Investment & Spending Policies
Investment & Spending Policies
Governance and Oversight
The Indian River State College Foundation operates as a Florida not-for-profit corporation and is organized to receive, hold, invest, and administer property, and to make expenditures for the benefit of Indian River State College. Our Board of Directors is comprised of community leaders and provides strategic direction and oversight to the Foundation in order to ensure that all activities align with the missions of both the Foundation and the College, as well as to comply with legal and ethical standards.
Financial Controls
The Foundation implements comprehensive internal controls, including:
- Regular Audits: The Foundation strives to ensure continuous accuracy and compliance with laws and regulations by undergoing annual independent audits to assess our financial statements and internal processes.
- Transparent Reporting:The Foundation provides detailed financial information to the public. The Foundation’s IRS Form 990 filings and financial statements are accessible through an online platform, offering insight into our financial health and operational practices.
- Professional Expertise: The Foundation engages legal and accounting professionals to guide our financial management:
- Legal Counsel:The Foundation’s legal advisors provide guidance on governance and operational matters and ensure that all Foundation activities comply with federal, state, and local laws.
- Accounting Consultants: The Foundation enlists experienced accountants to assist in maintaining accurate financial records for the Foundation, developing Foundation budgets, and ensuring adherence to generally accepted accounting principles


Programmatic Accountability
The Foundation supports the College in areas such as scholarships, educational facilities, and faculty support. The annual scholarship awarded by the Foundation directly benefits students through both endowed scholarships and IRSC Promise. Each program and expenditure undergoes a thorough evaluation to ensure alignment with donor intentions and institutional goals and priorities.