Transparency of the use of charitable funds: MHP-Hromada Charity Foundation received a positive audit report from PwC
Kyiv • UNN
Passing an audit is a necessary step for charitable foundations for reasons of transparency, responsibility to donors and society, as well as to confirm compliance with high standards of financial management and legal norms
The MHP-Hromadi Charitable Foundation, which has been comprehensively restoring and developing Ukrainian communities since 2015, has received an audit report from the international audit company PwC in Ukraine. The audit was conducted in accordance with international audit standards (ISA) for the fund's financial statements prepared as at 31 December 2022 in accordance with International Financial Reporting Standards (IFRS).
Details
Passing an audit is a necessary step for charitable foundations for reasons of transparency, responsibility to donors and society, as well as to confirm compliance with high standards of financial management and legal norms. This is not a formality, it is a demonstration of openness, which increases the trust of donors and contributes to the effective use of charitable funds.
"This year we have taken an important step towards increasing the financial transparency of our fund by passing an audit from one of the leading audit companies, whose conclusions are trusted by the international community. After all, we are responsible to donors from all over the world for the transparent and effective use of each donation that we receive," says Tatiana Volochay, director of the MHP – Hromadi Charitable Foundation.
International audit is an important tool of discipline and encourages compliance with all standards of document processing, which is sometimes difficult in times of war. Because many financial transactions require speed.
"A financial auditor can identify weaknesses in resource management by investigating financial processes, while giving the fund the opportunity to improve its internal processes. This helps to increase efficiency and optimize the use of resources, and auditors help to see new areas of development and improvement of financial activities," says Tatiana Volochay, director of the MHP – Hromadi Charitable Foundation.
For the period from January 1, 2023 to the date of approval of the financial statements from PwC (November 2, 2023), the MHP-Hromadi Fund received receipts to bank accounts for financing activities from various sources totaling UAH 417 million. This is UAH 100 million more than last year: then the total budget of the Fund was UAH 295.4 million). This is another confirmation that MHP-Hromadi is growing, developing every year, attracting funds from Ukrainian and foreign donors, and is a powerful and influential player among charitable organizations in Ukraine.
Help
"MHP-Hromadi is a Ukrainian charitable foundation that has been comprehensively restoring and developing Ukrainian communities since 2015. Helps residents of small towns and villages build partnerships with government and business. The foundation operates in 13 regions of Ukraine and operates in more than 700 localities. Since the beginning of a full-scale war, it has been systematically helping those who need it most: defenders, rescuers, displaced persons, children, and the elderly. Supports small businesses and implements joint development, educational, medical, infrastructure and cultural projects together with international and Ukrainian donors.
The PwC network of firms operates in 155 countries, where more than 327,000 specialists provide audit, consulting and tax services of the highest quality. The company has been operating in Ukraine since 1993 and has more than 800 experts working in the company's offices in Kiev, Dnipro and Lviv.
