Accountability
We take very seriously our role as a trusted community leader. United Way of Story County has a long and proud tradition of high standards of accountability.
We have a stringent system of checks and balances to make certain we operate in a sound fiscal manner. Our operating budget and community funding decisions are reviewed and approved by volunteer committees, including the Board of Directors. Independent CPA firm Schnurr and Company conducts our annual audit which is then reviewed by the volunteer Executive Committee and approved by the Board of Directors. We follow the American Institute of Certified Public Accountants Audit and Accounting Guide for Not-for-Profit Organizations to ensure financial statements conform with Generally Accepted Accounting Principles. Information about how donations are used is openly provided and we welcome questions regarding these topics.
United Way Worldwide's membership requirements, since their approval in 1999, have included basic standards for United Way's financial accountability. Specifically, United Way's shall:
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Be recognized as exempt from taxation under Section 501(c)(3) of the Internal Revenue Code as well as from corresponding provisions of other applicable state, local or foreign laws or regulations and file IRS Form 990 annually in a timely manner.
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Have an annual audit conducted by an independent certified public accountant whose examination complies with generally accepted accounting standards and GAAP.
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