EKARI Foundation uses a system of financial accountability in Africa and the U.S. that ensures high-levels of transparency.
EKARI Foundation strives to keep our overhead percentage low and directs more than 90 percent of our funding to programs. Although often thought of negatively, overhead is invaluable to the success of a nonprofit organization. Without people to run programs, the programs would not exist! While it is important to understand an organization’s overhead rate, it is equally if not more important to understand an organization’s effectiveness rate and how the two go hand in hand.
Financial Accountability in U.S.
Our Board Treasurer handles all income and expenses. He/She completes a finance report that our Board of Directors reviews monthly and our Finance Committee audits quarterly.
Funds are wired from our U.S. bank account to our Malawi bank account quarterly.
Financial Accountability in Africa (Malawi)
Our In-Country Director records all program income and expenses in a finance database that our Executive Director reviews monthly in order to confirm that the database balances with our Malawi bank account. A receipt or signature must accompany all purchases and payments for proper tracking purposes.
In order for funds to be withdrawn from our Malawi bank account, signatures are required from our In-Country Director and a Malawi board member.
To guarantee financial accountability (that 100% of funds are accounted for and spent accordingly) our Malawi team handles all program payments; cash is NOT given directly to our beneficiaries, with the exception of transport and food allowances.
Our U.S. team completes assessments in Malawi annually to ensure that our beneficiaries are receiving the educational resources and training designated for them.
EKARI Foundation U.S. Form 990
EKARI Foundation Annual Report and Financial Statement