Overview
The Wounded Warrior Project (WWP) is a 501©(3) non profit, non-governmental organization whose mission is “To honor and empower Wounded Warriors” (Wounded Warrior Project, 2014). This mission statement addresses two of the major elements of a mission statement:
What: Honor and empower
Who: Wounded warriors
It does not address “where” it will provide services and “how” these services will be provided. This leaves the WWP open to provide a wide range of services that may change over time (Finkler, et al., 2013, p. 26).
The organization uses an accrual based accounting system in accordance with GAAP principles for the consolidated financial statement. While looking at the WWP’s financial statement, contribution receivables and cash equivalents were recorded as assets in the balance sheet. This shows that contributions were recorded as they were promised and cash equivalents were recorded as revenue when they were …show more content…
258-260). To asses the performance of the organization, the WWP has their financial records audited by an independent accounting firm, Grant Thornton. Furthermore, the WWP completes ongoing evaluations of its programs. Items such as satisfaction rates and number of veterans placed in full time jobs are measured (Wounded Warrior Project, 2014). This allows the WWP to set benchmarks and improve the quality of their programs. If the organization does not have accountability processes in place for its financial systems, it is in their best interest to create them given recent allegations of inappropriate spending (Philpps, 2016). This can be done by observing variances in costs, volume, use, and revenue. This will help the program identify ways in which they stray from their overall budget and plan for the
The Wounded Warrior Project (WWP) is a 501©(3) non profit, non-governmental organization whose mission is “To honor and empower Wounded Warriors” (Wounded Warrior Project, 2014). This mission statement addresses two of the major elements of a mission statement:
What: Honor and empower
Who: Wounded warriors
It does not address “where” it will provide services and “how” these services will be provided. This leaves the WWP open to provide a wide range of services that may change over time (Finkler, et al., 2013, p. 26).
The organization uses an accrual based accounting system in accordance with GAAP principles for the consolidated financial statement. While looking at the WWP’s financial statement, contribution receivables and cash equivalents were recorded as assets in the balance sheet. This shows that contributions were recorded as they were promised and cash equivalents were recorded as revenue when they were …show more content…
258-260). To asses the performance of the organization, the WWP has their financial records audited by an independent accounting firm, Grant Thornton. Furthermore, the WWP completes ongoing evaluations of its programs. Items such as satisfaction rates and number of veterans placed in full time jobs are measured (Wounded Warrior Project, 2014). This allows the WWP to set benchmarks and improve the quality of their programs. If the organization does not have accountability processes in place for its financial systems, it is in their best interest to create them given recent allegations of inappropriate spending (Philpps, 2016). This can be done by observing variances in costs, volume, use, and revenue. This will help the program identify ways in which they stray from their overall budget and plan for the