7. Annual Reporting:
An annual report should be available on request, and should include:
Where an equivalent package of documentation, identified as such, is available and routinely supplied upon request, it may substitute for an annual report.
a. an explicit narrative description of the organization's major activities, presented in the same major categories and covering the same fiscal period as the audited financial statements;
b. a list of board members;
The listing of board members should include some identifying information on each member.
c. audited financial statements or, at a minimum, a comprehensive financial summary that 1) identifies all revenues in significant categories, 2) reports expenses in the same program, management/general, and fund-raising categories as in the audited financial statements, and 3) reports ending net assets. (When the annual report does not include the full audited financial statements, it should indicate that they are available on request.)
In particular, financial summaries or extracts presented separately from the audited financial statements should be clearly related to the information in these statements and consistent with them.
8. Accountability:
An organization should supply on request complete financial statements which:
a. are prepared in conformity with generally accepted accounting principles (GAAP), accompanied by a report of an independent certified public accountant, and reviewed by the board;
and
To be able to make its financial analysis, NCIB may require more detailed information regarding the interpretation, applications and validation of GAAP guidelines used in the audit. Accountants can vary widely in their interpretations of GAAP guidelines, especially regarding such practices as multi-purpose allocations. NCIB may question some interpretations and applications.
b. fully disclose economic resources and obligations, including transactions with related parties and affiliated organizations, significant events affecting finances, and significant categories of income and expense;
and should also supply
c. a statement of functional allocation of expenses, in addition to such statements required by generally accepted accounting principles to be included among the financial statements;
9. Budget:
The organization should prepare a detailed annual budget consistent with the major classifications in the audited financial statements, and approved by the board.
Program categories can change from year to year; the budget should still allow meaningful comparison with the previous year's financial statements, recast if necessary.
For more see
http://www.give.org/standards/ncibstds.asp or go to
www.give.org for lots more.
Hmmm, it says that the BBB Wise Giving Alliance will investigate complaints about charitable organisations.....