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• Adequately maintain records and internal control procedures to ensure <br />compliance with laws and regulations <br />Mercy House has a full-time Finance Manager and supporting accounting team, who <br />are responsible for the following bookkeeping activities: managing accounts payable, <br />cash receipts and payroll; preparing monthly financial statements and grant billings <br />and assisting with the annual budget and audit. Our Operations Director oversees all <br />financial activities. Our Finance Manager and Operations Director will review financial <br />statements and budgets with each Program Manager on a regular basis and will make <br />adjustments on spending as necessary. <br />We utilize a fund accounting system designed specifically for non-profit agencies. We <br />use a cash -basis accounting system. Our Finance Manager prepares the following <br />reports on a monthly basis: balance sheet, profit and loss statement, general ledger, <br />grant general ledgers, a functional expense report, and other reports as needed and <br />required. A Certified Public Accountant who is a member of the Board of Directors is <br />responsible for reviewing all financial statements on a monthly basis, presenting the <br />organization's financial status at monthly Board meetings, securing Board approval of <br />financials and preparing the annual tax returns. <br />Keys to Organizational Success <br />• Build and leverage strong, active board of directors. <br />• Only engage in projects and services that support identified primary strategic <br />programs. <br />• Continue to design and implement strict financial controls and accountability. <br />• Align programs and services to national best practices to ensure effective <br />service delivery, better housing outcomes and increased cost effectiveness. <br />Market Analysis <br />Orange County Housing Challenges <br />According to the Orange County Community Indicators Report (2017), the following <br />present key indicators of homelessness and housing stability challenges for Orange <br />County residents: <br />Rental Affordability <br />In 2017, the hourly wage needed to afford a median -priced one -bedroom unit was <br />$27.62, equivalent to an annual income of $57,440. This Housing Wage is up from $25.46 <br />in 2016 and above the previous five-year average of $25.37. Workers earning above <br />Page 7 of 13 <br />