Financial Accountability

NeighborWorks America is a congressionally chartered corporation that receives a direct annual appropriation to support our work of strengthening communities and expanding opportunities for affordable housing. To ensure the funds we receive achieve the most good, we hold ourselves to the highest operational standards and multiple levels of oversight.

On this page, you'll find information about: 

Financial Oversight & Accountability

  • Chief Audit Executive Frederick Udochi assures compliance with established financial and operational procedures. The duties and responsibilities to those of an inspector general in larger federal agencies and involve a continual review of financial transactions, internal controls and adherence to established procedures. 
  • Office of the Chief Financial Officer is responsible for managing and reporting the organization's finances. This role is the key point of contact for stakeholders listed below. 
  • NeighborWorks America's Board of Directors include the heads of the federal financial regulatory agencies: the Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), Federal Reserve System, Office of the Comptroller of the Currency and U.S. Department of Housing and Urban Development (HUD). Internal and external auditors report directly to NeighborWorks' board. View the Sunshine Act Notice: Board of Directors Meeting
  • Office of Management and Budget (OMB) is where NeighborWorks submits annual budget submissions, which provide detailed financial and programmatic information regarding how the prior year's appropriation was used - along with plans for requested funds for the next fiscal year. A recommended funding level for the organization is included in the President's budget request to Congress. NeighborWorks also submits its contingency plan for lapse in appropriation in addition to an updated contingency plan memo
  • United States Congress is where NeighborWorks submits annual budget justification to its Authorizing and Appropriations Committees in both houses. This provides detailed financial and programmatic information regarding how the prior year's appropriation was used, programmatic outcomes and accomplishments, plans for the next fiscal year, and other information. 

Reports

Annual Report

View NeighborWorks America's FY 2023 impact report, celebrating 45 years of supporting communities, innovating, educating and build leaders. 

Budget Justification & Reports to Congress

Each year, every federally funded organization is required to develop and present to Congress a detailed budget request for the upcoming fiscal year. The budget request details recent accomplishments, how the organization spent previously appropriated funds and what the organization expects to accomplish with new funds. All requests are included in the President's budget, which is presented to the United States Congress each year. 

Additionally, in line with NeighborWorks' commitment to transparency and our fiduciary duty, we produce annual reports to Congress on the organization's annual performance as well as an impact report for the public each year

External Audits

NeighborWorks undergoes an annual third-party financial audit by one of the nation’s top public accounting firms. These external, independent auditors provide a full audit of the organization’s financial statements in accordance with formal industry standards set by the American Institute of Certified Public Accountants and the Financial Accounting Standards Board.

Internal Audits

Internal auditing is an integral aspect of a broader oversight, auditing and reporting process used by NeighborWorks America to assure compliance with all applicable rules and regulations, as well as prudent use of every dollar expended. The mission of the Office of Internal Audit is to provide independent, objective assessments. The scope of its work is to determine whether the corporation’s risk-management, control and governance processes are adequate and functioning in the prescribed manner. This is usually determined during an audit review.

The chief audit executive of the Office of Internal Audit reports directly to NeighborWorks America's board of directors through the Audit Committee and administratively to the president and chief executive officer.

Reports issued by NeighborWorks America's Office of Internal Audit are available in PDF unless otherwise noted in brackets. Please note: Consistent with the provisions of the Freedom of Information Act (FOIA), certain confidential, proprietary commercial or financial information, as well as personnel practices and individuals' information, have been redacted from the internal audit reports below. 

2023 Internal Audit Reports

2022 Internal Audit Reports

2021 Internal Audit Reports

2020 Internal Audit Reports

2019 Internal Audit Reports

2018 Internal Audit Reports

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2017 Internal Audit Reports

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2016 Internal Audit Reports

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2015 Internal Audit Reports

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2014 Internal Audit Reports

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