William J. Clinton Foundation

Independent Accountants’ Report and Consolidated Financial Statements

December 31, 2011 and 2010

 

William J. Clinton Foundation

December 31, 2011 and 2010 Contents

Independent Accountants’ Report on Financial Statements and Supplementary Information ............................................................................................... 1 Consolidated Financial Statements

Consolidated Statements of Financial Position .................................................................................. 3 Consolidated Statements of Activities ................................................................................................ 4 Consolidated Statements of Cash Flows ............................................................................................ 5 Consolidated Statements of Functional Expenses .............................................................................. 6  Notes to Consolidated Financial Statements ...................................................................................... 7

Supplementary Information

Consolidating Statement of Financial Position . …………………………………………………...21 Consolidating Statement of Activities .............................................................................................. 22 Schedule of Expenditures of Federal Awards .................................................................................. 23

Independent Accountants’ Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of the Financial Statements Performed in Accordance with

Government Auditing Standards 

 .................................................................................... 24 Independent Accountants’ Report on Compliance with Requirements That Could Have a Direct and Material Effect on Each Major Program and on Internal Control Over Compliance in Accordance with OMB Circular A-133 .......................................................................................................... 26 Schedule of Findings and Questioned Costs .................................................................... 28 Summary Schedule of Prior Audit Findings ..................................................................... 34

 

 

Independent Accountants’ Report on Financial Statements and Supplementary Information

Board of Directors William J. Clinton Foundation Little Rock, Arkansas We have audited the accompanying consolidated statements of financial position of the William J. Clinton Foundation (the Foundation) as of December 31, 2011 and 2010, and the related consolidated statements of activities, cash flows and functional expenses for the years then ended. These financial statements are the responsibility of the Foundation’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable  basis for our opinion. In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the William J. Clinton Foundation as of December 31, 2011 and 2010, and the changes in its net assets and its cash flows for the years then ended in conformity with accounting  principles generally accepted in the United States of America. In accordance with

Government Auditing Standards

, we have also issued our report dated September 28, 2012, on our consideration of the Foundation’s internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be considered in assessing the results of our audit.