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RFG Releases Internal Audit Survey Results

Over the past year, investment activities at endowments have faced increasing public scrutiny in what can only be described as a highly politicized environment. At the same time, federal enforcement personnel have repeatedly warned that criminal charges will be harsher, and more likely to be brought, in cases where an organization lacks a comprehensive, continuously improving compliance program that is audited to assure its effectiveness. In the face of these requirements, The Regulatory Fundamentals Group LLC (RFG) surveyed internal audit teams at charitable organizations with endowments larger than $1 billion to understand how they tackled endowment audits. The white paper is available on our website here. For information about RFG's services for nonprofit investment offices, email

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