Following a call for greater transparency regarding the donations raised in the aftermath of Hurricane Sandy, New York Attorney General Eric Schneiderman recently announced that 88 charities have reported collecting $400 million for relief efforts. Five organizations accounted for the lion's share of funds raised - $330 million - while the remaining $77 million was raised by 83 other charities. However, the attorney general reports that a small portion of this money might have been accounted for twice because some organizations granted funds to other groups.

"The generosity of the public and the hard work of charities in response to Hurricane Sandy is inspiring. As we continue to monitor charitable activities related to Sandy relief, it is essential that nonprofit organizations operate in the most transparent way possible," said Attorney General Schneiderman.

The American Red Cross reported collecting the most, raising $188 million. The Robin Hood Foundation followed with $67 million, some of which it planned to disperse to long-term relief efforts. The Mayor's Fund to Advance New York City, the Empire State Relief Fund and The Salvation Army, USA Eastern Territory, rounded out the top three spots.

Foundations and organizations that participate in large fundraising efforts might benefit from nonprofit accounting software, which can help board members audit funds and make sure the correct amounts are being distributed to the correct programs after all money is collected.