Ipas

“During the fiscal year ended june 30, 2014 ipas discovered that an employee of the south africa office had embezzled funds from the organization totaling approximately $350,000. Ipas management completed a thorough investigation and reported the theft to local authorities who are pursuing the matter through the courts in south africa. Ipas management also implemented a comprehensive corrective action plan, including establishing a formal compliance monitoring task force which has visited all country offices to perform baseline assessments of adherence to internal controls. The organization has implemented a new whistleblower policy and conducted training on the policy and business ethics. When the fraudulent activity was discovered, ipas was already in the midst of implementing new financial software which will provide enhanced monitoring of financial transactions. The fraudulent activity was reported to affected ipas donors. Repayment was made to those donors who requested it. The organization's insurance covered the loss minus a $10,000 deductible.”

“The form 990 was reviewed by the full audit committee, chairperson of the finance committee, and the chairman of the board of directors before filing with the irs.”

“On a semi-annual basis, the board of directors signs a conflict of interest statement, which are kept in the executive office of the president. The executive committee assures that each member is in compliance with the policy. If any action of a director, officer, key employee or committee member presents a real or perceived conflict of interest, that individual discloses the conflict. If the board determines that the individual has a conflict of interest, the individual is removed from the decision making process.”

“Ipas engaged the services of an independent compensation consultant to review and suggest salary and salary ranges appropriate for the officers and key employees of the organization based on market data and survey findings. This process was then documented in a formal report and approved by all board members in december 2013. The chief executive officer's most recent compensation review was completed by an independent consultant in december 2014.”

“The organization's governing documents, conflict of interest policy, and financial statements are made available to the public upon request. The financial statements are also available on www.guidestar.com”

“Consultants: program service expenses 4,624,235. Management and general expenses 2,786,113. Fundraising expenses 99,666. Total expenses 7,510,014. Subcontracts: program service expenses 4,137,613. Management and general expenses 154,118. Fundraising expenses 0. Total expenses 4,291,731.”

“During 2014, management of ipas reviewed all existing donor grant and contribution agreements and determined that significant grants and contributions had been received with donor restrictions. Accordingly, certain grants and contributions which were not previously recorded have been reclassified as temporarily restricted awards and the beginning of year net assets have been restated. Temporarily restricted net assets have been retroactively restated to account for this change in accounting. The net effect of the restatement was to increase the grants receivable by $34,830,803, decrease deferred revenue by $5,022,150 and increase temporarily restricted net assets by $39,852,953 at june 30, 2013.”