This goal was reached in house only. It was determined that the record keeping procedures of the Development Office met the needs of the office. The results have provided important information in planning and preparing future solicitation efforts. We are currently in the process of the 1996-97 fiscal year audit. We recently received a draft financial statement and management letter and expect to have the completed audit in the next two weeks.
Preliminary reports indicate that the accounting and office procedures are acceptable and approved.
As required by the new operating agreement with the University, the Foundation secured a separate auditing first to conduct the 1996-97 audit. This has provided for a more comprehensive exam with a closer relationship between the Foundation and accounting firm. The Friends of Eastern Foundation is a well established organization with a strong history of charitable giving. Previous development directors are active board members and continue to participate in stewardship and in identifying prospective donors. The leadership of the Foundation Board has remained constant over the years and provides an important continuity for the program.