The Nebraska Community Foundation works with community, organizational and donor-advised affiliated funds serving 250 communities located in 80 counties. NCF and its affiliated funds have reinvested $269 million in Nebraska since 1994.
The Nebraska Community Foundation maintains the financial books and records for each of its affiliated funds. Financial reports are prepared and sent to the individual listed as the “primary contact” for your affiliated fund on a regular basis. The individual receiving the reports is responsible for distributing them to all fund advisory committee members and any other individuals involved with the affiliated fund.
Your fund advisory committee should review these reports carefully to be sure that all contributions have been recorded as the donor intended and that all information is complete and accurate. If you have questions about the financial reports or fees, the NCF accounting staff will be happy to assist you.
Descriptions of these reports, information on how to read them and links to examples of each type of report are below.
A “Fund Report” and an “Audit Trail” are sent to each affiliated fund on a quarterly basis. Reports are generally mailed by the 20th of the month following the quarter end.
The fund report includes the following information for each account within your affiliated fund. The letters at the left of each item correspond to letters on the Fund Report Example.
Endowment Payout Summary: This section provides payout information for permanently endowed accounts. (Details on this topic can be found in the NCF Investment Policy.)
An Audit Trail for each account within your affiliated fund is sent with the Fund Report. The Audit Trail provides the ending cash and investments balances, as well as detail of every item of income and expense for the period covered by the Fund Report. You can use the Audit Trail to confirm all contributions made to and disbursements made from your affiliated fund. See a sample Audit Trail.
Annual financial statements titled “Period End Summary” are sent to each affiliated fund on an annual basis following the independent audit of the Nebraska Community Foundation’s financial statements. This report is a summary of all activity of your affiliated fund for the year, and consists of a statement of fund assets and fund balance at June 30 (our fiscal year end) and a statement of income and expenses for the fiscal year ended June 30. See a sample annual financial statement.
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