The UO Foundation is proud to be a leader in good corporate governance for the nonprofit sector. Integrity and good governance are critical to the UO Foundation's work as fiduciary for donors to the university. Numerous checks and balances exist to ensure the integrity of our business and financial decisions, polices and procedures.
Board of Trustees
The UO Foundation Board of Trustees consists of up to 65 members who are selected for their professional expertise and consistent support of the university. The Board's main responsibilities include overseeing the management and administration of the UO Foundation and its assets. The Board has adopted the Principles for Good Governance and Ethical Practice, A Guide for Charities and Foundations released by the Panel on the Nonprofit Sector, modified to reflect the specific governance model and needs of the Foundation. The principles address legal compliance and public disclosure, effective governance, strong financial oversight, and fiduciary responsibilities.
External Audits and Internal Controls
An independent external auditor annually audits the UO Foundation, providing a review of internal controls and an opinion on the whether the financial statements present fairly, in all material respects, the financial position of the UO Foundation in conformity with generally accepted accounting principles. Additionally, the UO Foundation has implemented COSO-2013, an integrated framework for internal control that facilitates the design, implementation and assessment of effective controls to meet operations, reporting, and compliance objectives. The UO Foundation's audited financial statements are available on the UO Foundation website.
Partnership with the University
There is an open line of communication between the UO Foundation Board of Trustees, UO Foundation leadership, the UO Board of Trustees, the UO President, and the UO Vice President for Advancement that ensures UO Foundation decisions are made solely to promote the best interests of the donors, the university, and the UO Foundation.
We regulate the use of gifts through numerous internal and external controls. Each request from the university to spend donor monies must be approved by a university administrator and is individually reviewed by the UO Foundation to ensure the requested use is consistent with the donor purpose of the fund. In addition, university-authorized signers receive regular financial statements documenting spending activity for each gift fund.
Key Governance Principles
For more information, please contact Chief Compliance Officer Erika Funk