In order to ensure that donors' contributions are spent in the manner
for which they are intended, The Abundance Fund has a rigorous due
dilligence process.
As part of the application process, The Abundance Fund requires
the applicant to provide two references. For promising proposals, The
Abundance Fund will carefully check the references, as well as second
and third level references (e.g. ask the person providing the
recommendation whether they can provide the names and contact
information of other people who can vouch for the applicant). The
reference check will include information on the applicant’s financial
status, it’s organizational structure (if it is an organization), and
it’s ability to accomplish the purpose for which the resources are
provided, and any other relevant information. The board of directors
will also make use of its extensive personal and professional network
to check applicant’s credentials.
The Abundance Fund checks the names of all people associated
with project
leadership against the U.S. Treasury Department's list of "Specially
Designated Nationals and Blocked Persons" and the list maintained by
the United Nations "1267 Committee" in order to ensure that no persons
associated with the project are involved in terrorist activities.
See http://www.treas.gov/offices/eotffc/ofac/sdn/t11sdn.pdf and http://www.un.org/Docs/sc/committees/1267/1267ListEng.htm]
To ensure that the funds are used in furtherance of The
Abundance Fund’s charitable purposes, we undertake the
following measures:
-
Visit each project, either personally or by trusted colleagues, to
ensure that the project is proceeding as planned, that benchmarks are
being met and that finances are being accounted for in an appropriate
manner. The second tranche of funds will not be made available until
The Abundance Fund is satisfied that the project is progressing and
that the funds are being spent in the manner in which they were
intended.
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