Financial Technologies & Management- E-Newsletter for October |
|
|
Upcoming Live Webinars Dear {CONTACT.SALUTATION} We hope you find our monthly E-Newsletter useful for your nonprofit organization. We are pleased to provide you with access to our knowledge articles and live webinars!!
These live webinars will help Nonprofit Leaders, Treasurers, Executive Directors, Finance Directors, Finance Staff, and other Nonprofit Staff.
Our upcoming live webinars for financial management training are broken into the following areas. Please feel free to click on any of these areas to learn more and register for these upcoming financial management training. -
Financial Management Training-Topics include Overlooked Benefits of Outsourcing Nonprofit Accounting or Why your Nonprofit should be using Nonprofit Accounting Software? Our plan is start this back up in 2024.
-
Nonprofit Financial Forum-These FREE Forums are provided typically the last Thursday of the month over the lunch hour knowledge based so go ahead and register for the remaining forums this year on 10/31, and 11/30. The remaining topics for 2023 include effective grants management and cost allocation, and developing effective dashboards and Key Performance Indicators (KPI's)
-
MIP Fund Accounting-General Ledger, Accounts Payable, Accounts Receivable, Reporting, Financial Statements, and Drillpoint-Each webinar is 2 hours. Please feel free to register for the FREE quarterly MIP user group meetings on Oct 26. The MIP User Group Agenda for October 26th includes MIP and Microix Budgeting, your MIP questions, and MIP Updates
-
Nonprofit Finance Certificate-Effective Financial Management and Leadership-first part is focused on bookkeeping and accounting; and second part is focused on controller, CFO, and leadership roles. This training is typically the last Monday of each month. Click here FMI and to register.
Please contact us if you have any questions or feedback about our upcoming live webinars. Feel free to check out our FTM blog or book a meeting on my calendar.
Best Regards, James Simpson, CPA, CFE, CITP, and CGMA. |
|
|
2023 Nonprofit Sector Industry Updates from AICPA |
The employee retention credit is a refundable tax credit with upcoming deadlines for 2020 are April 15, 2024, and 2021 is April 15, 2025.
Most of the public charities (76%) had annual revenue up to $99,000; 13% generate revenue between $100,000 and $499,000; 8% generate revenue between $500,000 and $4.9 million; 3% generate revenue over $5 million. 5.7% US GDP or $1.5 trillion comes from the nonprofit sector. The nonprofit sector is the 3rd largest workforce behind retail and manufacturing.
The IRS is looking for excise tax on excess compensation and the improper worker classification as independent contractors. The IRS delays remain of 6 to 9 months or more but received $80 billion in funding under the Inflation Reduction Act.
It is important that you distinguish lobbying activity from political activity. The unrelated business income (UBI) includes the 3-part test: - Income from trade
-
Regularly carried on
- Unrelated to exempt purpose
The full blog article reviews the industry updates in detail. |
|
Building a Superior Budget |
A strong budget is an essential element for any nonprofit organization to achieve financial leadership. Superior budgets, though, have written plans about the core activities to include strategic, organizational, and program goals and how they will be financed.
Most financial leaders focus too much time on budget variance analysis and not enough time to anticipating or planning for the future. By anticipating or planning, organizations can focus on what’s upcoming regardless of its budget cycle or fiscal year end. A budget can be complemented with rolling forecasts to better anticipate upcoming financial results. Financial sustainability can only be achieved with a well-prepared and continuously monitored budget. Conversely, a poorly developed budget can diminish mission focused activities opportunities and threaten long-term success.
Budget process best practices would include: - Establish budget process timeline
- Set goals for organization and its programs
- Draft income budget to identify expected donor sources
-
Draft expenses into variable, fixed, incremental, indirect
- Implement budget
- Document budget decisions including and assumptions
- Finance committee reviews draft budgets
- Document budget decisions including assumptions
Please click on the find out more for the full article |
|
|
Is now the time for a financial assessment for your nonprofit organization? |
A comprehensive finance assessment should include a review of your nonprofit’s financial statements to financial transactions that weren’t recorded correctly. The assessment should also include a review of your financial and related systems, reporting, policies, procedures, and internal controls. Finally, the assessment should help the CEO/Executive Director understand the skill level and knowledge of the organization’s accounting and finance team. The assessment should be delivered in a clear and concise written report including findings and recommendations.
If you do not have a solid understanding of the capabilities of your accounting and finance function, now may be the time to engage a reputable accounting firm specializing in nonprofits to conduct an assessment. There are other events that typically are times to perform a financial assessment as well. - Turnover in the accounting or finance department
- New CEO/Executive Director
- Board and Finance Committee lacks financial confidence
- Unfavorable auditor report
- Never conducted a financial assessment
Please feel free to book a FREE 15 or 30 minute consultation to discuss a financial assessment for your Nonprofit |
|
Have changes in your finance office impacted your use of MIP? |
We recognize that our clients staffing and needs have changed and we want to make sure your financial software continues to evolve.
FTM is offering a free 60 minute MIP Configuration and Software Assessment with Senior Software Consultant Jeron Comeau. Your session will be led by an MIP and Microix Certified Consultant. During the assessment we will,
- Confirm MIP users on file with FTM for the purpose of receiving helpful tips and the quarterly FTM Newsletter
- Discover if your organization’s MIP configuration of user licenses and modules continues to meet your needs
- Discuss challenges experienced by MIP users.
Examples of outcomes, - Removal of unused user licenses or modules that may save you money on your MIP Annual Maint & Support
- Identify opportunities to save you time by replacing manual entries with imported entries
-
Replace time consuming Excel reports with MIP reports
- Address questions about cloud migration
Schedule your free 60 minute MIP Fund Accounting Help
|
|
|
|