The San Diego Public Library Foundation has a fiduciary responsibility to ensure that all gifts are used for the purposes intended by the donors. We take this responsibility seriously. To ensure the efficient use of private funds, the Foundation has established an Audit Committee and a Finance Committee of the Board of Trustees.
The Audit Committee’s responsibilities include:
- Overseeing the quality and integrity of the Foundation’s financial reports and compliance with legal, regulatory and policy requirements
- Hiring and monitoring the performance of independent public accountants
- Overseeing and approving an annual audit
The Finance Committee’s responsibilities include:
- Reviewing and approving an annual operating and grant budget
- Planning and monitoring expenditures of funds through an annual budget, forecast and budget amendment process
- Providing financial oversight for the accounting, management and investment of all funds
The Foundation publishes names of its Board of Trustees and staff.
The Foundation has consistently delivered clean audits and has gained a well-earned reputation as a safe and credible institution to manage donations and funds.
The Foundation has both endowed and non-endowed funds. Endowment funds are invested strategically to preserve their original value and generate income. Income generated from these funds are used to support library programs, services, books and materials.
The San Diego Public Library Foundation is a 501(c)(3) nonprofit organization registered with the IRS and the State of California.