We are a not-for-profit organization. All financial resources are used to support the work we do for children of convicts. Each Morning Tears country is an independent non-profit organization and responsible for its own financial management. Please have a look on the country website for more information & financial statements.
In 2013 and 2014 we dedicated significant time and energy working with financial professionals to ensure that we can run larger projects, advance our reporting and safeguard the trust that our supporters have in us. We now have a review mechanism in place with the Morning Tears Board for the financial management of each independent Morning Tears country. Furthermore, we operate in formal compliance with financial management standards from key donors, including the European Commission, and the majority of our work is audited by an independent auditor. In 2014 / 2015 we intend to increase our external transparency through our website and annual reports.
Principles for Financial Management
As we deeply cherish our donors and the trust they have in us, all Morning Tears staff are required to comply with these ten principles for financial management:
We have a legal and moral responsibility to take excellent care of the financial and in-kind resources entrusted to us. All funds are utilized in accordance with (donor) restrictions. Funds are never given directly to the children but used with transparency and accountability with their best interest at heart.
We are accountable to our donors, the children we help and all other stakeholders when it comes to resources entrusted to us. All stakeholders have the right to know how their funds are being used.
We work as cost-effectively and efficiently as possible to ensure maximum output for all donations.
We strive to provide accurate, complete and transparent reporting on all projects and our finances. We recognize that gaining and maintaining trust from our donors depends upon this and thereby the future of Morning Tears.
On a personal level, everyone volunteering or working for Morning Tears operates with honesty, propriety and integrity. Board members and management staff must lead by example in our operating procedures and by declaring any personal interests that conflict with their official duties.
Morning Tears does not accept financial or in-kind donations from companies and organizations that directly or indirectly contradict the principles outlined in this Charter. An assessment is made on a case by case basis.
Our expenses are in balance with our incoming funds, both at the operational and the strategic level. We operate in a financially sustainable and viable manner. Our financial management and accounts are done in a timely manner to reflect the current situation.
8. Accounting Standards
Our financial management is always done with full transparency and in accordance with applicable national level legislation and internationally accepted accounting standards and best practices.
Our financial policies and systems are consistent to safeguard efficient operations and transparency, especially in financial reporting. Unnecessary changes are avoided when financial management policies and procedures need to be adjusted. All changes are always properly recorded and traceable.
10. Zero tolerance for fraud
Morning Tears has a zero tolerance policy for fraud. Our financial management and human resources policies are aimed at preventing the (unintentional) misuse of funds.