youtube.com/LSU> > > > -- Deborah L. Brown Associate Vice President for Advancement Services and Administration The Catholic University of America 620 Michigan Avenue | E208 O'Connell Hall Washington, DC 20064 browndl@cua.edu Office: 202-319-6915

Good Morning, Our organization is looking to conduct a comprehensive fund audit, as the first step in building out our "compliance" program. Some of our goals of this process are to develop a central repository for all gift details, identify spending issues, and flag accounts that may need revision of gift agreements. If your organization has gone through a similar exercise for all of your foundation accounts, can you share the following details? * How many accounts were part of your audit? * Who was involved in the work? (departments; # of team members) * How long did the process take you? * Did a consultant help you with the work? What consultant did you work with? Thank you in advance for taking the time to provide some insight. [LSUF Email RGB] Stacey Halphen Director of Stewardship and Gift Administration LSU Foundation 3796 Nicholson Drive, Baton Rouge, LA 70802 office 225-578-7604| fax 225-578-0530 shalphen@lsufoundation.org<mailto:shalphen@lsufoundation.org>| lsu.edu<http://www.lsu.edu/> | www.lsufoundation.org<http://www.lsufoundation.org/> [Facebook]<http://www.facebook.com/LSUFoundation> [Twitter] <http://www.twitter.com/LSU_Foundation> [Instagram] <http://www.instagram.com/LSU> [YouTube] <https://www.youtube.com/LSU>

We have a built in on going audit program. We cycle through our funds every three years. I’m interested to hear about working with consults if you’ve gotten any off line responses. Happy to talk through our process if you’d like. We link our annual audits with our annual request for impact information for our endowment report, works well. Plus, users are more careful with spending when someone watching :) > On Jun 25, 2019, at 12:07 PM, Deborah Brown <browndl@cua.edu> wrote: > > Hi: > I have lead a few of these. They are very time consuming, but worth doing. Do not underestimate the time and manpower needed. I lead this effort at Children's Hospital Foundation (DC). It took more than 2 years. It was critical to have participation from the Controller's Office, General Counsel and academic/clinical leadership. End users were all involved along the way. I established a committee that included institutional leadership to review and adjudicate. It helped. It would not have succeeded if the development team alone worked on this. I have done similar work as a consultant along the way. External counsel is a good idea, including guidance from auditors and non profit accounting consultants. > > Best of luck, > > Deborah > >> On Tue, Jun 25, 2019 at 10:12 AM Stacey Halphen <shalphen@lsufoundation.org> wrote: >> Good Morning, >> >> Our organization is looking to conduct a comprehensive fund audit, as the first step in building out our “compliance” program. Some of our goals of this process are to develop a central repository for all gift details, identify spending issues, and flag accounts that may need revision of gift agreements. >> >> >> >> If your organization has gone through a similar exercise for all of your foundation accounts, can you share the following details? >> >> How many accounts were part of your audit? >> Who was involved in the work? (departments; # of team members) >> How long did the process take you? >> Did a consultant help you with the work? What consultant did you work with? >> >> >> Thank you in advance for taking the time to provide some insight. >> >> >> >> <image001.jpg> >> Stacey Halphen >> Director of Stewardship and Gift Administration >> LSU Foundation >> 3796 Nicholson Drive, Baton Rouge, LA 70802 >> office 225-578-7604| fax 225-578-0530 >> shalphen@lsufoundation.org| lsu.edu | www.lsufoundation.org >> <image002.png> <image003.png> <image004.png> <image005.png> >> >> > > > -- > Deborah L. Brown > Associate Vice President for Advancement Services and Administration > The Catholic University of America > 620 Michigan Avenue | E208 > O'Connell Hall > Washington, DC 20064 > browndl@cua.edu > Office: 202-319-6915 >

Saskia Sawyer t 303.813.7934 | c 303-507.8251 Saskia.sawyer@cufund.org
Original Message----- From: Saskia H. Sawyer <saskia.sawyer@cufund.org> Sent: Monday, July 1, 2019 2:43 PM To: fundsvcs@LISTSERV.FUNDSVCS.ORG Subject: RE: FUNDSVCS Digest - 28 Jun 2019 to 30 Jun 2019 (#2019-184) Good morning - We have started exactly such project three years ago. All done in House - design and execution. We have over 2,800 endowments an over 4,200 current funds. We are not only reviewing every fund, we are also pulling out all the data to feed into a "fund purpose report", allowing fund managers (and Advancement) to be informed of all expectations for a gift fund without reading the agreement. Along the way we are flagging everything from needing to conduct a legal review, a unit review (why not spending, program still around) or accounting review (no spending, zero balance, etc). We are cleaning up and standardizing purpose language and fund names. It is a massive undertaking for our team of 3, but well worth it. As a matter of fact, we will be presenting on this project at the upcoming AASP Summit in Chicago! Best, Saskia Saskia H. Sawyer Assistant Vice President, Gift Services University of Colorado Foundation 1800 Grant Street, Suite 725, Denver CO 80203 t 303.813.7934 | c 303-507.8251 Saskia.sawyer@cufund.org | cufund.org | www.giving.cu.edu/EssentialCU

Saskia Sawyer t 303.813.7934 | c 303-507.8251 Saskia.sawyer@cufund.org
Original Message----- From: Saskia H. Sawyer <saskia.sawyer@cufund.org> Sent: Monday, July 1, 2019 2:43 PM To: fundsvcs@LISTSERV.FUNDSVCS.ORG Subject: RE: FUNDSVCS Digest - 28 Jun 2019 to 30 Jun 2019 (#2019-184) Good morning - We have started exactly such project three years ago. All done in House - design and execution. We have over 2,800 endowments an over 4,200 current funds. We are not only reviewing every fund, we are also pulling out all the data to feed into a "fund purpose report", allowing fund managers (and Advancement) to be informed of all expectations for a gift fund without reading the agreement. Along the way we are flagging everything from needing to conduct a legal review, a unit review (why not spending, program still around) or accounting review (no spending, zero balance, etc). We are cleaning up and standardizing purpose language and fund names. It is a massive undertaking for our team of 3, but well worth it. As a matter of fact, we will be presenting on this project at the upcoming AASP Summit in Chicago! Best, Saskia Saskia H. Sawyer Assistant Vice President, Gift Services University of Colorado Foundation 1800 Grant Street, Suite 725, Denver CO 80203 t 303.813.7934 | c 303-507.8251 Saskia.sawyer@cufund.org | cufund.org | www.giving.cu.edu/EssentialCU