July 2, 2010
Northwest Foundation continues to exceed BBB's standard for responsible use of charitable gifts
MARYVILLE, Mo. - According to the Better Business Bureau's Wise Giving Alliance for finance standards, when Northwest Missouri State University alumni and friends make a charitable donation through the Northwest Foundation, they can be confident their gift is spent wisely.
The Better Business Bureau is known for providing information on ethical business practices and serving as a trusted intermediary between consumers and businesses. The BBB's Wise Giving Alliance reviews and reports on national charities, using the 20 BBB Wise Giving Alliance Standards for Charity Accountability. The finance standard for the Better Business Bureau's Wise Giving Alliance prescribes that no less than 65 percent of total expenses of a charitable organization be spent on charitable programs.
Using this standard, in Fiscal Year 2010, which ended June 30, the Northwest Foundation exceeded the BBB's expectations by spending 78 percent of every dollar on University programs. This amounted to $1.7 million, which included more than $600,000 in scholarships and $800,000 in direct support to Northwest. Furthermore, only 5 percent of the Foundation's total expenses were fundraising expenses, such as donor cultivation, and 17 percent were management and general expenses, such as auditing services, training and interest expenses.
In addition, the Northwest Foundation continually exceeds the BBB standard. Since Fiscal Year 2005, the organization has averaged spending 81 percent of every dollar on University programs, peaking in FY08 when that figure reached 89 percent.
"The finance standard for the Better Business Bureau's Wise Giving Alliance seeks to ensure that charitable organizations such as the Northwest Foundation spend their funds honestly, prudently and in accordance with statements made in fund raising appeals," said Orrie Covert, executive director of the Northwest Foundation. "The Northwest Foundation routinely meets that expectation."
For more information about the Northwest Foundation or to make a gift to support Northwest Missouri State University, contact Teresa Gustafson, director of strategic donor development, at firstname.lastname@example.org or 660.562.0816.
The Northwest Foundation, a 501(c) 3 not-for-profit corporation, is responsible for receiving, investing, stewarding and disbursing private support on behalf of the donors of Northwest Missouri State University for the benefit of the University, its students, faculty, staff and alumni. The Northwest Foundation, governed by a 29-member volunteer board of directors, is staffed by members of Northwest's Office of University Advancement.
For more information, please contact:
Mark Hornickel, Media Relations Specialist
email@example.com | 660.562.1704 | Fax: 660.562.1900
Northwest Missouri State University
215 Administration Building | 800 University Drive | Maryville, MO 64468