Audit of the African Development Foundation's Financial Statements for Fiscal Years 2008 and 2007

OFFICE OF INSPECTOR GENERAL Audit of the African Development Foundation’s Financial Statements for Fiscal Years 2008 and 2007 AUDIT REPORT NO. 0-ADF-09-002-C November 17, 2008 WASHINGTON, DC Office of Inspector General November 17, 2008 MEMORANDUM TO: ADF President and CEO, Lloyd O. Pierson FROM: AIG/A, Joseph Farinella /s/ SUBJECT: Audit of the African Development Foundation's Financial Statements for Fiscal Years 2008 and 2007 (Audit Report No. 0-ADF-09-002-C) With this memorandum, the Office of Inspector General is transmitting the audit report prepared by the certified public accounting firm of Leonard G. Birnbaum and Company, LLP (Independent Auditor) on the Financial Statements of the African Development Foundation (ADF) as of September 30, 2008 and 2007. We contracted with this Independent Auditor to audit the financial statements. The Independent Auditor expressed an unqualified opinion that ADF’s financial statements, including notes thereto, presented fairly in all material respects its financial positions, the net cost of operations, the changes in net position, and use of budgetary resources for the years ended September 30, 2008 and 2007, in conformity with U.S. generally accepted accounting principles. The report included a significant deficiency related to ADF’s management of grants as discussed on page 14 of the report. ADF is required to address ...