Financial Accountability Safeguards

The UWCNM Finance Committee meets monthly to review monthly expenditures and financial statements, and assists in setting fiscal policies and human resources policies. The Finance Committee Chair gives a financial status report at Executive Committee and Board of Directors meetings which are both held monthly. The Finance Committee and the Board of Directors approve the annual budget each year.

 

Ed Rivera, President & CEO of United Way of Central New Mexico has led United Ways in several markets and has been a principal in other nonprofit and for profit entities. Ed is a member of the Finance Committee and attends all the monthly meetings, as do staff members, Jennifer Mastripolito, Chief Development Officer, Lisa Kruger, CPA, Chief Financial Officer, and Randy Woodcock, Vice President & Chief Strategic Officer.

 

UWCNM staff is not authorized to make policy decisions of any kind, or financial decisions that are outside of the annual budget.

 

The UWCNM finance staff has regular and frequent contact with the Finance Committee members. The finance staff is authorized and expected to contact the Finance Committee should they have concerns regarding any financial transaction at UWCNM.

 

Authorization for a line of credit can not be secured without the approval of the Finance Committee and the full Board of Directors.

 

UWCNM reports campaign pledges that have been received in writing. Verbal commitments of what might be pledged are never included.

 

The reserve funds of UWCNM include three months of operating expense and one month of community fund grant allocations.

 

The Community Impact Council (a group of dedicated volunteers in our community) decides where the community fund dollars are to be allocated. The CIC receives funding recommendations from over 300 local volunteers who examine the programs that agencies have requested funding for. The Finance Committee determines how much funding is available to allocate and the entire Board of Directors must approve that amount. Those computations include deducting an allowance for uncollectible pledges. The uncollectible percentage is estimated, based on a three year historical average, and is deducted from the total dollars available for distribution.

 

Every year as part of its administrative expense, UWCNM pays a reputable local accounting firm to conduct an independent audit. The audit report is presented at the Board of Directors’ October meeting. A copy of the full audit and 990 are available for any donor at the UWCNM offices or on this web site.

 

We are confident that extensive safeguards currently exist to insure the safety of the generous contributions made by the people of this community to United Way of Central New Mexico.

 

Kathleen Avila
Chair, UWCNM Board of Directors

Patrick Wilkins, CPA
Secretary/Treasurer, UWCNM Finance Committee