FEFU Endowment Foundation Completes International Audit

FEFU Endowment Foundation has completed the first annual audit in its history. Auditors from KPMG — one of the largest auditing companies of the world — have audited all financial statements of the Foundation along with the statements of the companies that directly manage finances of the Foundation. 

"KPMG's auditing conclusion is positive, as the auditors have not detected any violations in financial statements of the Foundation," says the Chairman of the Board of the FEFU Endowment Foundation Igor Osipov. "That is a significant achievement for a young organization, which has started its operations fairly recently, in the end of 2014. I would like to offer my sincere congratulations to the Foundation Director Anatoly Razgonov and Chief Accountant Nataliya Poluyanova with an objective evaluation of their fine work."

According to the Foundation Director, KPMG auditors gave their recommendations on optimization of work with the management companies. Cooperation with KPMG was productive, and the Foundation leadership hopes it will continue so in the future. As of now, FEFU Endowment Foundation and Fundraising Office have raised about 280 million rubles in donations, coming mostly from the large Russian corporations. The management of the financial assets of the Foundation is carried out by the management companies of Sberbank, VTB Bank, and Gazprombank.

Information: FEFU Endowment Foundation is a designated foundation that raises charitable donations. In accordance with the Federal Law #275 and the Foundation By-Laws, the principal amount is kept intact while the investment income becomes available for use by the University. Endowment funds as sustainable and independent sources of funding of training, research, and other programs can cover 25-55% of the annual budgets of the leading universities in the West and in Asia.

KPMG is one of the world's largest auditing companies. It is a members of the Big Four, which also includes Deloitte, Ernst & Young, and PwC. International headquarters of the company is located in Amstelveen, Netherlands. The company has three major lines of services: audit, tax, and advisory. 

"KPMG has held its first audit of financial statements of the FEFU Endowment Foundation for year 2015, and has issued its auditor's report on April 15, 2016. We would like to thank the leadership and the employees of the Foundation for timely submission of all information required for auditing," said Natalia Artamonova, Depurty Director of KPMG in Russia.