United Way of Story County takes the role as a trusted community leader very seriously. UWSC has a long and proud tradition of high standards of accountability.
UWSC has a stringent system of checks and balances to make certain operations are in sound fiscal shape. The 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 the annual audit, which is then reviewed by the volunteer Executive Committee and approved by the Board of Directors. UWSC follows 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 questions are welcomed 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:
- 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.
- Have an annual audit conducted by an independent certified public accountant whose examination complies with generally accepted accounting standards and GAAP. In addtion to the audit, we also provide an annual report.