North Carolina Community Foundation, Inc.
Board Presentation
Presentation by
Eddie Burke, CPA
Partner
Cherry Bekaert LLP
Table of Contents
1
Role of the External Auditor
2
Key Highlights
3
Summary
2
Role of the External Auditor
3
Actions
Plan
Results
Express
Opinion
Communication
Independence
Perform
Changes
Key Highlights
New CFO
New
Controller
Sold Hickory
Property
4
New
Investment
Manager
Major Gifts
1. Agency Fund – Duke Energy
2. Contributions - Burevitch
Key Highlights
SAS 114 Letter
One passed adjusting journal entry
No adjusting journal entries
5
Key Highlights
Assets
Other
15.1
Investments
207.1
Cash and CDs
14.8
Total Assets
237.0
0.0
50.0
100.0
150.0
Millions
6
200.0
250.0
Key Highlights
Return on Investments
Measure of profitability that indicates whether or not an organization is using its resources efficiently
25.0%
20%
20.0%
15.0%
13%
11%
10.0%
9.7%
DJA
10%
11%
9%
8.1%
7.5%
S&P 500
NCCF
5.0%
0.0%
2015
2014
2013
*NCCF return is net of agency earnings and investment fees. NCCF investment mix is based on risk with a
target model of 65% equities, 25% fixed income, 5% alternative strategies, and 5% cash. Note the DJIA and
S&P 500 are pure equity indexes.
7
Key Highlights
Investment Audit Procedures
Confirmed large
balances and tied
others to statements
Reviewed the fair
value footnote
Detail tested fair value
for sample of
investments
Verified holdings are
in accordance with
investment policy
Tested controls
regarding
management’s review
of SSAE 16 reports
Reviewed investment
statements for any
significant subsequent
events
Analytically reviewed
investment revenue
and expense items
8
Key Highlights
Liabilities and Net Assets
Net assets
207.2
Agency funds payable
28.9
A/P and accrued expenses
0.9
Total Liabilities and Net Assets
237.0
0.0
50.0
100.0
150.0
Millions
9
200.0
250.0
Key Highlights
Revenues
Other
0.3
9.9
Realized and unrealized gains
5.6
Interest and other investment income
31.9
Contributions, net
47.7
Total Revenues
0.0
10.0
20.0
30.0
Millions
10
40.0
50.0
60.0
Key Highlights
Expenses
0.9
Administrative
0.5
Fundraising and development
8.8
Program services, net
10.2
Total Expense
0.0
2.0
4.0
6.0
Millions
11
8.0
10.0
12.0
Key Highlights
Expenses Percentage By Category
9%
Administrative
5%
Fundraising and development
86%
Program services
0.0
0.1
0.2
0.3
0.4
0.5
Percentages
12
0.6
0.7
0.8
0.9
1.0
Summary
Clean
Opinion
Full
Cooperation
with
Management
No
Management
Letter
Comments
13
No AJEs,
one PAJE
Good
Internal
Controls
Thank You
Eddie Burke | Partner
eburke@cbh.com | 919.782.1040 | cbh.com
Cherry Bekaert LLP
14