The Application Will Include:
- Agency description and program details.
- Proof of 501c3 Status.
- Articles of incorporation (Must be incorporated for a minimum of 3 years with an established record of community service).
- List of current board members and their professional affiliations.
- Board giving policy (if applicable).
- How often the board meets.
- Financial Reporting Documents, see details below.
- A diversity or affirmative action statement (contact Community Services Fund for examples if needed).
- A list of current staff members and the positions they hold.
- Agency Code of Conduct/Conflict of Interest Policy.
- Budget for current fiscal year.
- Agency Whistleblower Policy.
- Agency Document Retention and Destruction Policy.
After a complete application is received, the Community Services Fund Membership Committee will hold a brief information session with selected agencies. The Board of Directors votes to accept or reject the agency as a member.
Required Financial Reporting Documents:
For agencies with annual operating budgets of $750,000 or more an independent audit will be required, at a minimum, once every three years with an independent review being conducted in the years in between.
For agencies with annual operating budgets, under $750,000, an annual independent review will be required. Additional supporting documentation including the 990, annual operating budgets and financial infrastructure checklist shall be submitted upon request.
*Note: Compilations are not accepted in place of an audit or financial review.
Not sure what the difference between an audit, independent review, and compilation is?
"An audit provides the highest level of assurance on an organization’s financial statements. An audit provides assurance that an organization’s financial statements are free of material misstatement and are fairly presented based upon the application of generally accepted accounting principles.
An audit includes:
- confirmation with outside parties
- testing selected transactions by examining supporting documents
- completing physical inspections and observations
- considering and evaluating the internal control system of the organization
A review provides limited assurance on an organization’s financial statements. During a review, inquiries and analytical procedures present a reasonable basis for expressing limited assurance that no material modifications to the financial statements are necessary; they are in conformity with generally accepted accounting principles. This “does it make sense” analysis is useful when the organization needs some assurance about their financial statements, but not the higher level of assurance provided by an audit.
A compilation provides no assurance on an organization’s financial statements. The CPA takes financial data provided by the nonprofit and puts them in a financial statement format that complies with generally accepted accounting principles. There are no testing or analytical procedures performed during a compilation."