Standards for Excellence Institute

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Congratulations to Touch Stones Financial Wellness Services!

The Standards for Excellence Institute would like to congratulate Touch Stones Financial Wellness Services for earning the Standards basics recognition under the Standards for Excellence: An Ethics and Accountability Code for the Nonprofit Sector.

To earn the Standards basics recognition, Touch Stones Financial Wellness Services went through an application process, which included a review by Standards of Excellence Institute staff to verify that Touch Stones Financial Wellness Services has strong policies in place for good governance and legal compliance, and a well-defined mission with impactful programs.

Touch Stones Financial Wellness Services’ mission is to “Improve, strengthen and enrich the lives of low & moderate income families by providing financial counseling & literacy programs that empower individuals to purse their goals, allowing them to achieve financial stability, capability, and self-sufficiency.” They serve individuals of color, single parent households, college students, individuals with disabilities and older adults in the greater Howard County area, as well as parts of Laurel and Anne Arundel County.

Touch Stones Financial Wellness Services’ programs include Financial Counseling to assist individuals in developing behaviors to become financially self-sufficient and establishing Basic Money Management skills. Their Financial Literacy Programs provide workshops and webinars on topics to build financial skills on debt repayment, managing and rebuilding credit, building savings, student loan repayment, avoiding identity theft and understanding bankruptcy.

Renee R. McElroy, Executive Director, states:
Touch Stones used the Standards for Excellence as its road map of how to not only conduct everyday business, but also to engage with the individuals we serve. As a small nonprofit, it is important that our organization is not only organized, but also knowledgeable and informed. The Standards for Excellence provided that for me. It started by allowing me to go through the assessment, which showed me where our strengths were and where our weaknesses were. They then allowed us to bring our nonprofit to the Basic Standards. When I started this nonprofit, it was to help those who did not have access to these services. I wanted to be the "hope" that they needed when they had lost all hope. The Standards of Excellence has allowed me to ensure that I am providing quality service and that I am doing it with integrity. Thank you to the Standards for Excellence Institute and Maryland Nonprofits for assisting me in this journey.

Congratulations again to Touch Stones Financial Wellness Services for this achievement.

The Standards for Excellence Institute encourages all nonprofits to check out the Standards for Excellence code and to consider applying for accreditation or recognition. A good starting point is the free online self-assessment, which provides a detailed, actionable report, along with links to resources.

By Amy Coates Madsen | July 24, 2024 | Accredited and Recognized Organizations , Standards for Excellence Institute

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About the Author: Amy Coates Madsen

Amy Coates Madsen is the Director of the Standards for Excellence Institute, a national initiative to promote the highest standards of ethics and accountability in nonprofit governance, management, and operations, and to facilitate adherence to standards by all organizations. The Standards for Excellence Institute is a program of the Maryland Association of Nonprofit Organizations where Amy has served for more than twenty-two years. Amy is responsible for coordinating all aspects of the association’s comprehensive ethics and accountability program and efforts to replicate the program nationally. She serves as a frequent trainer and writer in the areas of board conduct, program evaluation, program replication, fundraising ethics, and nonprofit management. She has taught courses on nonprofit ethics and accountability at the Johns Hopkins Institute for Policy Studies Certificate Program on Nonprofit Management. She has held positions at the Trenton lobbying firm of the Princeton Public Affairs Group, and the Public Policy Liaison Unit at the world headquarters of Catholic Relief Services. Amy received her Master of Arts in Policy Studies degree from the Johns Hopkins University – Institute for Policy Studies in Baltimore, Maryland; and her Bachelors degree from the Virginia Polytechnic Institute and State University in Blacksburg, Virginia. Amy is a member of Phi Beta Kappa. Amy serves on the Internal Revenue Service Advisory Committee on Tax Exempt and Government Entities (ACT). Amy is a former member of the Disaster Action Team of the Central Maryland Chapter of the American Red Cross and is qualified to provide disaster preparedness training to children and adults. She has also served as the former President of Central Maryland CAN TOO and was a member of the Board of Trustees of the largest United Methodist Church in Baltimore City. She serves on the board of her children’s preschool PTA and is a volunteer with the Girl Scouts of Central Maryland. Amy is currently leading an effort to establish an endowment for the Virginia Tech University Honors Program.