Task force sets financial documentation expectations, allows fallbacks for small organizations
Members agreed to request three years of audited financial statements where available, with profit‑and‑loss statements or IRS Form 990 as acceptable fallbacks and a narrative explanation for significant changes; they asked staff to finalize wording and include recent six‑month data.
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Task force members debated how to verify applicants’ financial health and settled on a pragmatic approach: request audited financial statements for the past three years when available, but accept alternative documents (profit‑and‑loss statements, IRS Form 990) for small organizations that do not audit. The committee also asked for the most recent six months of financials and a short narrative explaining significant changes.
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