Financial Safeguards and Controls

                                             The Aid and Education Project, Inc.

Financial Safeguards and Controls

The Aid and Education Project, Inc. employs the following safeguards and controls to assure donors and potential donors that all funds go for the intended purposes.

• All books and records are maintained according to U.S. standards.

• Accountant in Guatemala is independent of other personnel in Guatemala and reports directly to management in the U.S.

• Detailed monthly reports are prepared that show expenditures by student and category of expense.

• The organization retains original receipts for virtually every expenditure.

• Little money is given directly to families.  If money is given directly to a family, the family must turn in an original receipt to show that the money was used as intended.

• Project directors in Guatemala are long-term residents of their communities and know where need is real.

• Management from the U.S. often visits and communicates with families in Guatemala and verifies that the project is providing for them as intended.  The family of every sponsored student will be or is known personally to at least one member of the U.S. management team.

• Donors and potential donors are free to visit and communicate with families in the project to see for themselves how the project benefits the families.

• U.S. management has professional financial experience and is intimately involved in all substantial financial matters concerning the organization.

• Directors, Advisors, and U.S. Officers and management team do no receive salary or compensation of any kind for work with the project.

• Directors and Officers of the organization pay all overhead so that funds go directly to beneficiaries in Guatemala.  (Overhead is defined as all travel and conferences by U.S. personnel, office space, office equipment & supplies, communications, legal & accounting fees, and fundraising costs.)

Key Personnel for Financial Matters:  

Executive Director/ Trustee:     

                                                Mark Pitts

                                                14 Zander Lane    

                                                Randolph, New Jersey   07869             

                                                Tel: 973-366-3119

                                                mpitts@aidanded.org

            Accountant in Guatemala:

                                                            Reyna Maria Flores

                                                            Antigua, Guatemala                   

                                                            Tel: 502-5900-5395

                                                            reymaf@hotmail.com

                                                                                                        November, 2007

     The Aid and Education Project, Inc.   14 Zander Lane  Randolph, New Jersey  07869   USA  Tel  973-366-3119

     email: info@aidanded.org                                                                                                       www.aidanded.org