United Way of the Brazos Valley UpdateFeatured Stories, News Friday, May 4th, 2012
The following information is courtesy of United Way of the Brazos Valley:
The United Way of the Brazos Valley has updated its funded partner agencies with payment expectations based on community campaign donations received in 2011. United Way of the Brazos Valley is going through a financial review. The difficulties arose because allocations were being paid on the basis of pledges rather than properly projected collections. There is no evidence of any theft or fraud.
United Way officials have calculated that the maximum amount that it can pay is 84 percent of the original community campaign allocated amount per their contracts with funded partner agencies. The total contracted allocated funds were $522,902.77. Donations collected in 2011, minus the United Way administrative fee of 17 percent, were $438,259.09. Currently, agencies have been paid $206,701.38 which is 40 percent of the original contracted amount. This adjustment can be made according to the contract. A plan is being developed to move towards a resumption of allocation payments to partner agencies.
United Way of the Brazos Valley has employed two local accounting firms-one to act as our contract controller, the other is performing a mid-year review of finances and operational procedures. In addition, we are undergoing our annual audit with a third firm.
An interim President and CEO, Bob Fleischer (a previous President and CEO of our United Way) has been hired to oversee our organization and the transition to a permanent President/CEO.
United Way of the Brazos Valley is committed to strengthening trust with our community and partners by engaging our board, staff and committee members with increased meeting frequency and attention.
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