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They should be prepared by an independent accountant with oversight from an audit committee. (More)Īudited financial statements provide important information about financial accountability and accuracy. In this case, we deduct 15 points from the charity's Accountability and Transparency score.Īudited Financials Prepared by Independent Accountant.
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(More)Ī diversion of assets – any unauthorized conversion or use of the organization's assets other than for the organization's authorized purposes, including but not limited to embezzlement or theft – can seriously call into question a charity's financial integrity. Our analysts check the Form 990 to determine if the independent Board members are a voting majority and also at least five in number.
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(More) The presence of an independent governing body is strongly recommended by many industry professionals to allow for full deliberation and diversity of thinking on governance and other organizational matters.