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Audit committee accepts FGCU Foundation audit showing $157 million endowment
Summary
The Audit and Compliance Committee accepted the FGCU Foundation's independent audit for the year ended June 30, 2025, noting a clean opinion and an Endowment Fund balance of $157 million; the committee will recommend Board acceptance on Jan. 13.
Director of Internal Audit Bill Foster presented the FGCU Foundation, Inc. Independent Auditor's Report for the fiscal year ended June 30, 2025, to the Audit and Compliance Committee on Jan. 6, 2026, and asked the committee to accept the report and recommend acceptance by the full Board of Trustees.
Foster said the audit was completed by James Moore & Co., P.L., and carried a clean opinion. "Page 25 of the audit listed the Endowment Fund account balances for 2024 and 2025; the balance on June 30, 2025 was $157 million, which was an increase from the prior year’s $138.8 million," he said.
Chair Joseph Fogg asked whether James Moore & Co. was performing the audit for the first time; Kitty Green, Vice President for University Advancement and Executive Director of the FGCU Foundation, said this was the second consecutive year the firm had performed the audit. Trustee Peter Sulick moved to accept the FGCU Foundation Independent Auditor's Report; Trustee Leo Montgomery seconded. There was no public comment or further committee discussion, and the voice vote was unanimous.
The committee will recommend acceptance of the audit to the full Board at its Jan. 13 meeting.
