Every year, the San Marino Schools Foundation opens its financial statements to independent auditors. After analyzing our numbers and stress testing our internal financial procedures, the auditors completed their report. The final audited report was distributed at the Foundation’s board meeting last Wednesday (December 16, 2020).
In summary, we are pleased to report that the audit found no issues.
In the most recently completed fiscal year, thanks to our community's generous support, the Foundation donated to the school district nearly $2,600,000. In addition, our expense ratios fall below non-profit monitor recommendations, including Charity Navigator.
According to Charity Navigator, “...those spending less than a third of their budget on program expenses are simply not living up to their missions.”
Based upon the auditors' classification of our expenses and applying Charity Navigator's formula for program expense percentage, the Foundation’s program expense percentage is 93%. This percentage would earn the Foundation a 10, Charity Navigator’s highest score. This score, combined with Charity Navigator’s six other performance measures, would earn the Foundation an overall rating of four stars, its highest rating.
The Foundation goes to great lengths to ensure that as much of your donations support our classroom teaching, the recently completed audit reinforces our endeavor.
You can view our most recent audit here. As usual, the Foundation’s financial documents, including our IRS Form 990 and previous audited financial statements, can be found at https://www.smsf.org/about-smsf/financial-statements.html.