Best Practices: Annual Audit

Kentucky Baptist Foundation
Kentucky Baptist Foundation Funding the Great Commission

By: Barry G. Allen- President & CEO

The value proposition statement of the Kentucky Baptist Foundation is : “The KBF brings the highest business and Christian ethical standards and methods as a fiduciary of funds and a facilitator of life-changing legacies for Kingdom advancement.”

The KBF’s tagline is this: “steadfast and solid for Kingdom advancement since 1945.”

In keeping with the value proposition and tagline, and consistent with best practices for a not-for-profit corporation, the KBF engages annually an external accounting firm to conduct an audit in accordance with auditing standards generally accepted in the USA. Those standards require the auditors to plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. It also includes assessing the accounting principles used and significant estimates made by the KBF, as well as evaluating the overall financial statement presentation.

On October 24 the audit committee of the KBF board of directors met with the auditors to receive their “independent auditors’ report.” I am pleased to inform you the KBF received “an unqualified opinion” that the financial statements for the period ended August 31, 2012 presented fairly in all material respects the true financial position of the KBF, and that the changes in its net assets and cash flows were in conformity with accounting principles generally accepted in the USA.

The board of directors will receive a report from the audit committee at the board’s next quarterly meeting in December.

Furthermore, in accordance with the covenant agreement with the Kentucky Baptist Convention, we have provided the KBC’s audit work group with the KBF audit as part of the KBF’s accountability to the constituency it serves.

Oliver Wendell Holmes advised, “Put not your trust in money, but your money in trust.” There is no finer instrument of sacred trust than your Kentucky Baptist Foundation.

For more information, please call us at (502) 489-3533 or toll free in KY at 1-(866) 489-3533

The information in this article is provided as general information and is not intended as legal or tax advice. For advice and assistance in specific cases, you should seek the advice of an attorney or other professional adviser.

Kentucky Baptist Foundation

Kentucky Baptist Foundation

Talk with a trusted financial professional.