Financial Technologies & Management- E-Newsletter for September |
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| 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 newsletter articles, tips and tricks and live webinars!! We have added our weekly tips and tricks to our social media platforms including
Facebook and Linked In in so follow up there as well These live webinars will help Nonprofit Leaders, Treasurers, Finance Directors, Finance Staff, Executive Directors and other Nonprofit Staff.
Our upcoming live webinars for financial management training are broken into the following areas: Nonprofit Financial Forum, Nonprofit Finance Certificate, MIP Fund Accounting, and Financial Management Training.
We are pleased to announce our 2025 Nonprofit Financial Forum and MIP User Group which we have combined together for 2025 with the Forum during the first hour and the MIP user group for the last 30 minutes. Here is the monthly schedule for 2025: Please click on link for more information and to register. Sep 24, 2025 Building a Better Budget
Oct 29, 2025 Presenting Financial Reports Nov 19, 2025 Effective Grants Management and Cost Allocation
Dec 17, 2025 Effective Nonprofit Financial Governance and Leadership
We are pleased to announce that will be once again presenting and exhibiting at the 16th Annual MIP User Conference on October 14-16 in Las Vegas. Please click 16th Annual MIP User Conference for conference web site and to register. Please let us know you are coming and email us that you were referred by us so we can schedule some time together in Vegas.
Please contact us via phone, email, or directly book a consultation on my calendar for all current and prospective clients. Also, you can use the contact us page to subscribe to our newsletter for you, your staff, or your colleagues. We are pleased to offer client care plan for our QuickBooks Online, MIP Fund Accounting, and Microix Clients.
Please click here for the current and previous monthly newsletters back to 2020. Best Regards, James Simpson, CPA, CFE, CITP, and CGMA. |
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Effective Grants Management and Cost Allocation |
In order to provide effective grants management, we need to make sure that we are performing bookkeeping at the grant level. Our grant accounting needs to properly allocate costs to the grants while maximizing our grant reimbursement and avoiding any cost disallowance.
Federal grants and awards are specifically identified and require a financial management system that identifies the source and application of federal funded activities. Federal grants typically require written procedures around payment requirements, allowability of costs, procurement procedures, standards of conduct, and ability to prepare Schedule of Federal Awards. (SEFA) The following changes are effective October 2024: Single audit threshold increased from $750,000 to $1,000,000 for funds expended during your fiscal year De minimis rate increases from 10 to 15% for indirect costs with no negotiated rate exists with federal agency
Cost allocations are an integral part of effective grants management. Effective cost allocations will allow to report and recover the fully loaded program costs to facilities and administrative costs. Some organizations could benefit from documenting their cost allocation and federal programs may require a formal cost allocation plan. Some acceptable methods of cost allocation would include hours worked for variable costs, and square footage for fixed costs like facilities.
Please click the find out more button for the full article |
| Presenting Financial Reports |
Your board members have a fiduciary responsibility to monitor your nonprofit’s budget and financial health. Reviewing financial reports allows them to ensure your organization is managing its budget properly and complying with Generally Accepted Accounting Principles (GAAP). Having clear and accurate financial reports can go a long way towards establishing trust in potential donors support. Nonprofit Financial Reports allow you to - Improve financial decision making
- Secure more funding
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Engage program managers
Four types of reporting are needed by the board: - Compliance-audit, taxes, and grants
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Evaluation-organization and program activities
- Planning-budgeting, projections, and trends
- Taking Action-External changes, addressing management problems
We will review the financial reports to be presented at every board and finance committee meeting. We will review the four types of reporting needed by the board. We will review Financial Difficulty Reporting. The Key Steps to Presenting Financial Information to the Board will be reviewed along with tips and tricks that we have found useful. We will finish with how to prepare your Nonprofit Financial Reports.
Please click the find out more button below for the full article |
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While standard nonprofit financial reports – the budget, income statement, and balance sheet – provide important management information, these statements alone do not tell whether there is enough cash on hand. It is important to manage cash flows especially when operating with a financial deficit and unexpected events.
You can start to manage your cash flows by developing cash flow projections that look forward up to 12 months. Once you develop cash projections, you can then work to develop cash flow management strategies. The following are cash management strategies: - Speed up the receipt of income
- Slow down payments
- Increase Cash Receipts & Reduce Cash Disbursements
Best practices to avoid cash flow problems include: -
Develop realistic budgets each year
- Operate with goal of obtaining a financial surplus
- Build cash reserves over time
- Be aware of cash flow and budget assumptions and react to changes as they occur
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Maintain good relationships with funders, donors, and vendors and keep them informed of cash flow issues
Please click the find out more button for the full article |
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Our firm has grown because of strong client relationships with referrals from our clients and other referral partners. Our staff is very experienced at performing the accounting function for our clients. Our nonprofit accounting services includes bookkeeping, accounting, controller, and CFO services. Our nonprofit software accounting software expertise be composed of QuickBooks Online, MIP Fund Accounting, Microix, and Sage Intacct. Our nonprofit software services comprise software assessments, sales, data conversions, implementations, training, support, and project management services. Our financial management training consists of our monthly news letter, nonprofit financial forum, MIP user group, and other training.
Our approach is to work with you to determine how your organization can best benefit from our professional services. We realize that organizations don't have the resources to have a full accounting staff, so we focus on filling the accounting staffing gaps. We deliver quality accounting, bookkeeping, advisory, and tax services to ensure you have everything you need to make a significant impact for your cause. Our firm provides the most experienced staff at affordable rates. Please click on the find out more for the full article & staff links
Addtional FTM resources to help your organization:
Is now time for financial assessment?
FTM offers client care plan for QBO and MIP users?
Why you should consider an Outsourced Controller or CFO?
Does my Nonprofit Need a Controller?
Eight Reasons to Outsource Your Nonprofit Accounting Please click here to find our more about our firm and services |
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