SAE Foundation (A Division of SAE International) Contents Financial Statements December 31, 2015 and 2014 Independent Auditor's Report ..............................................................................................................25-26 Financial Statements Statements of Financial Position ..................................................................................................... 27-28 Statements of Activities and Changes in Net Assets ........................................................... 29-30 Statements of Cash Flows .........................................................................................................................31 Notes to the Financial Statements ..................................................................................................32-43 The report accompanying these financial statements was issued by BDO USA, LLP, a Delaware limited liability partnership and the U.S. member of BDO International Limited, a UK company limited by guarantee. 24 | 2015 Annual Report