Fiduciary responsibility

Fiduciary Definition

A fiduciary responsibility is a legal duty to act solely in another party's interests. Parties owing this duty are called fiduciaries. The individuals to whom they owe a duty are called principals. Fiduciaries may not profit from the relationship with their principals unless they have the principals' express informed consent. They also have a duty to avoid any conflicts of interest between themselves and their principals or between their principals and the fiduciaries' other clients. A fiduciary responsibility is the strictest duty of care recognized by the US legal system.

The Community Foundation of Johnson County undergoes an audit of financial documents and operating procedures every year. Our most recent audit may be viewed at our office at 325 East Washington Street, Iowa City, during office hours. In addition, the three most recently filed IRS Form 990 and T-990 reports are available at our office and may be viewed during office hours or at the Iowa City Public Library, 123 South Linn Street, Iowa City.