Internal Audit Foundation
- Assets
- $6.0m
- Revenue
- $2.0m
- Investments
- $0.0
- Employees
- 10
- Location
- Lake Mary, FL
- Founding
- 02/1983
- Data as of
- 12/2021
- EIN
- 59-1859804
Organization Overview
Internal Audit Foundation is located in Lake Mary, FL. The organization was established in 1983. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, under the broad grouping of Education and related organizations. As of 12/2021, Internal Audit Foundation employed 10 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Internal Audit Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Internal Audit Foundation generated $2.0m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.5%) each year. All expenses for the organization totaled $1.5m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (4.6%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2017, Internal Audit Foundation has awarded 33 individual grants totaling $414,880. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
RESEARCH AND EDUCATION IN INTERNAL AUDITING
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE INTERNAL AUDIT FOUNDATION PRODUCES EDUCATIONAL PUBLICATIONS FOCUSED ON AIDING INTERNAL AUDIT PRACTITIONERS IN PERFORMING THEIR ROLE ADEQUATELY, IN ALIGNMENT WITH THE IIA'S STANDARDS FOR THE PROFESSION, AND BEST PRACTICES. THE IAF DEVELOPS AND SELLS PRODUCTS ADDRESSING THE FOLLOWING TOPIC AREAS: TECHNOLOGY, GOVERNANCE, RISK, AUDIT PRACTICE, LEADERSHIP, CERTIFICATION PREPARATION, AND MORE. IAF PUBLICATIONS ARE SOLD THROUGH THE IIA BOOKSTORE ONLINE, AS WELL AS, AT IIA CONFERENCE EVENTS DOMESTICALLY, IN CANADA, AND AT THE INTERNATIONAL CONFERENCE WHICH MAY BE HELD ABROAD. THE IAF MAY LICENSE THE PUBLICATIONS FOR TRANSLATION AND DISTRIBUTION BY ITS INTERNATIONAL AFFILIATES GLOBALLY.
THE FOUNDATION PROVIDES GRANTS TO EDUCATIONAL INSTITUTIONS WORLDWIDE THAT PARTICIPATE IN THE IIA'S INTERNAL AUDITING EDUCATION PARTNERSHIP (IAEP) PROGRAM WHICH WAS DEVELOPED TO RESPOND TO THE GROWING INTEREST IN INTERNAL AUDIT EDUCATION AT INSTITUTIONS OF HIGHER LEARNING. IAEP PROGRAM SCHOOLS TEACH AN INTERNAL AUDITING CURRICULUM WITHIN A DEGREE PROGRAM (UNDERGRADUATE OR POST-GRADUATE) ENDORSED BY THE IIA. THE FOUNDATION HAS AN ANNUAL GRANT CYCLE OPEN OCTOBER OF EACH YEAR IN WHICH SCHOOLS MAY APPLY FOR GRANTS TO SUPPORT ACTIVITIES RELATED TO THE FOLLOWING: * CURRICULUM DEVELOPMENT* PROGRAM GROWTH & MARKETING* MENTORSHIP AND PROGRAM GROWTH INITIATIVES* TEACHING ASSISTANTS* EDUCATOR AND STUDENT DEVELOPMENT* PROFESSIONAL CERTIFICATIONS FOR EDUCATORS* CONTINUING EDUCATION FOR EDUCATORS* FUNDING FOR STUDENTS TO ATTEND IIA SEMINAR AND CONFERENCE EVENTS
THE FOUNDATION CONDUCTS AND FUNDS RESEARCH ON THE INTERNAL AUDIT PROFESSION INCLUDING TRENDING PRACTICES OVER TIME AND RESEARCH ON THE IMPACT OF MACRO ECONOMIC, TECHNOLOGICAL, AND ENVIRONMENTAL FACTORS ON THE BUSINESS ENVIRONMENT AND SUBSEQUENTLY THE PROFESSION. PARTNERING WITH ACADEMICS AND PARTNER ORGANIZATIONS, THE IAF ISSUES WHITE PAPER, PRACTITIONER REPORTS, AND ACADEMIC RESEARCH PAPERS AS A RESULT OF ITS RESEARCH EFFORTS BASED ON BOTH QUANTITATIVE AND QUALITATIVE EFFORTS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brian P Christensen President | OfficerTrustee | 2 | $0 |
Warren W Stippich Jr Sr. Vice Chairman | OfficerTrustee | 2 | $0 |
Kevin L Cantrell Member | OfficerTrustee | 2 | $0 |
Carrie Summerlin Executive Director (as Of 09/2021) | Officer | 40 | $0 |
Ann S Cohen Executive Director | Officer | 10 | $0 |
Hina Behal Finance Director | Officer | 40 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Gleim Publications Inc Publisher/printer | 12/30/19 | $194,342 |
Aicpa Publisher/royalty Payments | 12/30/19 | $113,876 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $91,405 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $717,895 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $809,300 |
| Total Program Service Revenue | $0 |
| Investment income | $112,453 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $14,480 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $89,234 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $931,102 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,956,569 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $61,303 |
| Grants and other assistance to domestic individuals. | $20,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $17,198 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $746,706 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $234,467 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $12,105 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $12,687 |
| Fees for services: Other | $118,095 |
| Advertising and promotion | $10,300 |
| Office expenses | $90,060 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $6,000 |
| Travel | $105 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $69,670 |
| Insurance | $189 |
| All other expenses | $419 |
| Total functional expenses | $1,532,375 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $2,054,554 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $29,865 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $52,056 |
| Prepaid expenses and deferred charges | $129,641 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $3,614,682 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $74,264 |
| Total assets | $5,955,062 |
| Accounts payable and accrued expenses | $126,177 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $126,177 |
| Net assets without donor restrictions | $4,679,551 |
| Net assets with donor restrictions | $1,149,334 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $5,955,062 |
Grants Awarded
Over the last fiscal year, Internal Audit Foundation has awarded $59,103 in support to 6 organizations.
| Grant Recipient | Amount |
|---|---|
TEXAS A&M UNIVERSITY PURPOSE: PROGRAM GROWTH/MENTORING/TEACHING ASSISTANTS EDUCATOR & STUDENT DEVELOPMENT | $12,103 |
Seattle, WA PURPOSE: CURRICULUM DEVELOPMENT; PROGRAM GROWTH AND MARKETING OPPORTUNITIES; TEACHING ASSISTANTS | $10,000 |
LOUISIANA STATE UNIVERSITY PURPOSE: TEACHING ASSISTANTS | $10,000 |
Reno, NV PURPOSE: TEACHING ASSISTANTS | $10,000 |
KENNESAW STATE UNIVERSITY RESEARCH & SERVICE FOUNDATION PURPOSE: TEACHING ASSISTANTS | $9,000 |
Waltham, MA PURPOSE: CASE STUDY DEVELOPMENT AND TEACHING ASSISTANT | $8,000 |
Grants Recieved
Over the last fiscal year, we have identified 4 grants that Internal Audit Foundation has recieved totaling $87,658.
| Awarding Organization | Amount |
|---|---|
Network For Good Inc Washington, DC PURPOSE: UNRESTRICTED | $55,106 |
Institute Of Internal Auditors Houston, TX PURPOSE: Support for scholarships and research projects | $20,000 |
Silicon Valley Community Foundation Mountain View, CA PURPOSE: Education | $12,500 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $52 |
Endowment Analysis
| Beg. Balance | $235,002 |
| Earnings | $22,207 |
| Net Contributions | $2,162 |
| Ending Balance | $259,371 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Miami Dade College Foundation Inc Miami, FL | $203,072,980 | $26,102,618 |
Oxbridge Academy Foundation Inc West Palm Beach, FL | $65,288,192 | $19,905,008 |
University Of West Florida Foundation Inc Pensacola, FL | $164,565,433 | $23,515,652 |
Gator Boosters Inc Gainesville, FL | $35,445,358 | $17,089,938 |
The University Of North Florida Foundation Inc Jacksonville, FL | $189,463,504 | $37,925,600 |
Usf Health Professions Conferencing Corporation Tampa, FL | $17,834,474 | $17,025,476 |
Florida Agricultural & Mechanical Univ Foundation Inc Tallahassee, FL | $165,576,820 | $45,594,915 |
Jessie Ball Dupont Religious Charitable & Educational Fund Jacksonville, FL | $0 | $23,306,581 |
Avant Garde Academy Foundation Inc Hollywood, FL | $46,079,616 | $17,259,977 |
Florida State University Research Foundation Inc Tallahassee, FL | $238,210,385 | $28,107,542 |
Georgia Tech Facilities Inc Atlanta, GA | $407,064,936 | $14,504,049 |
Fsu Financial Assistance Inc Tallahassee, FL | $147,384,832 | $12,995,500 |