Policy C09 - Financial Disclosure

Purpose

SFL shall prepare annually formatted financial statements for public disclosure and internal use. Financial statements are based on SFL financial records and are not an endorsement by the accounting firm.

Policy

SFL will seek a compilation engagement once each year to be completed before the annual board meeting. A compilation engagement involves an accounting firm using the financial records of SFL and compiling, based on the information supplied by SFL, a set of financial statements that meet the requirements of generally accepted accounting principles, minus the notes to the financial statements. This no-disclosure compilation must be conducted by a CPA firm in the state of the organization's incorporation.

The financial statements in the Compilation Report will be disclosed to the SFL community, including potential donors, in the Annual Report of SFL. The same information will be used to prepare the IRS Form 990 and any required state compliance filings.

January 26, 2024