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Article VII. Fiscal Matters

Section 1. Fiscal Year

The fiscal year for the corporation shall begin on July 1 and end on June 30 of the following year.

Section 2. Operating Budget

The annual operating budget for the corporation shall be reviewed and approved by the Finance and Audit Committee prior to presentation to the Foundation Board for a vote. The President of the University shall assure compliance with any requirements that may be established by the Trustee Board or State concerning budgetary review or approval.

Section 3. Financial Statements

The Foundation Treasurer shall render to the Foundation Board at their first meeting of each fiscal year, preliminary and unaudited financial statements for the year just completed. The Treasurer will submit a Treasurer’s Report at each regular meeting of the Finance and Audit Committee and full Foundation Board.

Section 4. Audit

The Foundation Treasurer shall engage an independent, certified public accountant to perform an annual audit of the Foundation’s financial statements, with the objective being to render an opinion on the financial statements and to provide a management letter. The Certified Public Accountant shall conduct the annual audit in accordance with Generally Accepted Auditing Standards, and rules adopted by the Auditor General pursuant to S. 11.45(8) and by the Trustee Board.

The auditor shall present the audit to the Finance and Audit Committee and shall be available to meet with the Foundation Board. The Finance and Audit Committee shall discuss the audit findings with the Foundation Board and, in accordance with the management letter, shall recommend to the Foundation Board such changes as it deems advisable.

The Foundation shall submit the audit report within nine (9) months, after the end of the fiscal year, to the Auditor General and the State Board of Education for review.

Section 5. Prohibited Activities

The Foundation shall not give, either directly or indirectly, any gift to a political committee as defined in s. 106.11, Florida Statutes, for any purpose.