Student Visions is in compliance with the spirit and intent of the U.S. Patriot Act and other counterterrorism laws. Affirmative action is taken to prevent financial, technical, in-kind or other resources from inadvertently being used for illegal acts and terrorist activities.
Student Visions has developed comprehensive requirements for completion of audited financial statements. They are intended to create a uniform set of standards for Student Visions to follow in preparing audited financial statements to ensure consistency and transparency on the part of Student Visions. The requirements are based on current best practices in our industry as well as generally accepted accounting principles and requirements of the Financial Accounting Standards Board. Student Visions system has also developed requirements for completion of the IRS Form 990 that clarify various areas of ambiguity and establish a single Student Visions standard for the 990 where the IRS allows for several different approaches.
At Student Visions, we know that our success is measured by how well we deliver on our mission to make measurable improvements in our students. We know the importance of setting high standards for ourselves. Client standards are implemented to enhance the level of accountability and transparency in our operations. Annually, Student Visions must certify their adherence to these requirements.
Student Visions Requirements
Student Visions must:
- Be tax-exempt under Section 501(c) (3) of the Internal Revenue Code as well as from corresponding provisions of other applicable state, local or foreign laws or regulations. Student Visions must file IRS Form 990 and Oregon form CT-12 annually in a timely manner.
- Comply with all other applicable legal local, state, and federal operating and reporting requirements.
- Have an active, responsible, and voluntary governing body, which ensures effective governance over the policies and financial resources of the organization.
- Adhere to a locally developed and adopted statement to ensure that we reflect the diversity of the community we serve.
- Represent itself as Student Visions in accordance with itís trademark standards and requirement.
- Adhere to a developed and adopted code of ethics for volunteers and staff which includesí provisions for ethical management, publicity, fundraising practices and full and fair disclosure.
- Undergo an annual audit conducted by an independent certified public accountant whose examination complies with generally accepted auditing standards and GAAP.
- Conduct every three years a volunteer-led self-assessment of operations, financial management, and organizational governance and decision making.
- If managing donor designated gifts, the fees charged, if any, will be based on actual expenses.