We Hope You Can Join Us at Future Events

Here are the dates and agendas for upcoming Nonprofit Forums:



August 30, 2017 (Wednesday) 11:30 a.m. - 1:00 p.m. EST

(11:30 a.m. to 12:30 p.m.) Best Practices for Financial Policies & Procedures Manual

(12:30 p.m. to 1:00 p.m.) MIP User Group: Accounts Payable & Accounts Receivable Business Processes Refresher

Detailed Agenda:

  • Does your organization have a financial policies and procedures manual? If so, is it relevant and effective? We will cover the best practices so you will know what are the best policies and procedures for your organization. 
  • This webinar will help Executive Directors, Finance Directors, and finance staff to develop and use a financial policies and procedures manual. Savvy nonprofit leaders know that effective financial policies and procedures that lead to effective processes can be the difference between good and great performance.
  • We will help you answer the following questions:
    • What are the most essential financial policies and procedures?
    • How your financial policies and procedures should be documented?
    • How your financial policies and procedures can provide training and help with staff replacement?
  • We will answer this and more. We will review and provide you with a sample financial procedures that you can use to help assist you with developing a financial policies and procedures manual for your organization.
  • Immediately following the presentation on nonprofit financial governance, we will host a MIP Fund Accounting User Group meeting focusing on accounts payable and accounts receivable business processes refresher.

Register

September 27, 2017 (Wednesday) 11:30 a.m. - 1:00 p.m. EST

(11:30 a.m. to 12:30 p.m.) Overlooked Benefits of Outsourcing Nonprofit Accounting

(12:30 p.m. to 1:00 p.m.) How to Have the Best Possible Accounting System

Detailed Agenda:

  • Has your organization ever looked at outsourcing all or a portion of its accounting? If not, it is because you’re not sure how the organization would benefit from this decision. Since it is not a common practice for nonprofits to outsource its accounting, we will discuss the process and discuss the overlooked benefits of outsourcing your Nonprofit Accounting.
  • In the nonprofit community, outsourcing typically means long-term delegation of key operation to outside experts. The accompanying expectation is improvement of the quality, strengthening effectiveness, and lowering or controlling costs.
  • A key difference in the nonprofit sector is not only controlling costs, but becoming a more effective organization.
  • Outsourcing accounting provides nonprofit organizations with a team of experts who have multiple client experiences which benefits its clients and the nonprofit organization’s it serves.
  • We will review six overlooked, and sometimes unknown, benefits of outsourcing nonprofit accounting.
  • This webinar will help Executive Directors, Finance Directors, and finance staff to develop and use a financial policies and procedures manual. Savvy nonprofit leaders know that effective financial policies and procedures that lead to effective processes can be the difference between good and great performance.
  • We will answer this and more. We will review and provide you with a candid conversation of the benefits and disadvantages of outsourcing nonprofit accounting. Immediately following the presentation on benefits of outsourcing nonprofit accounting, we will host a discussion on how to have the best possible accounting system.

Register



October 25, 2017 (Wednesday) 11:30 a.m. - 1:00 p.m. EST

(11:30 a.m. to 12:30 p.m.) Common Audit Pitfalls & Misperceptions

(12:30 p.m. to 1:00 p.m.) MIP User Group: How to Use MIP to Help with Your Audit

Detailed Agenda:

  • While not required by law, one reason a nonprofit might conduct an audit is to demonstrate the organization’s commitment to financial transparency and accountability.
  • And while a nonprofit can spend considerable resources for its annual audit, it is important that it consider the following to ensure the audit is a success.
  • No delays: An audit needs to avoid any major delays.
  • Minimal accrual and year-end adjustments: The nonprofit needs to ensure that all accrual and year-end adjustments are completed prior to the start of the audit.
  • Minor board and management comments: It is a good idea to have an exit interview after the fieldwork to review the audit’s results.
  • No material weakness or significant deficiency: This is a deficiency in internal controls that could negatively impact financial integrity.
  • Nonprofit should prepare audited financial statements and related disclosures: The organization should have the ability and accounting systems to prepare the audited financial statements and related footnotes and disclosures.
  • Fraud detection is not purpose of audit: While nonprofit leaders may believe the annual audit will uncover fraud, it is very unlikely this will occur.
  • Auditor does not guarantee financial statement accuracy: While auditor does issue an opinion on the nonprofit’s financial statements, the auditor does not certify or guarantee its accuracy.
  • If your nonprofit has one of these audit pitfalls or misperceptions, you should take action to bring expertise and capacity to your organization to remedy it. This webinar will help Executive Directors, Finance Directors, and finance staff to develop and use a financial policies and procedures manual. Savvy nonprofit leaders know that effective financial audits can be the difference between good and great performance. Immediately following the presentation on nonprofit financial governance, we will host a MIP Fund Accounting User Group meeting focusing on how to use MIP to help with your audit.

Register

November 29, 2017 (Wednesday) 11:30 a.m. - 1:00 p.m. EST

(11:30 a.m. to 12:30 p.m.) Building a Superior Budget

(12:30 p.m. to 1:00 p.m.) MIP User Group: Budget Refresher

Detailed Agenda:

  • 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.
  • Budgets also need to include cash flow projections, which maybe outside of the finance departments capacity or capabilities. Financial leaders must have a direct role in developing useful cash flow projections and assumptions with frequent, detailed analysis.
  • Any cash flow shortage needs to be further evaluated to determine if it is just a timing difference or an actual cash deficit. Shortfalls created by deficits need to be solved by budget adjustments or strategic choices to absorb a shortfall. An organization can determine timing or actual deficits by reviewing the budget to see if it had planned for or not.
  • 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. This webinar will help Executive Directors, Finance Directors, and finance staff to develop and use a financial policies and procedures manual. Savvy nonprofit leaders know that effective budgets and projections can be the difference between good and great performance. Immediately following the presentation on benefits of outsourcing nonprofit accounting, we will host a discussion on budget refresher.

Register



December 27, 2017 (Wednesday) 11:30 a.m. - 1:00 p.m. EST

(11:30 a.m. to 12:30 p.m.) Developing Effective Dashboards & Key Performance Indicators

(12:30 p.m. to 1:00 p.m.) MIP User Group: MIP Advance & Graph Refresher

Detailed Agenda:

  • Nonprofits are complex organizations that are built around mission and outcomes, which must be supported by the right revenue and expense models.
  • Dashboards are one way to simply communicate and give an overview of the organization by using a graphical summary of important information. It is an easy way for decision-makers to see where and whether the organization is on the planned financial path, and additionally can be used with funders and stakeholders to transparently show progress towards desired goals.
  • But a dashboard without metrics is useless to the organization, it is important to develop the associated metrics and constantly review to ensure you are measuring success for the organization.
  • A properly designed dashboard allows a nonprofit to monitor its effectiveness as evidenced by the financial health along with the impact of the programs and services provided. Board and staff should develop strategy and goals to create dashboards with focused conversation and collaboration.
  • When you select the dashboard elements, you should understand the data you will track and how that data will influence decision making. Questions to ask include: Are the metrics for the organization or particular function? Is the tool for the board, staff, or funders?
  • This webinar will help Executive Directors, Finance Directors, and finance staff to develop and use a financial policies and procedures manual. Savvy nonprofit leaders know that effective dashboards and key performance indicator development can be the difference between good and great performance. Immediately following the presentation on benefits of outsourcing nonprofit accounting, we will host a discussion on MIP advance, graph, and chart refresher.

Register



Indianapolis Nonprofit Financial Management Forum


MIP Fund Accounting User Group Meetings

Financial Technologies & Management’s Jim Simpson will be hosting monthly Indianapolis Nonprofit Financial Management Forum and MIP Fund Accounting user group meetings. All nonprofits are welcome to join our monthly nonprofit financial management forum. There is no charge for the Indianapolis Nonprofit Forum, but registration is required. Our forum topics range from nonprofit operating efficiency, MIP Fund Accounting software to fraud protection. We also offer complimentary products and services to help with nonprofit management solutions.

The first Nonprofit Financial Management Forum was held on May 25 and in addition to an update on MIP Fund Accounting, the theme was “Characteristics of Financially Healthy Nonprofits.” All attendees received a Financial Management Self Assessment checklist and a PDF of the “12 Characteristics of Financially Healthy Nonprofits.” If you would like to receive these resources, please email jsimpson@ftmllc.com and we’ll make sure to get you copies.