An Audit of the Salt Lake County Foundation

July 28, 2025

Report Highlights

Opportunities to Enhance Compliance with Board Member Training Requirements

Utah Code requires all board members of a Governmental Nonprofit Corporation to complete financial training within six months of taking office. We reviewed the training certificates for the Salt Lake County Foundation Board of Directors and found that one board member (33%) had completed the training. However, this training was completed more than six months from the time the board member took office. The Salt Lake County Foundation had not designated an individual to track and retain board member training completion.

Opportunity to Enhance Board Meeting Minute Processes to Support Compliance and Transparency

The Salt Lake County Foundation previously required Board approval for expenditures. In 2023, four expenditures were included on Board Meeting agendas for approval. We were not able to obtain either the approved or draft minutes of the board meeting approving these expenditures.

Opportunity for Enhanced Financial Reporting Accuracy

The Salt Lake County Foundation follows the accrual method for expense recognition and relies on a third-party accounting firm to prepare financial statements. We found that one invoice in 2023 totaling $632 (9% of total expenditures) was mistakenly omitted from the 2023 financial report.

Opportunity for Improvement in Reconciliation Documentation and Process

The Salt Lake County Foundation's financial transactions are logged in a restricted-access spreadsheet maintained by Mayor's Financial Administration. The spreadsheet does not contain details to identify the person completing the reconciliation or the date the reconciliation was completed.