The Vietnam Education Foundation 2011 Annual Report

Annual Report 2011 Page 13
were Elizabeth Dugan (Chair), David Duong, Chris Fussner, Stephen Maxner, David Plack or Tim Marshall
(representing Department of State), and Sara Senich (representing Department of Treasury), who also served as
Interim Chair. VEF staff provided support to the efforts of the Committee.
VEF continues to maintain a conservative and disciplined approach to budgetary matters. Regarding oversight of
VEF’s financial condition as per the requirements of the U.S. Federal Government Office of Management and
Budget (OMB), an annual financial audit was performed by Martin & Wall, P.C., Certified Public Accountants,
located in Washington, D.C. The FY 2011 independent auditor’s report (Appendix 7: Auditor’s Report for Fiscal
Year 2011) stated the following positive results:
• The financial statements are presented fairly, in all material respects, in conformity with U.S. generally
accepted accounting principles.
• No material weaknesses in internal control over financial reporting (including safeguarding assets) and
compliance with laws and regulations.
• No reportable noncompliance with laws and regulations we tested. 1
Attached to, and included within, the Auditor’s Report were the following VEF financial statements, which were
part of the auditor’s report package:
1. Balance Sheet (As of September 30, 2011 and 2010)
2. Statement of Net Cost (For the Years ended September 30, 2011 and 2010)
3. Statement of Changes in Net Position (For the Year ended September 30, 2011)
4. Statement of Changes in Net Position (For the Year ended September 30, 2010)
5. Statement of Budgetary Resources (For the Years ended September 30, 2011 and 2010)
To assist in financial matters and to ensure that VEF is in compliance with the rules and regulations of the U.S.
Office of Management and Budget (OMB), VEF contracts the U.S. General Services Administration (GSA) to
carry out essential support functions, including human resources and payroll for the U.S. office staff, accounting,
and legal services.
Fundraising efforts had been led by Board member, Chris Fussner, before VEF formally established a Fundraising
Committee on July 15, 2011. At that time, Sandy Dang was approved by the Board to serve as the Chair of the
Fundraising Committee, which included two additional Board members: Chris Fussner and Steven Pappas
(representing Department of Education). VEF staff provided support to the efforts of the Committee.
1 Quoted from page 1 of the Auditors' Report.