Accountability and transparency are essential for the success and integrity of any organization, especially charities. These principles ensure that donors’ money is being used for its intended purpose and that the organization operates ethically and efficiently. Here are some ways that a Sri Lankan charity can demonstrate accountability and transparency:
- Publish annual reports: Share financial statements, program reports, and other information about the charity’s activities and impact. This will allow donors and other stakeholders to see how their money is being used and the results of the charity’s work.
- Have a clear mission and goals: Clearly articulate the charity’s mission and goals and regularly update them as necessary. This allows donors and other stakeholders to understand the charity’s purpose and what it is trying to achieve.
- Share information about the charity’s board of directors and staff: Make information about the charity’s leadership and staff available, including their qualifications and experience. This allows donors and other stakeholders to understand the expertise and background of the people running the charity.
- Be open to feedback: Encourage donors and other stakeholders to provide feedback and suggestions and respond to them in a timely and transparent manner. This shows that the charity is open to constructive criticism and is willing to make changes to improve its operations.
- Encourage feedback: Encourage feedback from donors, beneficiaries, volunteers, and other stakeholders and use that feedback to improve the charity’s work.
- Be transparent about fundraising: Share information about how the charity raises funds, including the percentage of donations that go towards administrative costs. This allows donors to understand how the charity is financed and how much of their money is actually going to the intended recipients.
- Seek external audits: Get an external audit of the charity’s financial statements from a reputable accounting firm.
- Share impact data: Share data and statistics that demonstrate the impact of the charity’s work, including information about the number of people helped and the outcomes achieved.
- Provide regular updates: Provide regular updates to donors and the public about the charity’s activities and progress.
- Be open to inspections: Be open to inspections from regulatory bodies and independent organizations responsible for overseeing charities’ work.
- Follow legal requirements: Comply with all legal requirements and regulations, including tax and financial reporting.
By implementing these practices, a Sri Lankan charity can demonstrate accountability and transparency, gaining the trust and support of donors and other stakeholders.