Foundation reports positive quarter and clean audit; tax return filed
March 12, 2026 | Southwest Virginia Cultural Heritage Foundation, Boards and Commissions, Executive, Virginia
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Finance staff presented the foundation’s latest financial snapshot and audit results.
"You'll see that our operating cash is at a 105,000…That's the profit for the second quarter for roundabout," the finance presenter said, reporting a second‑quarter profit of $24,582 and noting receivables associated with ARC grant advances.
The presenter detailed cash positions: operating cash for Friends at about $263,000 and savings at $453,000, and explained that a large receivables figure reflects grant advances that will be paid out to vendors as grant projects move forward.
On audits and compliance, the finance presenter said Bostic Tucker conducted an audit and delivered a clean opinion. Staff reported completion and filing of the organization's tax return and said the foundation had approved the final drawdown for the pump‑track project with ARC.
Board members were offered copies of audit and tax documents. No formal vote on audit acceptance was recorded; the finance report was delivered as an informational update.
Next steps: staff offered to distribute audit and tax documents to any board member who requests them and will continue to reconcile receivables tied to grant activity.
"You'll see that our operating cash is at a 105,000…That's the profit for the second quarter for roundabout," the finance presenter said, reporting a second‑quarter profit of $24,582 and noting receivables associated with ARC grant advances.
The presenter detailed cash positions: operating cash for Friends at about $263,000 and savings at $453,000, and explained that a large receivables figure reflects grant advances that will be paid out to vendors as grant projects move forward.
On audits and compliance, the finance presenter said Bostic Tucker conducted an audit and delivered a clean opinion. Staff reported completion and filing of the organization's tax return and said the foundation had approved the final drawdown for the pump‑track project with ARC.
Board members were offered copies of audit and tax documents. No formal vote on audit acceptance was recorded; the finance report was delivered as an informational update.
Next steps: staff offered to distribute audit and tax documents to any board member who requests them and will continue to reconcile receivables tied to grant activity.
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