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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.

Chief Audit Officer: NeighborWorks America employs a full-time internal auditor and staff to assure compliance with established financial and operational procedures.  The duties and responsibilities are similar 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: The NeighborWorks America chief financial officer is responsible for managing and reporting the corporation's finances. He is the key point of contact for the stakeholders listed below.

NeighborWorks board of directors: The board of directors includes the heads of the federal financial regulatory agencies, including the Federal Deposit Insurance Corp., National Credit Union Administration, Federal Reserve System, Office of the Comptroller of the Currency, and the Secretary of the Department of Housing and Urban Development. Internal and external auditors report directly to the NeighborWorks board of directors.
>> See our board of directors
Office of Management and Budget (OMB):  Every year, the corporation prepares an annual budget submission for the OMB providing detailed financial and programmatic information regarding how the prior year’s appropriation was used, along with its plans for the requested funds for the next fiscal year. A recommended funding level for the corporation is included in the President’s budget request to Congress. We also submit our contingency plan for lapse in appropriations in addition to an updated contingency plan memo
Congress: The corporation submits an annual budget justification to its Authorizing and Appropriations Committees in both houses of the U.S. Congress. This provides detailed financial and programmatic information regarding how the prior year’s appropriation was used, programmatic outcomes and accomplishments, plans for the coming year and other information.
>>Read the budget justification

External Audit

NeighborWorks undergoes an annual third-party financial audit by one of the nation’s top public accounting firms.

The external, independent auditors provide a full audit of the corporation’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 Audit

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. More information»

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 the board of NeighborWorks America through the Audit Committee and administratively to the chief executive officer.