Key Financial Principles and Practices

UWNCA Nonprofit Status

UWNCA is a not-for-profit organization exempt from federal income taxes under Section 501(c)3 of the Code.
Your contributions to UWNCA are tax-deductible.
UWNCA ensures that each organization in which you invest your contribution is a not-for-profit, tax-exempt charity governed by volunteers, that it submits to an annual, independent financial audit, provides services at a reasonable cost, and maintains a policy of non-discrimination.
There are approximately 1,350 United Way organizations in the country. Each is an independent and autonomous not-for-profit organization governed by a local, volunteer board of directors.

Fiduciary Oversight

UWNCA depends on its Board of Directors, a governing body of committed, diverse business and community leaders, to ensure that our operations and assets are managed prudently, ethically and in keeping with the our mission.
The Treasurer interacts with management, ensuring the financial results from operations are communicated accurately and routinely to the Board.
UWNCA also benefits from the expertise of its Finance Committee. This group of volunteers supports the administrative fiduciary duties of this organization as they relate to our mission and strategic direction.

Financial Reporting and Auditing

Annually, an independent audit is conducted by McGladrey and Pullen, LLP, an outside certified public accounting firm.
UWNCA financial statements are in conformity with generally accepted accounting principles.
The financial statements reflect the level of transparency that enables donors, beneficiaries of programs and services, and the general public to understand more clearly UWNCA's role.
Our fiscal year ends June 30.
UWNCA also provides a management discussion of its operations as part of the annual audited financial statements to help explain the relationship of our organization's ongoing major operation (fund raising).

Commitment to Quality

In keeping with the spirit of the Sarbanes-Oxley Act, enacted in July of 2002, UWNCA is committed to the following voluntary practices none of which are currently mandated by the IRS or the Attorney General's Office for DC, MD or VA.

UWNCA CEO and CFO now certify the annual financial statements of the organization. They certify that the documents does not contain any misstatements of material facts and that to the best of their knowledge the information included fairly presents the financial condition of the organization.
Establishment of an Audit Committee within the UWNCA Board. Audit-related practices will comply with applicable provisions of the Sarbanes-Oxley Act, including Audit Committee hiring and oversight of the independent auditor; Audit Committee pre-approval of non-audit services; Audit Committee procedures for processing complaints regarding financial reporting; Audit Committee independence of management; and CEO and CFO certification of annual financial statements.
Mr. John Schweiters is the "Financial Expert" that serves on the Audit Committee as referred to in the Sarbanes-Oxley Act, because of his extensive public accounting background.
UWNCA will comply with the Sarbanes-Oxley Act's Section 404 provisions on internal controls and financial reporting procedures. As a result, the annual report will also include management's assessment of the adequacy of UWNCA's internal control structure and financial reporting procedures, as well as the independent auditor's attestation of, and report on, management's internal controls assessment.
UWNCA is establishing a new internal audit function, and is revising its written procedures for internal controls and financial reporting.

Campaign Revenue

UWNCA adheres strictly to the standards outlined by United Way of America for reporting campaign revenue including the policies governing the announcement of our local area results, and the policies relating to the reporting of results to United Way of America for national reporting purposes:
All dollars raised in our area with UWNCA's support are reported as campaign revenue.
Amounts raised in our area in companies whose campaigns we support, but for which other United Ways act as fiscal agent, are reported as campaign revenue. This is true regardless of whether a portion of those results are "paid direct" to agencies by the third party fiscal agent.
UWNCA, when acting as fiscal agent for all or part of a company's nationwide locations, reports to United Way of America only the portion of that "national" campaign that was raised here in our area. For local purposes, the entire amount raised in the "national" campaign for which UWNCA is fiscal agent may be announced.

Contributions to UWNCA from donors outside our area who are giving through other United Ways are not reported as campaign revenue to United Way of America. Those contributions may, however, be included in UWNCA's announcement of local results.