United Way of Washington County is in compliance with the comprehensive requirements for completion of audited financial statements developed by the United Way system. The requirements are intended to create a uniform set of standards for all United Ways to follow in preparing audited financial statements to ensure consistency and transparency on the part of local United Ways.
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. The United Way system has also developed requirements for completion of the IRS Form 990 that clarify various areas of ambiguity and establish a single United Way standard for the 990.
Based on the most recent audit, operating costs were at 21%, compared to the national standard for all nonprofits of 35-40%. More than 250 volunteers work year-round, helping with fundraising, fund distribution, and other aspects of running a successful United Way. This volunteer involvement keeps overhead costs low.