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FTM E-Newsletter for December 2020

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Upcoming Live Webinars: December 23-FTM Nonprofit Forum-Developing Effective Dashboards and Key Performance Indicators; December 16 & 18-Nonprofit Finance Certificate-Effective Financial Management and Leadership
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.

However, a dashboard without metrics is useless to the organization. It is important to develop the associated metrics and constantly review them 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?
Detailed Agenda:
11:30 to 12:30-Developing Effective Dashboards and Key Performance Indicators
12:30 to 12:50-MIP User Group-MIP Cloud Dashboard Review and MIP Charts and Graphs
12:50 to 1:00-FTM Updates and Question and Answer session

The webinar will help Nonprofit Leaders, Treasurers, Executive Directors, Finance Directors, and Finance Staff.

We look forward to seeing you at an upcoming Nonprofit Forum and MIP User Group Meeting.

We also provide the following financial management training each month as follows: 

Nonprofit Finance Certificate-Effective Financial Management & Leadership(Two Days)
  Day 1-focus on the essential financial functions of your finance dept-FMI or register
  Day 2-focus on financial leadership responsibilities and governance-FMI or register
Update on PPP Loan Management and Forgiveness
Update on PPP Loan Management and Forgiveness
By Jim Simpson, CPA and director, Financial Technologies & Management
We our pleased to provide this timely update on the PPP Loan Management and Forgiveness for our clients and the nonprofit community. This is a follow up to our original blog article entitled ‘CARES Act Introduces Forgivable Loans for Nonprofits With Paycheck Protection Program’

One of the changes in the PPP program was that organizations could elect either an 8 or 24 week covered period to spend down their loan. The 24 week period would have ended in November so now many organization’s are now ready for the forgiveness phase. However, it is important that the first thing you do is to understand the lender process and whether they are accepting forgiveness applications.
There has been a lot of confusion regarding the deadline to apply for forgiveness. Borrowers have 10 months from the end of the covered period to apply for forgiveness without incurring any penalty.
There is a new streamlined forgiveness application for organizations with loans $50,000 or less. While not granting automatic forgiveness, it is a simple form that requires some backup documentation and does not penalize organizations if they have had to make reductions in workforce or wages during their Covered Period.
For those with loans above $2 million, which will all be subject to an audit, there is a new Loan Necessity Questionnaire that organizations need to complete.

There are three forms to choose from: Streamlined, EZ, and Standard. They’re all available on the Treasury and SBA websites along with separate instructions, and some lenders have been converting these forms into questions in their online portals.

Our full article will provide a link to a PPP Toolbox, FTE Calculations, and Nonprofit Reporting on Financial Statements.  Also, we will provide a link to Frequently Ask Questions on PPP Loan Forgiveness from the SBA.  The FAQ is currently 11 pages long and covers general loan forgiveness, loan forgiveness payroll costs and nonpayroll costs, and loan forgiveness reductions.

We have been working to understand how to obtain full loan forgiveness for our clients and the communities we serve.  Please contact us for assistance with your PPP loan forgiveness as we realize this phase maybe more complicated and its essential these loans are forgiven and become grant contributions.

Click on the orange button below for the full article.
FTM Update for 2020 and Plans for 2021
FTM Update for 2020 and Plans for 2021    
By Jim Simpson, CPA and director, Financial Technologies & Management
First of all, we wanted to thank our clients, strategic partners, and communities for everything they have done during the most challenging year yet.   We have worked with our clients to meet increased demands for services and insure they continue to operate with COVID related funding including applying for and receiving PPP funding for clients.  Now, we are working with them to obtain full PPP loan forgiveness.  We will continue to provide these additional services and plan to grow our firm during 2021.

We had great participation in our monthly e-newsletter and nonprofit forum during 2020. We would encourage you to take advantage of the financial management resources on our web site.  These resources include access to our monthly e-newsletter, blogvideos from forum and trainings, and documents.

We are pleased to present our 2021 financial management training calendar as follows:

Nonprofit Finance Certificate-Effective Financial Management and Leadership-Last Thursday and Friday-Two Days-Day 1 and/or Day 2
Nonprofit Forum and MIP User Group
MIP Training-General Ledger, GL Activities, Accounts Payable, Accounts Receivable, Reporting, Financial Statements, Advanced Financial Statements, Advanced Reporting with Drillpoint - 4th Monday and Tuesday-Each Class is 2 hours with $250 registration fee.
NFP CFO and Finance Peer Group with Indiana CPA Society-Third Thursday-Every Other Month-2/18; 4/15; 6/17; 8/19; 10/21
Why your Nonprofit should by using Nonprofit Accounting Software? 1:00 to 2:00-4th Friday
Overlooked Benefits of Outsourcing Nonprofit Accounting - 11:30 to 12:30-4th Friday

We are looking to grow our firm and provide more nonprofit accounting solutions to our clients in 2021.  We are looking to expand our team by adding part time senior accountants to our team.  The part-time positions typically go to full-time positions with our team.  Please check out our careers page for more information and to apply for this position.
Business Expenses: Accountable vs. Nonaccountable Reimbursement
Business Expenses: Accountable vs. Nonaccountable Reimbursement
By Jim Simpson, CPA and director, Financial Technologies & Management
Employees frequently incur expenses in the course of their employment. Some expenses may be reimbursed by the employer, while others may be the expense of the employees.
The type of reimbursement plan administered by the employer is important for employees because it can have a significant impact on the employees’ tax liability. The Tax Cuts and Jobs Act (TCJA) redefined the deductibility of business expenses, resulting in disallowed deductions for out-of-pocket expenses paid by employees on their personal tax return. Additionally, the TCJA increased the standard deduction amount, leading to fewer individuals itemizing deductions.
A business may have either an accountable or a nonaccountable plan. If the reimbursement plan does not meet all criteria for an accountable plan, it will be a nonaccountable plan.

An accountable plan must have a business connection, adequate accounting, and employee must return any excess reimbursement.  The alternative to an accountable plan is an allowance or nonaccountable plan.  The allowance amount is taxable income and should be included on the employee's W-2.
Click on the orange button below for more.
FTM MIP Software Advisory Services, MIP Training, MIP Cloud, & Support
MIP Product Release is ready for download
MIP Fund Accounting Version 2020.3 will be released soon and will be required to produce the year end tax forms for 2020.  All 2020 MISC-07 transaction data will be updated to NEC-01, and any remaining defaults that still use MISC-07 will be updated to NEC-01 as well. 

The IRS launches Form 1099-NEC for 2020 replacing 1099-MISC for contractors.  Click here for full blog article on Form 1099-NEC

FTM MIP Software Advisory Services
FTM is your local business partner to help you with all your MIP software needs so please check out our MIP services page and contact us for help.

FTM MIP Training Schedule-Please review click on the live webcast class listed below.  If you would prefer we provide customized courses at your location, please contact us to develop a customized training program using your database.

FAC261-MIP Fund Accounting 1099 Processing-January 7, 2021 9:00-11:00 EST
FAC260-MIP Fund Accounting W-2 Processing-January 6, 2021 9:00-11:00 EST

MIP Cloud Modern UI Class Promo

MIP Cloud customers get a 100% discount on all MIP Cloud modern UI Live Webcasts and Self-Paced training courses using promo code MODERNUI2020 at checkout.   This discount is available through December 31, 2020.   Cancellation requirements and considerations apply.

MIP Classic UI Class Promo

MIP Fund Accounting Attend In-Person Workshops will not be offered through December, 2020.  MIP Fund Accounting Classic UI Live Webcasts and Self-Paced training courses will be offered in their place.

MIP Lunch and Learn Classes

Lunch and Learn courses are short, 1 hour, MIP courses on specific topics.   They include Community Brands Xperience Conference sessions and special topics.  The Lunch and Learn are listed in the live webcast of the MIP Fund Accounting Courses on Abila University.

MIP Training Pass

An MIP Training Pass will again be available for customers this summer.  The training pass applies to single-day regularly scheduled MIP Fund Accounting Live Webcast and Self-Paced classic user interface classes available through Abila University.  Offer does not include year-end classes, multi-day Live Webcast classes, or MIP modern user interface classes (see discount below).  The pass will be available for purchase until December 31, 2020.  The pass period is 12 months.  Pricing options:   Individual MIP Training Pass for $1,399 for 15 classes; Organization MIP Training Pass for $2,599 with up to 5 users for 30 classes.

Current Promotions

20% off MIP Checks and Forms-
use promo code 20XABL59 through December 30.   Call 1-800-994-1351 or visit to place your order.

MIP Cloud
Even if you haven’t joined the group of cloud adopters, you’ve probably considered it, researched it, or discussed it with your peers. If your organization is ready for a deep dive, now is a good time to check out the newly improved MIP Cloud – request a presentation by contacting us
Please contact us for 3 month free with 15 month agreement that is available through December 23, 2020 to migrate your on-premise license to the MIP Cloud.

MIP Support
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