Standard 3: Frequency and Attendance of Board Meetings - An organization shall have a minimum of three evenly spaced meetings per year of the full governing body with a majority in attendance, with face-to-face participation. A conference call of the full board can substitute for one of the three meetings of the governing body. For all meetings, alternative modes of participation are acceptable for those with physical disabilities.
New Foundation of Hope Inc. does not meet this Standard because:
- The board of directors did not hold a minimum of three evenly spaced meetings in the past fiscal year.
Standard 4: Compensated Board Members - Not more than one or 10% (whichever is greater) directly or indirectly compensated person(s) serving as voting member(s) of the board. Compensated members shall not serve as the board's chair or treasurer.
New Foundation of Hope Inc. does not meet this Standard because:
- The paid chief executive officer also serves as the chair of the board of directors.
Standard 11: Financial Statements - Make available to all, on request, complete annual financial statements prepared in accordance with generally accepted accounting principles. When total annual gross income exceeds $250,000, these statements should be audited in accordance with generally accepted auditing standards. For charities whose annual gross income is less than $250,000, a review by a certified public accountant is sufficient to meet this standard. For charities whose annual gross income is less than $100,000, an internally produced, complete financial statement is sufficient to meet this standard.
New Foundation of Hope does not meet this Standard because:
· Although the organization's income exceeded $100,000 during the 2010 fiscal year, it did not provide audited financial statements or statements reviewed by a CPA.
Standard 14: Budget - Have a board-approved annual budget for its current fiscal year, outlining projected expenses for major program activities, fund raising, and administration.
New Foundation of Hope Inc. does not meet this Standard because, when the organization provided budget information, it indicated that the budget:
- Did not identify total projected program service expenses.
- Did not identify total projected fund raising expenses.
- Did not identify total projected administrative expenses.