Financial Auditing And Process Improvements

At PYT, we are seeking a skilled financial auditor to help us enhance transparency, compliance, and financial efficiency. Our organization provides innovative financial solutions to help underserved students and families overcome financial barriers to education, housing, and career development. To ensure long-term sustainability and accountability, we need a volunteer to assist with financial auditing, compliance verification, and process improvements.
The volunteer’s key tasks will include:
- Reviewing financial statements, income, and expense reports for accuracy.
Auditing the Loanership™ program to ensure that disbursements align with eligibility criteria and impact goals.
- Ensuring compliance with 501(c)(3) IRS regulations, HUD guidelines, and grant reporting requirements.
- Assisting in reconciling donor contributions and grant distributions, particularly from funders like Goldman Sachs and the Arkansas Community Foundation.
- Identifying financial risks and inefficiencies while recommending best practices for long-term financial sustainability.

This role is critical to ensuring that our programs remain financially sound and continue to serve students effectively.

3. How will this project support your organization's mission?
At Pay Your Tuition (PYT), we believe that financial barriers should never stand in the way of ambition, learning, and success. We provide innovative financial solutions, including the Loanership™ program, to help students and families build credit, secure last-mile tuition funding, and access career development opportunities.

This financial auditing project is a game-changer for our mission because:

- It ensures financial accountability and transparency, helping us build trust with donors, banks, and partners.
- It strengthens our ability to scale the Loanership™ program and support even more students nationwide.
- It helps us secure additional funding from philanthropic partners and public-private initiatives.
- It prepares us for HUD collaboration and CDFI certification, expanding our ability to provide financial services for underserved communities.

By volunteering with us, the financial auditor will play a direct role in helping students achieve their educational and financial goals, ensuring that every dollar is maximized for impact. This work will help us expand to serve thousands more students and families over the next few years.

We have taken key steps to ensure that this project is set up for success and that our volunteer partner has a seamless experience, including:
- Internal Buy-in & Preparation:
Our leadership team is fully aligned on the importance of this project, ensuring access to financial data and organizational resources.
We have previously collaborated with pro bono volunteers and have a structured workflow to onboard and support our Taproot volunteer.
- Gathered Necessary Materials:
We have detailed financial reports, previous audit documentation, and compliance records ready for review.
Our team will provide access to impact reports, donor agreements, and Loanership™ program data to facilitate the audit.
- Implementation Plan:
The findings and recommendations from the audit will directly inform our financial sustainability strategy, supporting our growth goals and ensuring compliance with nonprofit regulations.

Our team will implement any necessary financial process improvements, particularly as we work toward CDFI certification and HUD compliance.
The volunteer will work directly with our Finance and Operations team and receive full support from leadership to ensure a productive and impactful experience.