Banking services are also provided to the foundation by Fleet Bank and the Savings Institute. The foundation s auditors follow current FASB guidelines 116 and 117. As required by the Board of Trustees, the foundation is audited annually. The Alumni Association is a separately incorporated entity. It operates its own treasury.
Current goals are to increase the number of alumni making annual donations.
The primary alumni fundraising project is the annual Phonathon, raising operational support for the association and scholarship support for Eastern students. Audits Audits are routinely performed. Program operations, financial aid, and intercollegiate athletics are all audited by the Auditors of Public Accounts. Continuing in FY 99-00, PricewaterhouseCoopers will perform the financial statement audit in accordance with established standards, audit the internal control structure, prepare the annual financial statements, and recommend procedural improvements in its Management Letter. The President's staff reviews the Management Letter, and the auditor's recommendations are implemented as appropriate.