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.
ACFI does not meet this Standard because:
- The board of directors held 1 in-person meeting of the full governing board in 2011.
Charity's comment:
The charity has indicated that it plans to address this issue in the near future.
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 $500,000, these statements should be audited in accordance with generally accepted auditing standards. For charities whose annual gross income is less than $500,000, a review by a certified public accountant is sufficient to meet this standard. For charities whose annual gross income is less than $250,000, an internally produced, complete financial statement is sufficient to meet this standard.
ACFI does not meet this Standard because:
- Although the charity received more than $250,000 in contributions, it does not have financial statements that were reviewed by a certified public accountant (CPA). A review is an accounting service providing some assurance to interested parties as to the reliability of financial data without the CPA conducting an examination in accordance with Generally Accepted Auditing Standards (GAAS).
Standard 13: Accuracy of Expenses in Financial Statements - Accurately report the charity's expenses, including any joint cost allocations, in its financial statements. For example, audited or unaudited statements which inaccurately claim zero fund raising expenses or otherwise understate the amount a charity spends on fund raising, and/or overstate the amount it spends on programs will not meet this standard.
ACFI does not meet this Standard because its 2011 IRS Form 990:
- Reports the organization had no fund raising expenses.
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.
ACFI does not meet this Standard because, when the organization provided budget information, it indicated that the budget:
- Did not identify total projected fund raising expenses.