NOC’s Financial Statements Reviewed by Independents Auditors
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The firm of June & Associates, Certified Public Accountants, of Hilton Head Island, South Carolina has reviewed the financial position of the Neighborhood Outreach Connection, Inc., as of July 31, 2009. The review by the independent auditors shows that NOC’s financial practices and management are sound. The auditors concluded that ... “Based on our review, we are not aware of any material modifications that should be made to the accompanying financial statements in order for them to be in conformity with generally accepted accounting principles.”
NOC has adopted the Financial Accounting Standard Board’s (FASB) Statement No. 117, Financial Statements of Not-for-Profit Organizations. In the past 18 months, since the last review of the organization in 2007/2008, NOC has taken a number of important steps, noted below, to strengthen the organization and to meet its fiduciary responsibilities. Some of these measures reflect the recommendations of the last review.
- More than 70% of the Board members are directly involved in the development and implementation of programs in the neighborhoods and NOC’s Executive Committee is directly involved in governance, operations, and oversight of NOC’s activities.
- NOC has now established a central office at 20 Palmetto Parkway in Hilton Head Island and a Program Center at Oaks Apartments for delivery of programs directly in the neighborhoods.
- NOC has shifted its focus to frontline activities with minimal emphasis on backline operations; NOC has now hired a half-time Field Director and relies on part time workers and volunteers in its main office
- More than 85% of NOC’s funds are now directed toward development and implementation of frontline programs.
- NOC has a pool of over 100 volunteers from which it draws support for its frontline programs and a data base of over 2500 names for solicitation of donations to support NOC operations
- NOC has established effective internal controls for current expenditures for accountability.
- NOC has prepared a comprehensive report of its operations and results over the last 12 months.
- NOC has a new dynamic website and communications strategy and plan to educate the public and disseminate results about NOC activities.