JUNE 1 - 5 MIDWEEK UPDATE
June 3, 2020 - Our values are the heart of HighGround and guide us as we work with those who are transforming lives. To name a few, we strive to put others first, to be servant-hearted and to act with integrity.
These values require that we see ourselves in the right relation to God and one another, that we stand for what is right, that we oppose injustice, that we lead with humility and love. In light of present circumstances, we are reminded again of the work still to do in these areas.
We wish to recognize the beauty of our differences and our similarities as we seek to act justly, love kindness, and walk humbly with our God (Micah 6:8).
- Protesters around the world have taken to the streets to raise awareness against police brutality and racial inequity, following the death of George Floyd. It is unknown what impact the significant social unrest may have on the economy and the markets.
- Despite historic unemployment numbers, stocks have rallied in recent weeks due to optimism over the economic recovery from coronavirus, with all 50 states taking steps to reopen.
- U.S. and China trade war tensions have heightened due to disagreements regarding financial markets, human rights and the origins of COVID-19.
- Last week, China ignored international warnings and passed a national security law that greatly increases its influence over Hong Kong, the U.S. gateway to Mainland China for business and investment.
We’re an Open Book: Financial Transparency
As mentioned above, one of our core values is that we act with integrity. We believe integrity includes accountability, honesty and transparency. To this end, HighGround audits our business practices and Funds in the following ways:
Internal Audits – HighGround’s internal audit department performs various checks and verifications of multiple processes throughout the year to ensure the appropriate controls are in place. This internal audit function reports directly to the HighGround Board of Directors.
External Audits – HighGround hires Grant Thornton to perform an annual financial statement audit and SOC 1 examination.
- Annual Financial Statement Audit: This audit includes a review of HighGround Funds and the underlying financial transactions made therein and provides reasonable assurance that the financial statements are free from material misstatement.
Grant Thornton completed their annual audit of HighGround's financials and presented their findings at April's Board meeting. The report found no control deficiencies and was issued with a clean, unqualified opinion. We welcome you to view the approved Audited Financial Statements as of December 31, 2019 here.
- SOC 1 Examination: This examination tests the effectiveness of HighGround’s internal controls over the HighGround Funds and the underlying processes used to conduct business on behalf of our clients. If you are an authorized user, the latest SOC 1 Report is posted on HighGround's client portal. After logging in, this notice can be accessed by selecting the "Reporting tab" from the main menu and then clicking on "Notices" from the drop-down options.
Enhancing Trust with Financial Integrity
Last year, HighGround earned accreditation from the Evangelical Council for Financial Accountability (ECFA), which is based on standards of responsible stewardship including accountability, transparency, sound board governance and ethical fundraising. We joined a growing number of Christ-centered churches and ministries across America that have earned the right to display the ECFA seal and are, collectively, supported by over 27 million donors. When an organization is accredited by ECFA, it demonstrates its willingness to follow the model of biblical accountability. “We are pleased to accredit a ministry committed to encourage, receive, and manage charitable gifts for nonprofit organizations dedicated to transforming lives,” said Dan Busby, President Emeritus of ECFA.