Vetting Process
Having a thorough vetting process is absolutely critical for us as a charity. We make a promise to each one of our donors that their donations will never be misused, and ensuring our collaborating organizations are legitimate, transparent and accountable is the foundation of that promise.
(Each organization must be formed for at least 1 full year so that financial statements may be reviewed)
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We gather the following documentation from each organization:
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incorporating and legal documents including their EIN, registration numbers, and bylaws
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Financial records for the past year including form 990 or equivalent
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A list of board members and senior staff
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Program materials and/or proof of charitable activity
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Examples of public presence
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We use the gathered information to investigate the following:
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Is the organization legitimately incorporated in their state and through the IRS
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Is the organization compliant with anti-terror, discrimination, and philanthropic guidelines
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Does form 990 and their financial records represent good financial stewardship and proper handling of donations
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Do they have any board members or senior staff that may have unfavorable pasts
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Are their program materials and proof of charitable activity readily available and legitimate
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Does the organization appear to have a positive view from the public
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If available, we also check the organization's reputation through websites such as Charity Watch, Give Radar, Guide Star, etc...
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Lastly, we physically meet with the organization at their headquarters to ensure they are who they say they are.
After an organization passes our vetting process, it is approved to collaborate with Banded Efforts and submit projects for funding. However, in addition to the initial vetting process, each project is its own contractual agreement and is monitored and audited for compliance. Once a project is funded, the receiving organization must submit quarterly reports on its finances, progress, and publicity. These reports must be do until the completion of the project. Banded Efforts also has the right to perform extra audits at any time if any wrongdoing is suspected. Each of our quarterly reports are uploaded onto the project pages on the website so that the public can see for themselves that their donations are being used properly.
Finally, Banded Efforts requires collaborating organizations to renew their proof of compliance by undergoing parts of the vetting process again every three years. We do this to ensure the organization has maintained its good standings and remains eligible to receive funding.
If you have any questions of concerns regarding our vetting process, please contact us.