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CAFR assignment Essay

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How many employees does it employ? La) Books For Africa – this charity stated purpose is to end the book famine in Africa. To create a culture of literacy and provide the tools of empowerment to the next generation of parents, teachers, and leaders in Africa. 1 b) Books for Africa was founded in 1988, with operations beginning in September 1989. LLC) The charity is based out of SST Paul, MN. Old) 501 (c)(3) classification el) www. Officiators. Org If) 25 employees la – el found on website; If from 990 form 2.

Who performed the financial statement audit of the charity?

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What type of audit opinion was issued? If other than unqualified, provide further details. The financial statement audit of the charity was performed by Marketer & Lewis ALP, based out of Minneapolis, MN. The audit opinion expressed was an unqualified opinion. Independent Auditor’s Report in Financial Statements 3. Using the financial statements, what amount was presented for investments? What percentage of total assets does this figure represent? Amount presented for investments: $862,913 This represents 19% of Total Current Assets and 18.

8% of Total Assets. Page 2 of Financial Statements .

Using the financial statements, what amount was presented for unrestricted net assets? What percentage of total net assets does this figure represent? Amount presented for unrestricted net assets: $612,793 This represents 13. 5% of total net assets. Page 2 of Financial Statements 5. Using the financial statements, what amount was received as revenue? In what form was this revenue provided – list the two highest types? Amount received as revenue: $30,721 ,456 The two highest revenues types are book contributed ($28,521 ,900) and Contributions ($2,035, 765). Page 3 of Financial Statements .

Using the financial statements, what types of program services are provided and list the total expenses associated with each. The Statement of Functional Expenses generalizes Program Services and does not have it broken out like the example in the book. This makes sense since the charity only program is to collect and ship donated books. Total Program Services Expenses: $30,540,330 Page 4 of Financial Statements – Statements of Functional Expenses 7. Using the financial statements, what types of support services are provided and list the total expenses associated with each.

The Statement of Functional Expenses shows two support services: 1) General and Administrative ($89,616) and 2) Fundraising ($153,637). Page 4 of Financial Statements – Statements of Functional Expenses 8. If applicable, what are the top 5 expenses or cost elements (using the statement of functional expenses) and the total dollar amount associated with each. Top 5 expenses: 1) Books shipped – 2) Shipping costs – $913,879 3) Salaries – $508,383 4) warehouse Rent – $163,499 5) Special Initiatives – $145,770 Page 4 of Financial Statements 9. Using IRS Form 990, identify amounts for revenues by IRS classification.

Items 8 through 12 in Form 990, Part I summarizes the revenues for the charity: Contributions and grants ($30,539,250), Investment income ($31 ,321), Other revenue ($18,415) for Total Revenue of $30,588,986. 1st page of Form 990 10. Using IRS Form 990, identify amounts for expenses by IRS classification Items 13 through 18 in Form 990, Part I summarizes the expenses for the charity. The ones that are pertinent to Books for Africa are Salaries, other compensation, employee benefits totaling $619,322, and Other Expenses totaling for Total Expenses of $30,634,916. 1st page of Form 990 1.

Describe the entity’s corporate governance processes? Describe the executive management structure. How big is the board of directors and how often do they meet? Do they have an audit committee? Do they have an internal audit function? To whom does it report? 1 la) The executive management structure consists of Patrick Pillions, Executive Director; Norm Linnet, President; 14 Board Members, and Thomas Warmth, the Founder. The Executive Director and the Founder do not have voting rights. Bib) The Board of Directors consists of 20 individuals, where 14 are considered toting members of the governing body. 1 LLC) Gravitationally. Erg comments that Books for Africans audited financial were prepared by an independent accountant with an audit oversight committee. It further states that the committee provides an important oversight layer between the management of the organization, which is responsible for the financial information reported, and the independent accountant, who reviews the financial and issues an opinion based on its findings. However, I could not find that there is an audit committee on any of the reports or the website for Books for Africa. Old) I could not find anything regarding an internal audit function for Books of Africa on gravitationally. Erg, Books for Africa website, any of the articles in researching, nor the annual report. 990 Form; Books for Africa website, various other websites including charity navigator 13. Research whether there have there been any frauds, misconduct or other controversial activities relating to this charity? After goggling the charity, looking through various articles, Wisped, and Charity Navigator, I do not see any instances of fraud, misconduct, or other controversial activities relating to this charity. Charity Navigator issued 4 stars for Books for Africa, their highest rating.

In fact, Charity Navigator lists Books for Africa at the #4 spot in their 10 Top-Notch Charities list. Charity Navigator believes that high performing charities excel in three areas: 1) financial, 2) accountability & transparency, and 3) results. This list not only earns their highest 4 star rating for financial health, but they also earn 4 stars in Accountability & Transparency. This tells us that this charity adheres to good governance and other best practices that minimize the chance of unethical activities and that they execute their missions in a fiscally responsible way.

Various websites, and Charity Navigator 14. Determine whether the EBB Wise Giving Alliance has issued a report on your entity and identify whether it has met the 20 Standards for Charity Accountability and if not, which ones require improvement. The EBB Wise Giving Alliance has not issued a report on Books for Africa because the charity either has not responded to written EBB requests for information or has declined to be evaluated in relation to EBB Standards for Charity Accountability. Charity participation in EBB review is voluntary.

However, without the requested information, it is not possible to determine whether this charity adheres to all of the EBB Standards of Charitable Accountability. Move. Ebb. Org The EBB Wise Giving Alliance Website 15. Provide comments regarding the effectiveness of this charity and how it might be improved? The effectiveness of Books for Africa is evident in not only the financial information, but visible in other areas as well. The charity receives financial support from a wide variety of well-known partners, some of which include Google, Britannica, National Geographic, and Thomson Reuters.

The growth and regress achieved through the years is remarkable as well. In 2001, they sent 40 container shipments of books to Africa. By 2013, they sent 1. 5 million books to 21 countries. The charity employs 25 paid employees, but has over 2000 volunteers who help the cause and the mission. It seems that the charity is also thinking of employee retention/morale by establishing a contribution plan for its employees by contributing 6% on their behalf.

Cite this CAFR assignment Essay

CAFR assignment Essay. (2018, May 29). Retrieved from https://graduateway.com/cafr-assignment/

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