Statement of Financial Accountability

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• UWHC is independent from all other United Ways and is a local non-profit organization registered in the State of New Jersey and qualified as not for profit under section 501 (c) 3 of the IRS Code.  Contributions are tax deductible for federal income tax purposes in accordance with applicable regulations.
• UWHC operations are reviewed and approved by an independent volunteer Board of Directors who serve without compensation.
• UWHC campaign pledges and financial statements for the year ended August 31, 2009 were audited and verified currently by the independent certified public accounting firm of Rosenberg Rich Baker Berman & Company. 
• UWHC established a 401k plan beginning September 1, 2009.  The UWHC retirement plan is a defined contribution plan managed by ING through a broker relationship with AXA Advisors LLC and administered by Red Bank Pension Services, an independent plan administrator.  Decisions about the investment vehicles offered are determined by ING in conjunction with AXA Advisors LLC and cannot be made independently by UWHC staff or Board volunteers.
  
• UWHC  has a written agreement for services with the Somerset County United Way (SCUW) resulting in significant cost savings for the organization.  
• The total administrative cost of UWHC operations is 14.1% for the fiscal year September 1, 2008 through August 31, 2009.  This cost is calculated as a percentage of management, general and fundraising costs divided by revenue raised as reported on the IRS form 990.
• Recipient agencies of donor designations pay UWHC a fee of 7% for all designated pledges received to help offset the cost of fundraising from the local private campaign.
  
• UWHC does not withhold donor choice pledges. These pledges are distributed to local United Ways and designated agencies at the end of the quarter in which they are received.
  
• UWHC pays dues of 1.00% of total funds raised to United Way of America for its pro-rated share of the cost of national advertising and other supportive services.

 

                                                                                               Statement of Financial Accountability – Adopted April 2003

Updated – July 2010