“In our opinion, the financial statements referred to above present fairly…”

This line opens paragraph two of the independent auditor’s unmodified opinion, the holy grail of audit reports, and the opinion expressed on Federation’s 2021/2020 financial statements.

Federation’s financial statements are 16 pages long and filled with lots of interesting information, including our healthy financial position, our favorable functional expenses, and notes explaining our accounting policies and estimates. Rest assured that our board listened to (or at least sat through) an overview of the statements and our finance/audit committee has flipped through every page in a more thorough review of the statements.

I have a degree in accounting. I love this stuff. I appreciate that you probably don’t and that’s ok, but as I share with you every year, better you should hear from me that we received an unmodified opinion than you should read on the front page of the paper that we didn’t.

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