Independent auditors have given ARCHS an "unmodified" or "clean" audit for the 17th consecutive fiscal year. ARCHS' FY 2018 (July 1, 2017 - June 30, 2018) financial audit was reviewed and approved by ARCHS' Board of Directors at the December 4, 2018 meeting.
Issuance of "unmodified" means an auditor, upon review of an organization's financial statements and accompanying notes, concluded that the financial statements and accompanying notes are presented fairly, conform to generally accepted accounting principles, and fairly represent the true financial picture of the organization.
For the ninth consecutive year, ARCHS has also successfully completed a federal 2 CFR 200 audit (formerly called an A-133 audit) for its work with federal funding. A 2 CFR 200 audit is required for any organization that expends more than $750,000 in a year in funding from the federal government.
“ARCHS 17 years of noted sound financial stewardship is a testament to our steadfast commitment to our unique role as the region’s official community partnership organization,” said ARCHS’ Chief Executive Officer Wendell Kimbrough. “ARCHS carefully and purposefully balances its strategic fiduciary and human service program responsibilities focusing on disrupting intergenerational poverty and disparities.
During FY 2018, ARCHS had a $20.2 million impact on the region. Within that number, $8.7 million were grants, and $11.5 million were funds/resources secured by ARCHS funded human service programs.
According to ARCHS’ Chief Financial Officer Sheryl Mitchell, “The FY 2018 audit also highlighted that ARCHS’ “administrative overhead” costs are only 16.9 percent, which is below the national average of 25 percent as calculated by the national United Way and other groups. This means that 83.1 cents out of every dollar ARCHS manages goes to the delivery of human service programs that annually serve more than 180,000 St. Louisans facing disparities and disadvantages. The remaining 16.9 cents provides strategic technical assistance and professional development services that assist in the management and evaluation of these vital programs.”