Revised Financial Management Standards Reflect New Audit Requirement

The new revised Financial Management (FIN) standards for Private Organization Accreditation to be published June 1, 2014

The launch date of these new standards has been pushed back to July 1.

COA's new FIN standards require all organizations pursuing accreditation/reaccreditation to conduct an annual financial audit.

For-profit organizations as well as nonprofit organizations with revenues of under $500,000 annually that have historically been exempt from this requirement will now have to conduct an audit.

The audit requirement is applicable to all organizations pursuing Private Organization Accreditation that sign their Accreditation Agreement on or after June 1, 2014. The revised FIN standards will not apply to organizations that sign their agreement prior to June 1, 2014 until the organization's next reaccreditation process.

Peer Reviewers, Team Leaders, and Commissioners, the newly revised FIN standards will be reflected in your Volunteer Information Portal when applicable to the organization. 

"The financial management of organizations is receiving increased scrutiny. With this in mind, COA has revised its Financial Management standards to align with these emerging best practices and to ensure credibility and integrity." - Richard Klarberg, President/CEO, Council on Accreditation 

WHO IS ACCREDITED?

Private Organization Accreditation

Germaine Lawrence is a residential treatment center for girls ages 12-18 with complex behavioral, psychological and learning challenges.   Girls live at our programs while receiving special education, individual, family and group therapy; psychiatric and primary medical care; and a wide variety of therapeutic activities and interventions.
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ORGANIZATION TESTIMONIAL

Children's Foundation of Mid America

James W. Thurman, President/CEO

Children’s Foundation of Mid America has been accredited through COA since 1983. The process of accreditation ensures that we meet or exceed the highest standards in the industry.
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