The foundation’s highest priority is to ensure that our grantees have the resources necessary to address today’s most pressing social justice challenges. This requires steady engagement and thoughtful management of our economic resources.
Ford is committed to providing clear and timely information on our finances and grant making and to maintaining strict oversight and controls over its financial operations. As such, we work with PricewaterhouseCoopers to perform an annual audit of financial statements. These statements present the foundation’s financial position and statement of activities for the fiscal years ended September 30, 2012 and 2011, and the 2012 stub period.
Report of Independent Auditors
To The Board of Trustees of the Ford Foundation:
We have audited the accompanying financial statements of The Ford Foundation ("the Foundation"), which comprise the statements of financial position as of December 31, 2012 and September 30, 2012, and the related statements of activities and cash flows for the period from October 1, 2012 to December 31, 2012.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
Our responsibility is to express an opinion on the financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the Foundation's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Foundation's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of The Ford Foundation at December 31, 2012 and September 30, 2012, and the changes in its net assets and its cash flows for the period from October 1, 2012 to December 31, 2012 in accordance with accounting principles generally accepted in the United States of America.
- June 19, 2013 New York, N.Y.