Why Audited Accounts?

CSO Audited Accounts

Paragraph 5.e of PTF Grant Agreements specify that

(Name of CSO) shall provide PTF a copy of its audited financial statements for each year during the term of the grant hereunder, within 180 days of the end of each of its fiscal years.  Such financial statements shall be accompanied by the auditor’s certification, which shall be in form and substance reasonably satisfactory to PTF.  Such audited accounts shall include in its notes or schedules a statement disclosing the PTF grant and the expenditures made thereunder during the relevant period.[1]

This is because

As part of our fiduciary responsibilities we have to the donors, we must be able to have verification that the funds provided in the grant agreement are spent in accordance with that agreement and that the grantee has the capacity to account for the funds provided to them.

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[1] In the case of grants of $100,000 or more, these provisions are to be rewritten to require audited project accounts.