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FTM E-Newsletter for April, 2020

Nonprofit Forum Topic for May 27th - Effective Nonprofit Financial Governance and Leadership
FTM Firm Response to Coronavirus (COVID-19)

Are financial governance duties clearly understood and performed by the board, finance committee, and executive committee(s)?

Avoid complacency and confusion by clearly defining and communicating expectations.  Savvy nonprofit leaders know that a dynamic board can be the difference between good and great performance.

How would you answer the following questions:

What are the typical financial responsibilities and misunderstandings of board members?
What are the essential financial governance responsibilities for nonprofit board and its members?
What are the nonprofit financial governance basics and misperceptions that board and nonprofit leaders need to know?
We will answer this and more.  We will review and take a financial acumen quiz to reinforce leadership learning and address the confusions of financial governance.
Immediately following the presentation on nonprofit financial governance, we will host a MIP Fund Accounting User Group meeting focusing on board financial reporting and other financial governance.
Detailed Agenda:
11:30 to 12:30-Effective Nonprofit Financial Governance and Leadership
12:30 to 12:50-MIP User Group-Board Financial Reporting and other financial governance
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.

The upcoming schedule for 2020 FTM Nonprofit Forums:
We look forward to seeing you at an upcoming Nonprofit Forum and MIP User Group Meeting.

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

Overlooked Benefits of Outsourcing Nonprofit Accounting
-Last Friday-11:30 to 12:30 EST
Why your Nonprofit should be using Nonprofit Accounting Software?-
Last Friday-1:00 to 2:00 EST

NFP CFO and Finance Peer Group with Indiana CPA Society-Surviving the Pandemic-April 16th from 8:30 to 10:00 EST
CARES Act Introduces Forgivable Loans for Nonprofits with Paycheck Protection Program
CARES Act Introduces Forgivable Loans for Nonprofits with Paycheck Protection Program
By Jim Simpson, CPA and director, Financial Technologies & Management
We have been extremely busy over the last few weeks insuring that are nonprofit clients are able to continue to serve their clients during the pandemic.

We have been busy submitting applications and supporting documentation to our client banks to help them during these difficult financial times.   

Our blog article will provide a program overview and discuss eligibility, maximum loan amount, loan proceeds usage, loan forgiveness, and low interest rate.

Please contact us to help you evaluate if this program is for you and to get your application and supporting documentation submitted.

Click on the orange button below for more.
Sustainability to Survivability:5 Nonprofit Finance Must-Do's in the time of COVID
Sustainability to Survivability:5 Nonprofit Finance Must-Do's in the time of COVID
By Jim Simpson, CPA and director, Financial Technologies & Management

We have been encouraging nonprofits to be more sustainability so hopefully you have been working on this for your organization. 

However, we need to change your focus to survivability mode and focus on the following to insure your organization is impacted as little as possible during this crisis.

Understand your cash position, liquid reserves, and essential expenses
Assess damage to revenue streams including focus on strongest relationships and greatest likelihood of securing funds
Look at both the financial and program impact and focus on highest impact-see matrix map
Include everyone in the candid discussions to determine new approaches or meaningful strategies
Communicate consistently to help donors understand firsthand what organization is facing and how you can help

Keep in mind it is better to proactively assess your situation earlier so you will have to take less severe measures later.  You should start to implement these solutions to insure your organization survives and eventually thrives again.

The full article will discuss the five Nonprofit Finance Must-Do's in more detail.
Click on the orange button below for more.
FAQs: Employee Retention Credit under the CARES Act    
FAQ's: Employee Retention Credit under the CARES Act
By Jim Simpson, CPA and director, Financial Technologies & Management
A lot of nonprofits have been focused on the Paycheck Protection Program which is a forgivable loan as listed above.  However, nonprofits should consider this option as well especially if you plan to keep employees on payroll and expect a significant decline in gross receipts starting with the 1st quarter in 2020 compared to the first quarter in 2019.

The credit can be up to 50% of the qualified wages which includes qualified health plan expenses.

An Eligible Employer that receives a paycheck protection loan should not claim employee retention credits.
Click on the orange button below for more.
FTM MIP Software Advisory Services, MIP Training, MIP Cloud, & Support
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.

MIP Training Schedule-Please review our event schedule or 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.

FA204 - MIP Fund Accounting General Ledger Activities
FA205 - MIP Fund Accounting Accounts Payable Processing
FA207 - MIP Fund Accounting Accounts Receivable Processing
FA215 - MIP Fund Accounting Reporting
FA216 - MIP Fund Accounting Financial Statements
FA217 - MIP Fund Accounting Advanced Financial Statements
FA218 - MIP Fund Accounting Advanced Reporting with Drillpoint

MIP User Conference-October 13 to October 15-Reno, NV-FTM will be presenting and is partnering with NP Solutions for this user conference

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

MIP Support
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