Like many of you, we read with great interest this morning’s excellent investigative piece by Jeff Gottlieb in the Los Angeles Times about the collapse of the International Humanities Center (IHC). According to the article, IHC administered funds for more than 200 projects at the time it went out of business.
Community Partners shares the concerns raised in the article. As you know, we are a prominent, highly visible and reputable organization, providing fiscal sponsorship services to numerous social and civic ventures. Along with our colleagues in similar organizations across the country, we pride ourselves on financial, program and professional integrity and want to reassure you that Community Partners is strong and committed to the best practices of organizational stewardship and fiscal sponsorship.
- Our financial health is excellent and, adhering to both the letter and the full, open spirit of transparency, we post our independently audited financial statements and our IRS Form 990 on our website and make them available to anyone who asks to see them.
- We subscribe to and follow the best practice guidelines of the National Network of Fiscal Sponsors.
- We maintain and routinely grow our robust reserve, now $1.3 million of non-project funds, to ensure our ongoing operating stability and to assure funders of our financial health and integrity.
- Our highly engaged board of directors governs Community Partners closely and attentively, following established charitable organization stewardship principles and best practices.
- We spend the funds of any sponsored project only for activities of that project, and with project leader authorization. As a matter of board policy and practice from the first day we existed, we NEVER spend project funds for general operating expenses of Community Partners.
- We report monthly to the leader of each sponsored project its financial activity and cash balance, according to the established principles and practices of fund accounting.
- We have excellent internal financial controls that are regularly reviewed by our independent auditors and designed to prevent any one person from obligating project funds.
- We maintain project funds with maximum liquidity and safety, assuring that sponsored project leaders have access to them for project expenses any time the funds are needed.
If you have questions or concerns of any kind, please contact Paul Vandeventer at 213-346-3201 or paulv@CommunityPartners.org.
|Paul Vandeventer||Bill Choi|
|President & CEO||
Chair, Board of Directors