(It is not necessary that the audit committee be a separate committee. They should be prepared by an independent accountant with oversight from an audit committee. (More)Īudited financial statements provide important information about financial accountability and accuracy. In this case, we deduct 15 points from the charity's Accountability and Transparency score.Īudited Financials Prepared by Independent Accountant. No Credit: There has been a diversion of assets within the last two years and the charity's explanation on Schedule O is either non-existent or not sufficient.In this situation, we deduct 7 points from the charity's Accountability and Transparency score. Partial Credit: There has been a diversion of assets within the last two years and the charity has used Schedule O on the Form 990 to explain: the nature of the diversion, the amount of money or property involved and the corrective action taken to address the matter.This metric will be assigned to one of the following categories:įull Credit: There has been no diversion of assets within the last two years. If the charity does report a diversion, then we check to see if it complied with the Form 990 instructions by describing what happened and its corrective action. We check the charity's last two Forms 990 to see if the charity has reported any diversion of assets. (More)Ī diversion of assets – any unauthorized conversion or use of the organization's assets other than for the organization's authorized purposes, including but not limited to embezzlement or theft – can seriously call into question a charity's financial integrity. Our analysts check the Form 990 to determine if the independent Board members are a voting majority and also at least five in number. (More) The presence of an independent governing body is strongly recommended by many industry professionals to allow for full deliberation and diversity of thinking on governance and other organizational matters. People are at the heart of what MPTF does each day, and it is the extraordinary generosity of countless donors, families, and volunteers that enables the organization to deliver services to industry members in need. The entertainment industry has a legacy of taking care of its own like no other industry in the world. With the engagement and generosity of thousands of supporters from within the industry community, MPTF serves thousands in our community each year with financial assistance, social services, and retirement living. MPTF belongs to everyone in the entertainment business and its successes are embodied in the spirit of stepping up and giving back. What began in 1921 has flourished into MPTF, a comprehensive service organization that remains at the core of the entertainment industry. MPTF (Motion Picture & Television Fund) supports the entertainment community in living and aging well, with dignity and purpose, and in helping each other in times of need.
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