IRS_cert
Two donors talking at a fundraiser event
Art Goldsmith addressing audience at Washington & Lee University
IRS Form 990
 
 
 
 
 
 
 

Audit and Assurance System

Finances


Individuals and institutions that give to ELEVEate expect their funds to be used wisely, and for the business practices and program assessment procedures adopted by ELEVEate to reflect the best practices in the industry. Donors get satisfaction from knowing that their investment in ELEVEate effectively promotes social change by paving the way for girls to acquire lasting skills that enrich their lives, foster dignity, and improve the status of their families and communities. In addition, more educated girls are better positioned to help their children have productive lives allowing investments in ELEVEate to span generations. Documenting the gains and informing donors of the impact their philanthropy is having, is a fundamental enterprise undertaken by the leadership of ELEVEate in order to evaluate the performance of ELEVEate in meetings its goals.

The By-Laws adopted by the Board of Directors of ELEVEate requires that ELEVEate put in place and maintain systems that ensure high-levels of accountability and transparency in three areas: financial practices, selection of grant recipients, and performance of benefactors. The system ensures that the selection process undertaken to identify beneficiary girls is fair and clear. In addition, the performance and progress of all girls who receive aid is tracked over time. From a donor perspective this system provides detailed qualitative and quantitative information allowing them to see the impact of their contributions.

Assurance


In the financial area, a state of the art double entry accounting system is used by ELEVEate to track revenues and expenses. Organizations receiving a grant must provide a mid-point report including receipts in order to receive the second half of the grant funds. In addition, the grant contact requires submission of a final report and associated receipts.

An annual financial-audit, and associated report of ELEVEate’s books, is conducted under the auspices of the Department of Accounting in the Williams School of Business at Washington and Lee University in Lexington Virginia, USA, and is provided to the Board of Directors of ELEVEate and is posed on the ELEVEate website. Moreover, annually an External Auditor will prepare a report for the Board of Directors of ELEVEate on the performance of any organization that receives a grant from ELEVEate. This field-audit is conducted to ensure that funds are used for the purpose for which they were provided, that the funds reach their intended beneficiaries, and that records are in place and maintained in a manner consistent with good practice. The field auditor inspects financial records and interviews some of the beneficiary girls, selected at random from the beneficiary list, to confirm they receive the grants they are entitled to.

Each year the Chief Financial Officer of ELEVEate, as required by Virginia law, files an annual report (Form 990) on the actions and performance of ELEVEate. This report is available on-line at the ELEVEate website. This report identifies both the share of donor funds invested directly to meet the mission of ELEVEate and the portion of funds allocated to cover administrative expenses.
“Donors get satisfaction from knowing that their investment in ELEVEate effectively promotes social change by paving the way for girls to acquire lasting skills that enrich their lives”

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