FIT is Extremely Meticulous About Accountability
- All books are kept in accordance with GAAP and audited annually by an independent auditing firm. FIT’s CFO is a certified and licensed CPA. FIT’s Treasurer is also a CPA. He spot-checks accounting procedures and methodology. All expenditures are reviewed weekly by the Chairman of the Board and semi-annually by the Board. All checks require two signatures, one of which must be that of a Board member. IRS Determination Letter is here.
- No funds are ever remitted directly to a client: checks for tuition are made payable to the school, vouchers are used cover food needs, bus passes for transportation, etc.
- FIT does not carry a deficit. All funds necessary for general, administrative and fundraising needs are raised through special event fundraising. Thus, 100% of every private donor dollar is dedicated toward client expenses.
- Our Board of Directors serve in uncompensated positions. Each contributes generously of their talent, time and money to make FIT a success. Click here for our Board of Directors list. Click here for our Conflict of Interest Policy.
- Money is tightly accounted for. Upon approval of each client's Vocational Plan (VP), an individual client budget is prepared. Only expense items noted in each budget will be paid. Immediately upon approval of a client's VP, all of the funds necessary for that VP are segregated into an earmarked account. Thus, we know at all times that all client costs have been funded.