ASU Foundation receives clean 2019 audit

ALBANY – The Albany State University Foundation received a clean audit for the July 1, 2018 through June 30, 2019 fiscal year. This year’s audit did not include any material weaknesses or recommendations for improvement from the auditor.

“The ASU Foundation has continued to improve its financial management, procedures and staff training,” said A.L. Fleming, vice president for Institutional Advancement and executive director of the ASU Foundation. 

The audit is a regular review of the fundraising and non-profit unit of Albany State University. The Foundation’s finances and practices were audited by the accounting firm Mauldin & Jenkins.

“This year’s clean audit report is an outcome of the continued process improvement strategically implemented by the Division of Institutional Advancement. These changes were critical to ensure the full confidence of ASU donors in the practices and processes of the ASU Foundation,” said ASU President Marion Fedrick.

“The results of the audit further highlight the professionalism and dedication of the staff and the ongoing efforts to ensure that these changes are a matter of business for the institution and not temporary changes. I’m pleased with the outcome as I’m sure all of our stakeholders will be,” said Gregory Hylick, ASU Foundation board chairman.

The ASU Foundation’s primary responsibility is to solicit and accept private financial and in-kind gifts in order to provide resources, services and funds in support of scholarships and student aid. The organization also maintains donor records, manages specific assets and disburses funds to support university programs. The Foundation has approximately $47 million in total assets, including one real estate venture comprised of two East Campus residence halls and the East Campus student center.

The Foundation also has an endowment value of approximately $3.2 million as of June 30, 2019, an increase from the June 30, 2018 endowment value of $2.3 million. The ASU Foundation assesses no fees administrative or otherwise on gifts made by donors. Gifts made to the ASU Foundation are tax deductible to the extent allowable by law.

The next audit will occur in August 2020.


Follow Albany State University on Twitter and Facebook @AlbanyStateUniv.