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

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

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

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

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

FTM Nonprofit Forum for February 28, 2018 – Benefits of Cloud Computing in the Accounting Department and Beyond:

Nonprofit Forum Agenda for February 28, 2018

11:30 to 12:30-Financial Management Topic

Benefits of Cloud Computing in the Accounting Dept. and beyond:

How should you as leader evaluate your various options?   We will describe the differences between cloud and hosted solutions.  Please bring your questions so we can have a candid conversation regarding the cloud.

We will cover the critical aspects of cloud or hosting options including:

  • Anytime Anywhere so your solution is as mobile as you are
  • Budget friendly subscription rate versus upfront licensing costs
  • No disruptive upgrades
  • No concerns about IT support for hardware upgrades
  • In some cases, significant lower costs of ownership
  • State of the art security, automated backups, and internet browser accessibility
  • Might be stuck with legacy accounting software like Blackbaud Fundware or other out dated accounting software that is difficult for your accounting department to use
  • Ability to integrate third party solutions like fundraising and payroll through application program interface and openness of architecture
  • Role based dashboards and key performance indicators to provide timely and relevant financial information to entire organization

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:

  • Cloud versus hosted solutions
  • Latest Nonprofit Accounting Software Industry Options
  • Role based dashboards and key performance indicators

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 January 24, 2018 – What’s Your Nonprofit Tax IQ for Year End Tax Compliance?

What’s Your Nonprofit Tax IQ for Year End Tax Compliance?

Register Today

The Nonprofit Forum will focus on year-end tax compliance and how you can prepare amidst constantly changing deadlines.

Just because you are a nonprofit doesn’t mean you don’t have tax compliance issues.   Actually, the IRS and the state government have similar requirements for nonprofit employees as for-profit employees.    These requirements maybe met by outsourcing your payroll but you need to be sure.  Review with your payroll service provider and verify that everything is occurring properly.

The devil is in the deadlines

It is important that you know the current tax deadlines as they are constantly changing.  Also, you may need to upgrade your accounting software so it has the latest tax forms and tax tables.

In this presentation we will review the various tax deadlines for:

  • Vendors
  • Employees
  • Donors
  • and, of course, the Internal Revenue Service

Click here to Register

Does your organization have knowledge about required tax forms like the Form 990, W-2, W-4, 1099, W-9, Unemployment, 941’s, Affordable Care Act, and other tax forms. We will review the various tax forms so you can understand how to complete them and which ones to use.

This webinar will help Executive Directors, Finance Directors and staff, Treasurers and board member to get a better handle on how to complete year end tax compliance.

Immediately following the presentation on year end tax compliance, we will host a discussion on year end tax compliance.   This session is free but registration is required