After completing a review of the CSU Stanislaus Foundation’s records, the Office of the Attorney General confirmed that “no charitable assets have been diverted to improper uses”. The review also concluded that the Foundation Board needs to strengthen internal controls to assure greater fiscal oversight of Foundation assets.
Prior to the Attorney General’s findings, the University Foundation had already begun putting steps into place to provide more extensive board training and enhanced accounting practices. The Foundation had also developed fundraising policies and procedures to improve internal controls and increase administrative oversight.
“We appreciate the Attorney General’s review and had already been working to implement many of the recommendations,” said Russ Giambellucca, Vice President for Business & Finance at CSU Stanislaus and Treasurer for the Foundation. “In the past, our Foundation Board was primarily focused on raising money for the University. But over the past year, the Board has been charged with providing more administrative oversight of all Foundation activities and assets. We are pleased that the corrective actions required by the AG are consistent with the direction we’ve been taking already.”
To address the Attorney General’s findings, the CSU Stanislaus Foundation Board will:
1. Continue to provide training to all current and future board members to assure understanding of their fiduciary duties under state law.
2. Implement independent auditor recommendations when received.
3. Routinely and consistently follow established fiscal and governance policies and procedures.
4. Continue to assure that all relationships with professional fundraisers comply with the Government Code.
The Attorney General’s review stemmed from questions over the CSU Stanislaus 50th Anniversary Fundraising Gala that was hosted by the University’s Foundation and featured Sarah Palin as the keynote speaker. The AG’s review has confirmed that no funds had been diverted to improper uses.
Click here to read the Attorney General’s letter.pdf
Prior to the Attorney General’s findings, the University Foundation had already begun putting steps into place to provide more extensive board training and enhanced accounting practices. The Foundation had also developed fundraising policies and procedures to improve internal controls and increase administrative oversight.
“We appreciate the Attorney General’s review and had already been working to implement many of the recommendations,” said Russ Giambellucca, Vice President for Business & Finance at CSU Stanislaus and Treasurer for the Foundation. “In the past, our Foundation Board was primarily focused on raising money for the University. But over the past year, the Board has been charged with providing more administrative oversight of all Foundation activities and assets. We are pleased that the corrective actions required by the AG are consistent with the direction we’ve been taking already.”
To address the Attorney General’s findings, the CSU Stanislaus Foundation Board will:
1. Continue to provide training to all current and future board members to assure understanding of their fiduciary duties under state law.
2. Implement independent auditor recommendations when received.
3. Routinely and consistently follow established fiscal and governance policies and procedures.
4. Continue to assure that all relationships with professional fundraisers comply with the Government Code.
The Attorney General’s review stemmed from questions over the CSU Stanislaus 50th Anniversary Fundraising Gala that was hosted by the University’s Foundation and featured Sarah Palin as the keynote speaker. The AG’s review has confirmed that no funds had been diverted to improper uses.
Click here to read the Attorney General’s letter.pdf