Transparency, Compliance, and Anti-Bribery
In order to provide control of the FEFU Endowment Foundation operations the following controlling bodies and controlling measures shall be established:
INTERNAL AUDIT COMMISSION
Internal Audit Commission shall exercise control over financial operations of the Foundation, over implementation of provisions of the Foundation By-Laws, and over implementation of the decisions of the governing bodies of the Foundation. Based on the results of the review, the Internal Audit Commission shall submit a year-end audit report on the use of assets of the Foundation to its Board and its Board of Trustees.
The Internal Audit Commission comprises of the following members:
- Victoria Kozyreva, Deputy Director of the FEFU Department of the Economy and Planning;
- Alexey Berdnikov, Lead Managerial Accountant of the FEFU Department of Accounts.
FEFU ENDOWMENT FOUNDATION BOARD OF TRUSTEES
The Board of Trustees of the Endowment Foundation of the Far Eastern Federal University shall be a collective body that oversees the use of the University endowments. With this purpose the Board of Trustees shall oversee operations of the Foundation, the decisions made by the Director of the Foundation and their execution, spending of the income of the Foundation and observation of the legislation of the Russian Federation, and the fulfillment of the goals of the Foundation by the its governing bodies. The Board of Trustees amongst its members shall include the Foundation representatives, the FEFU representatives, donors (or their representatives), and citizens of a high societal respect with achievements in the areas that coincide with the goals of the Foundation. The Board of Trustees shall hold no less than two meeting per annum.
PROPER USE OF FOUNDATIONS RECEIVED IN ACCORDANCE WITH THE DONATION CONTRACTS WITH THE DONORS AND CONTRIBUTORS
In its operations the Foundation shall regularly inform the donors and contributors about the purposes, objectives and concrete results of the use of donations. The Foundation shall ensure transparency of its financial operations by annual publication of financial report and by reporting on the programs under implementation. The Foundation shall aim at receiving a maximum possible income on the principal managed by an asset management company whilst ensuring the principal’s safekeeping and integrity.
ANNUAL MANDATORY EXTERNAL AUDIT REVIEW
In accordance with the Federal Law #275 of Dec.30, 2006 "On the order of formation and use of the endowment of the non-profit organization" annual accounting statements of the Foundation, which relate to the endowment formation and replenishment and the use and distribution of the endowment-generated income, shall be subject to annual mandatory external audit review.
In compliance with this provision of the federal law, the FEFU Endowment Board (Meeting minutes # 10 of Sept.8, 2015) has sent out invitations to the international auditing firms of the Big Four to participate in the FEFU Endowment Foundation auditing review tender.