The Team Jack Foundation Receives Gold Level GuideStar Status

The Team Jack Foundation Receives Gold Level GuideStar Status

Monday, October 31, 2016

The Team Jack Foundation is a non-profit charity organization striving to find a cure for child brain cancer and raise awareness for the disease.  The Foundation has recently attained Gold Status on GuideStar, an online resource that disseminates information on IRS-registered nonprofits in order to increase an organization’s transparency and legitimacy to potential donors.

“We take great pride in receiving this status as it shows that the Team Jack Foundation is providing accurate and up to date information on our financial stability, goals and strategies.  It also shows our capabilities and progress in achieving our goals,” said Kylie Dockter, Executive Director.

The GuideStar Foundation is important because it reports information about foundations all over the United States and helps people see whether nonprofits are following legitimate procedures and are accomplishing goals related to their mission.

As part of being eligible for GuideStar’s Gold Status, nonprofits must submit annual audit financials.  In 2015, the Team Jack Foundation had its first audit of financials.

The 2015 Team Jack Foundation, Inc. financials were audited by an accredited accounting firm in the heart of the Midwest, Dana F. Cole & Company.  Accountants with the Dana F. Cole & Company are certified public accountants that are active members of the American Institute of Certified Public Accountants.  Their responsibility is to express an opinion on financial statements.  The audit was conducted in accordance with the auditing standards generally accepted in the United States.

What is an audit?

An audit involves performing procedures to obtain audit evidence about the amount and disclosures in the financials.  According to the National Council of Nonprofits, an independent audit is an examination of the financial records, accounts, business transactions, accounting practices, and internal controls of a charitable nonprofit by an "independent" auditor. "Independent" refers to the fact that the auditor/CPA is not an employee of the nonprofits but instead is retained through a contract for services, and hence is "independent."

There are four types of reports that an auditor could issue: "Unqualified Opinion" (this is the type of audit you hope for); "Qualified Opinion" which signals that the auditors found one or two situations where the nonprofit is not following generally accepted accounting principles (GAAP), or that the organization is following GAAP in most cases although perhaps not all, but overall there is not a material misstatement of any financial position(s); "Adverse Opinion" (which signals that the auditors found a material misstatement or that overall the organization is not conforming to GAAP); or a "Disclaimer of Opinion" report.

The opinion of the Team Jack Foundation’s 2015 audit was “unqualified”.  The official opinion of the independent auditor was:

“The financial statements referred to above present fairly, in all material respects, the financial position of the Team Jack Foundation, Inc. as of December 31, 2015, and the changes in its net assets and its cash flows for the year then ended in conformity with the accounting principles generally accepted in the United States of America.”

The Team Jack Foundation operates out of Atkinson, Nebr. and is comprised of two full-time employees and one part-time employee.  The CEO and Board Chair is also a volunteer for the Foundation. The Foundation is overseen by an eight person board of directors that meets monthly to discuss Foundation financials, practices and other items. 

The Team Jack Foundation’s management and general expenses account for less than nine percent of their total revenue annually.  The Team Jack Foundation operates on approximately 8.6% of their total budget.  According to CharityNavigator.com, they believe that “charities which spend less than 10% of their budgets on fundraising all perform in a financially exceptional way.” The Foundation takes pride in maintaining low operating expenses in order for more dollars to be allocated toward their mission. 

“We are very proud of what we have accomplished to date with the Foundation.  Receiving an unqualified audit as well as a gold status with GuideStar proves that we are operating in accordance to non-profit standards,” said Andy Hoffman, Board Chair.  “This year has been an exceptionally great for the Foundation and what we have been able to achieve.  We are excited for what the future holds.”

To see the Team Jack Foundation’s GuideStar profile, please visit:  http://www.guidestar.org/profile/46-2301134.

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