Chesterfield Cultural Arts Foundation does not meet the following 8 Standards for Charity Accountability:
Standard 1 (Oversight of Operations and Staff)
Organizations shall have a board of directors that provides adequate oversight of the charity's operations and its staff. Indication of adequate oversight includes, but is not limited to, regularly scheduled appraisals of the CEO's performance, evidence of disbursement controls such as board approval of the budget, fund raising practices, establishment of a conflict of interest policy, and establishment of accounting procedures sufficient to safeguard charity finances.
CCAF does not meet this Standard because its board of directors does not:
- Review the performance of the Chief Executive Officer at least once every two years.
- Have an approved conflict of interest policy.
Standard 6 (Board Policy on Effectiveness)
Have a board policy of assessing, no less than every two years, the organization's performance and effectiveness and of determining future actions required to achieve its mission.
CCAF does not meet this Standard because:
- The board of directors does not have a written policy stating that, at least every two years, an appraisal be done assessing the organization’s performance and effectiveness and determining future actions required to achieve its mission.
Standard 7 (Board Approval of Written Report on Effectiveness)
Submit to the organization's governing body, for its approval, a written report that outlines the results of the aforementioned performance and effectiveness assessment and recommendations for future actions.
CCAF does not meet this Standard because:
- The organization has not completed an effectiveness assessment in the last two years.
Standard 11 (Financial Statements)
Make available to all, on request, complete annual financial statements prepared in accordance with generally accepted accounting principles. When total annual gross income exceeds $500,000, these statements should be audited in accordance with generally accepted auditing standards. For charities whose annual gross income is less than $500,000, a review by a certified public accountant is sufficient to meet this standard. For charities whose annual gross income is less than $250,000, an internally produced, complete financial statement is sufficient to meet this standard.
CCAF does not meet this Standard because:
- Although the organization reported total revenue in the amount of $362,967 for the year ended December 31, 2018, the organization states it does not have financials reviewed by a Certified Public Accountant.
Standard 13 (Accuracy of Expenses in Financial Statements)
Accurately report the charity's expenses, including any joint cost allocations, in its financial statements. For example, audited or unaudited statements which inaccurately claim zero fund raising expenses or otherwise understate the amount a charity spends on fund raising, and/or overstate the amount it spends on programs will not meet this standard.
CCAF does not meet this Standard because::
-
The BBB Wise Giving Alliance disagrees with the organization's allocation of fundraising and administrative expenses. According to CCAF's IRS Form 990 for the year ended December 31, 2018, the organization did not allocate any expenses toward fundraising or administration.
Standard 14 (Budget)
Have a board-approved annual budget for its current fiscal year, outlining projected expenses for major program activities, fund raising, and administration.
CCAF does not meet this Standard because:
- The organization did not produce a budget in 2020.
Standard 16 (Annual Report)
Have an annual report available to all, on request, that includes: (a) the organization's mission statement, (b) a summary of the past year's program service accomplishments, (c) a roster of the officers and members of the board of directors, (d) financial information that includes (i) total income in the past fiscal year, (ii) expenses in the same program, fund raising and administrative categories as in the financial statements, and (iii) ending net assets.
CCAF does not meet this Standard because:
- The organization states it does not have an annual report covering activities conducted in 2018.
Standard 17 (Web Site Disclosures)
Include on any charity websites that solicit contributions, the same information that is recommended for annual reports, as well as the mailing address of the charity and electronic access to its most recent IRS Form 990.
CCAF does not meet this Standard because the organization’s website, http://artschesterfieldva.org/arts/home.html, does not include all of the recommended information for those charity websites that solicit for donations. Specifically, it does not include:
- Electronic access to the organization’s 2018 IRS Form 990.
- A summary of the organization's 2018 program service accomplishments.
- The organization's 2018 financial information.
The BBB Wise Giving Alliance requested but did not receive complete information from the organization and is unable to verify the organization's compliance with the following Standard(s) for Charity Accountability:
10
15
Chesterfield Cultural Arts Foundation meets the remaining 10 Standards for Charity Accountability.
Chesterfield Cultural Arts Foundation (CCAF) reports that it is partnering with Chesterfield County to build a new Cultural Arts Center in Chester, VA. The foundation is responsible for raising funds for construction of the building, which is slated to open in August 2020. Once built, CCAF will maintain the Baxter Perkinson Center for the Arts, which will feature performance and visual arts.
For the year ended December 31, 2018, Chesterfield Cultural Arts Foundation's program expenses were:
Program services |
$11,123 |
Total Program Expenses: |
$11,123 |
*2018 compensation includes annual salary and, if applicable, benefit plans, expense accounts, and other allowances.
Method(s) Used:
Internet, Invitations to fund raising events, Print advertisements (newspapers, magazines, etc.)
Since the BBB Wise Giving Alliance disagrees with CCAF's allocation of fundraising expenses, we are unable to verify the ratio of fundraising expenses to related contributions. See the Conclusions section of this report for more information.
This organization is tax-exempt under section 501(c) (3) of the Internal Revenue Code.It is eligible to receive contributions deductible as charitable donations for federal income tax purposes.
The following information is based on Chesterfield Cultural Arts Foundation's IRS Form 990 for the year ended December 31, 2018.
Source of Funds |
Contributions |
$356,605 |
Investment income |
$6,362 |
Total Income |
$362,967 |
Total Income |
$362,967 |
Program expenses |
$11,123 |
Fundraising expenses |
$0 |
Administrative expenses |
$0 |
Other expenses |
$0 |
Total expenses: |
$11,123 |
Income in Excess of Expenses |
$351,844 |
Beginning Net Assets |
$2,032,297 |
Other Changes In Net Assets |
$0 |
Ending Net Assets |
$2,384,141 |
Total Liabilities |
$250 |
Total Assets |
$2,384,391 |
Note: Since the BBB Wise Giving Alliance disagrees with CCAF's allocation of fundraising and administrative expenses, we are unable to verify the ratio of fundraising and administrative expenses.