Financial Advice for Working with the Intercountry Adoption Accreditation and Maintenance Entity (IAAME)
The Intercountry Adoption Accreditation and Maintenance Entity, or IAAME is an organization designed to accredit, approve, monitor, and provide oversight of intercountry adoption services provided by adoption service providers, in order to protect the most vulnerable among us: the orphan.
The staff of IAAME has widespread knowledge and experience in providing welfare services for children, which helps them administer standards, contracts, licenses, and monitoring domestic and international adoption services.
In 2008, standards were set by Hague Adoption Convention and the Intercountry Adoption Act, and IAAME has been the accrediting agency since 2017. As an accrediting entity, its responsibilities, as set forth by 22 CFR 96 Part F, include:
- Determining agencies eligibility for accreditation
- Determining persons eligibility for approval
- Monitoring and oversight of accredited/approved agencies/persons compliance with applicable requirements
- Investigating and responding to complaints about accredited agencies and approved persons (including their use of supervised providers)
- Taking adverse action against an accredited agency or approved person, and/or referring an accredited agency or approved person for possible action by the Secretary
- Determining if an accredited agency or approved person is eligible for renewal of their accreditation/approval
- Collecting data from accredited/approved agencies/persons, maintaining records, and reporting information to the Secretary, State courts, and other entities
- Assisting the Secretary in taking appropriate action to help an agency/person in transferring its intercountry adoption cases and adoption records
One item from this list includes the approval of persons. Mainly, this is referring to attorneys that are involved. Attorneys need to look closely at their practices to determine whether they are providing adoption services as defined in the regulations in addition to legal services. If an attorney is providing adoption services s/he must be accredited, approved, or act under the supervision of an accredited or approved adoption service provider. Agencies and/or persons who provide intercountry adoption services without being accredited or approved may face criminal and/or civil penalties such as those outlined in section 404 of the Intercountry Adoption Act of 2000.
Part of this accreditation are requirements for financial data including:
- Annual internal review
- An independent audit every 4 years
- Tax returns
- Control documentation
- Cash Reserve documentation
- Risk assessment documentation
- Compensation policies
- Insurance documentation
There are many other requirements set forth in the application and renewal process.
We know that it can feel like you have the weight of the world on your shoulders by giving your time and energy to helping an orphan child. Do not let the financial requirements add to that stress as well. At Marshall Jones we can help relieve those worries by helping you appropriately prepare for the financial requirements. Contact Marshall Jones by calling (404) 231-2001 or reach out to us online.