CU Foundation Provides Update on Audit Compliance
The University of Colorado Foundation has fully addressed 14 recommendations made by the state auditor in November 2005
Boulder, CO – Feb. 10, 2006 – The University of Colorado Foundation has fully addressed 14 recommendations made by the state auditor in November 2005, as stated in a letter delivered to Sen. Jack Taylor, Chairman of the Legislative Audit Committee.
The committee asked the CU Foundation to provide an update by March 1, 2006. The update, delivered nearly a month early, outlined specifics about the implementation of new policies and procedures, as well as new agreements in place with the University of Colorado.
The State Auditor’s report made 17 recommendations that applied specifically to the CU Foundation, and the Foundation agreed to address all of them. In the letter to Sen. Taylor, Foundation President Michael Byram noted, “The Foundation has fully completed the implementation of 14 (82 percent) of the Auditor’s recommendations. The Foundation, working with the University, has made significant progress toward completion of the final three recommendations. We are pleased with the progress, efforts and cooperation by University and Foundation staff in addressing these recommendations.”
Click on the links below to see the letter and attached summary table of the state auditor’s recommendations:
- Senator Taylor’s Letter [ 560k PDF ]
- Summary Table of the State Auditor’s Recommendations [ 4.6mb PDF ]
Founded in 1967, the University of Colorado Foundation is the independent, non-profit philanthropic partner of the University of Colorado, and is the largest foundation in the Rocky Mountain West dedicated exclusively to higher education. With total assets of more than $750 million, the CU Foundation enables donors to advance the mission of the University of Colorado. For more information, visit www.cufund.org.
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Contacts:
Steve Caulk
303-417-6303
srcaulk@earthlink.net