Independent Auditor’s Report
To the Board of Directors
The International Council of Shopping Centers Foundation, Inc.
We have audited the accompanying financial statements of The International Council of Shopping Centers
Foundation, Inc. (a non‑profit organization) which comprise the statement of financial position as of December
31, 2015, and the related statements of activities, functional expenses and cash flows for the year then ended,
and the related notes to the financial statements.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance
with accounting principles generally accepted in the United States of America; this includes the design,
implementation, and maintenance of internal control relevant to the preparation and fair presentation of the
financial statements that are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audits. We conducted
our audits in accordance with auditing standards generally accepted in the United States of America. Those
standards require that we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether due to fraud or error. In making those
risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation
of the financial statements in order to design audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we
express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and
the reasonableness of significant accounting estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinion.
Opinion
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial
position of The International Council of Shopping Centers Foundation, Inc. as of December 31, 2015, and the
changes in its net assets and its cash flows for the year then ended in accordance with accounting principles
generally accepted in the United States of America.
Report on Summarized Comparative Information
We have previously audited the financial statements of The International Council of Shopping Centers
Foundation, Inc. as of December 31, 2014 and we expressed an unmodified audit opinion on those audited
financial statements in our report dated April 14, 2015. In our opinion, the summarized comparative information
presented herein on pages 24 and 25 for the year ended December 31, 2014, is consistent in all material respects,
with the audited consolidated financial statements from which it has been derived.
New York, New York
April 6, 2016
Certified Public Accountants
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