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Jewish Federation of St. Louis is a responsible steward of the community’s money. As a charitable nonprofit organization, the Jewish Federation of St. Louis is required to receive an independent audit annually. An independent audit is an examination of the financial records, accounts, business transactions, accounting practices and internal controls of a charitable nonprofit by an independent auditor. During the independent audit, the auditor will review the organization’s financial statements to determine whether they adhere to “generally accepted accounting principles.” Then, the Financial Accounting Standards Board principles require the auditors to issue a report to the board of directors of the nonprofit expressing a professional opinion about the organization’s financial practices; specifically, whether the financial statements “fairly present the financial position of the organization” without any inaccuracies or material misrepresentations.