Posts tagged with "ftm nonprofit forum"

FTM Nonprofit Forum for October 31, 2018 – Building a Superior Budget

Building a Superior Budget

Register Today

Nonprofit Forum Agenda for October 31, 2018

11:30 to 12:30-Financial Management Topic

Building a Superior Budget

How should your evaluate your budget and planning process?  Please bring your questions so we can have  candid conversation regarding budgeting.

We will cover the critical aspects of budgeting including:

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.

How should you evaluate your budgeting process?  We will share our expertise and candid advice to better prepare you for this important role to your organization.

3 Key Things you will learn include:

  • Financial sustainability can be achieved with well prepared and monitored budget
  • Budgets should include cash flow projections
  • Best practices for a superior budgeting process

Immediately following the presentation on building a superior budget, we will host a discussion on budget refresher.

Those attending the forum will receive handouts.

12:30 to 12:50-MIP User Group-Budget refresher for MIP and Microix

12:50 to 1:00-FTM Updates and Closing

FTM Nonprofit Forum for September 26, 2018 – Common Audit Pitfalls and Misperceptions

Common Audit Pitfalls and Misperceptions                                                                                                                                                  Register Here

Nonprofit Forum Agenda for September 26, 2018

11:30 to 12:30-Financial Management Topic

Common Audit Pitfalls and Misperceptions

How should your evaluate your audit process?  Please bring your questions so we can have candid conversation regarding auditing process.  We will share our expertise and candid advice to better prepare you for this important role to your organization.

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.

3 Key Things you will learn include:

  • Why audits have become more complicated to complete?
  • Best practices to improve annual audit
  • What audit pitfalls should I avoid?

Those attending the forum will receive handouts.

12:30 to 12:50-MIP User Group-How to use MIP to help with your audit?

12:50 to 1:00-FTM Updates and Closing                                                                                                                                                                        Register Here

FTM Nonprofit Forum for August 29, 2018 – Why your Nonprofit should consider using Nonprofit Accounting Software?

Why your Nonprofit should consider using Nonprofit Accounting Software?

Register Here

Your organization like every other nonprofit is feeling the pressure to deliver more transparency. The demand for more timely information is coming from a multitude of interested parties: board members, major donors, potential funders, and watch dog organizations.

The goal of transparency can’t be easily accomplished without sound nonprofit accounting software-financial reporting is the foundation upon which transparency is achieved.

As the number of nonprofits have proliferated, accounting software is more tailored and can help manage these complexities. But taking the time to select the right software for your nonprofit is critical.

Before your purchase, start with a software evaluation and assessment to see if you’re a good candidate for nonprofit accounting software. The software evaluation and assessment will review your current system to determine its level or utilization and functionality. It is probably a good idea to perform a software evaluation any time there is a major change within the organization either positive or negative.

We will review at least seven reasons Nonprofit’s should consider Nonprofit Accounting Software.

This webinar will help Executive Directors, Finance Directors, and finance staff to use and select the proper software for their organization.

Register Here

 

FTM Nonprofit Forum for July 25, 2018 – Overlooked Benefits of Outsourcing Nonprofit Accounting

Overlooked Benefits of Outsourcing Nonprofit Accounting                                                                                                              Register Here

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 Here

Common Audit Pitfalls and Misperceptions

Common Audit Pitfalls and Misperceptions – FTM Nonprofit Forum for September 26, 2018

Nonprofit Forum Agenda for September 26, 2018

11:30 to 12:30-Financial Management Topic
Common Audit Pitfalls and Misperceptions

Click here to register

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.

Those attending the forum will receive handouts.

Click here to register

FTM Nonprofit Forum for June 27, 2018 – Developing Effective Dashboard and Key Performance Indictors

Developing an effective dashboard and key performance indicators

Nonprofit Forum Agenda for June 27, 2018                                                                                                                                                   Register Here

11:30 to 12:30-Financial Management Topic

Developing an Effective Dashboard and Key Performance Indicators

Do you have a dashboard and know what your key performance indicators (KPI’s) are for your organization?  Please bring your questions so we can have a candid conversation regarding dashboards and KPI’s.

We will cover the critical aspects of Effective Dashboards and Key Performance Indicators including:

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 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.

Those attending the forum will receive handouts.

12:30 to 12:50-MIP User Group-MIP advance, graph, and chart refresher for MIP

12:50 to 1:00-FTM Updates and Closing                                                                                                                                                           Register Here

FTM Nonprofit Forum for May 30, 2018 – Building a Superior Budget

Building a Superior Budget

Nonprofit Forum Agenda for May 30, 2018

11:30 to 12:30-Financial Management Topic

How should your evaluate your budget and planning process?  Please bring your questions so we can have  candid conversation regarding budgeting.

We will cover the critical aspects of budgeting including:

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.

How should you evaluate your budgeting process?  We will share our expertise and candid advice to better prepare you for this important role to your organization.

3 Key Things you will learn include:

  • Financial sustainability can be achieved with well prepared and monitored budget
  • Budgets should include cash flow projections
  • Best practices for a superior budgeting process

Immediately following the presentation on benefits of outsourcing nonprofit accounting, we will host a discussion on budget refresher.

Those attending the forum will receive handouts.

12:30 to 12:50-MIP User Group-Budget refresher for MIP and Microix

12:50 to 1:00-FTM Updates and Closing

FTM Nonprofit Forum for April 25, 2018 – Effective Grants Management and Cost Allocation

Nonprofit Forum Agenda for April 25th

11:30 to 12:30-Financial Management Topic

Effective Grants Management and Cost Allocation

How should you perform your grants management and cost allocation responsibilities?   We will describe the best practices for these responsibilities.  Please bring your questions so we can have a candid and productive conversation.

We will cover the critical aspects grants management and cost allocation including:

  • General grants management requirements
  • Governance requirements for grants administration
  • Review Uniform Grant Guidance
  • Internal control and financial management system requirements for federal awards
  • Schedule of Expenditures of Federal Awards and associated audit requirements
  • Cost Allocation methodologies including examples
  • Cost Allocation plan requirements
  • Best practices for grant budget financial management
  • Best practices for grant reporting and reconciliations
  • Performing an effective grant close out
  • How to use your accounting system to perform grants management role?
  • How to maximize your grant reimbursement?
  • What are signs that grants management role is not being performed?

How should you as leader evaluate your various options?  We will share our expertise and candid advice to better prepare you for these complex decisions.

3 Key Things you will learn include:

  • What are best practices for performing grants management role effective?
  • What are federal compliance grants management requirements?
  • What are signs that grants management role is not being performed correctly?

Those attending the forum will receive handouts.

12:30 to 12:50-MIP User Group-MIP Advance and other hosted solutions refresher

12:50 to 1:00-FTM Updates and Closing

FTM Nonprofit Forum for March 28, 2018 – Common Audit Pitfalls and Misperceptions

Nonprofit Forum Agenda for March 28, 2018

11:30 to 12:30-Financial Management Topic
Common Audit Pitfalls and Misperceptions

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.

Those attending the forum will receive handouts.

12:30 to 12:50-MIP User Group-How to use MIP to help with your audit?

12:50 to 1:00-FTM Updates and Closing

Effective Grants Management and Cost Allocation Nonprofit Forum

Effective Grants Management and Cost Allocation – FTM Nonprofit Forum for April 25, 2018

Nonprofit Forum Agenda for April 25th

11:30 to 1:00 – Financial Management Topic

Nonprofit Forum Registration – free for Nonprofit Organizations

Effective Grants Management and Cost Allocation

How should you perform your grants management and cost allocation responsibilities? We will describe the best practices for these responsibilities. Please bring your questions so we can have a candid and productive conversation.

We will cover the critical aspects grants management and cost allocation including:

  • General grants management requirements
  • Governance requirements for grants administration
  • Review Uniform Grant Guidance
  • Internal control and financial management system requirements for federal awards
  • Schedule of Expenditures of Federal Awards and associated audit requirements
  • Cost Allocation methodologies including examples
  • Cost Allocation plan requirements
  • Best practices for grant budget financial management
  • Best practices for grant reporting and reconciliations
  • Performing an effective grant close out
  • How to use your accounting system to perform grants management role?
  • How to maximize your grant reimbursement?
  • What are signs that grants management role is not being performed?
  • How should you as leader evaluate your various options?

We will share our expertise and candid advice to better prepare you for these complex decisions.

3 Key Things you will learn include:

  • What are best practices for performing grants management role effective?
  • What are federal compliance grants management requirements?
  • What are signs that grants management role is not being performed correctly?

Those attending the forum will receive handouts.

Click here to register for the April Nonprofit Forum