At the recent Annual British BIDs conference, The Fitzrovia Partnership was awarded the Industry Accreditation Award for Best Practice in BID management.
The bar for accreditation was raised during 2015, following recommendations from the DCLG. The Partnership is among only 9% of the c210 BIDs in the UK to achieve this higher level award, having received 97% in the independently verified audit.
Specifically the accreditation provides evidence of quality management and return on investment through service delivery. Focus is placed upon transparency, accountability, financial management and member engagement within BIDs.
British BIDs Accreditation is the industry recognised standard and assesses:
Governance – Evaluating the selection process and effectiveness of the board, directors and members of the BID.
Management and Operations – Evaluating the staffing structure, contracts and appraisals. This theme also covers insurance policies and data protection.
Financials – Evaluating the BID financial systems, ensuring professional and transparent procedures.
Performance Management – Evaluating the methods used by the BID to review performance and ensuring the views of levy payers are fed back in to reflect the changing needs of the area.
Communication and Reporting – Evaluating the BID’s communications activities, focusing on how processes and activities are reported to levy payers and how return on investment for levy payers is assessed.
With respect to how we manage The Partnership itself, we have maintained our management and overhead to the industry benchmark and are pleased to report as a percentage of total expenditure (19.6%) we meet that guideline. Our ambition to leverage voluntary income, which will enable 100% of out member’s contributions to be allocated to BID programmes, which directly benefit business and the local area.