Audit of IAF’s Financial Statements for Fiscal Years 2025

Why We Did This Audit

• The Office of Inspector General (OIG) conducted an audit of the Inter-American Foundation’s (IAF) financial statements for fiscal year 2025.
• The Office of Inspector General performed the audit in accordance with generally accepted government auditing standards and Office of Management and Budget Bulletin No. 24-02, Audit Requirements for Federal Financial Statements.
• Our audit objectives were to: (1) express an opinion on whether the financial statements as of September 30, 2025, were presented fairly, in all material respects; (2) evaluate IAF’s internal controls over financial reporting; and (3) determine whether IAF complied with applicable laws, regulations, contracts, and grant agreements. 

What We Found

• We concluded that IAF’s financial statements for the fiscal year ending September 30, 2025, are presented fairly, in all material respects, and in accordance with U.S. generally accepted accounting principles.
• We did not identify any material weaknesses in internal controls over financial reporting. In addition, we found no reportable noncompliance with applicable laws, regulations, contracts, and grant agreements.

Why It Matters

• Presenting financial statements fairly in all material respects, having internal controls over financial reporting, and complying with applicable laws, regulations, contracts, and grant agreements are vital steps in ensuring that IAF spent, kept track, and reported taxpayer dollars as Congress intended.