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FTM E-Newsletter for February, 2020

Nonprofit Forum Topic for February 26th - Common Audit Pitfalls and Implementing the New Standards
How should you evaluate your audit process?  Please bring your questions so we can have a candid conversation regarding the auditing process.  We will share our expertise and candid advice to better prepare you for this important role for 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.

We will review 7 common audit pitfalls.
Detailed Agenda:
11:30 to 12:30-Common Audit Pitfalls and Implementing the New Standards
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

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
MIP Product Overview - Managing Non-Profit Financials with MIP Fund Accounting
-February 19th from 1:00 to 2:00
7 Steps to planning a successful not-for-profit audit
7 Steps to planning a successful not-for-profit audit
By Jim Simpson, CPA and director, Financial Technologies & Management
Year-end financial statement audits serve a valuable purpose in helping maintain the financial integrity of not-for-profit organizations so they can successfully complete their missions. These audits can be more effective and less challenging with a little bit of preparation and planning on the part of the not-for-profit management and finance team.
This preparation starts with your accounting system, because everything you do on a monthly basis will pay dividends as you gear up for your year-end close and the audit. Chances are your accounting system is very good for everyday things, such as processing customer/donor billings, receiving payments, paying bills, and making payroll. And you probably do other things every month in the normal course of your monthly closing cycle, such as review and reconcile various accounts.  Having these processes in place provides a good start in preparation for your year-end audit.

There are 7 planning steps to help your year-end audit be successful.

Click on the orange button below for more.
Beyond Financial Oversight: Expanding the Board's Role in the Pursuit of Sustainability
Beyond Financial Oversight: Expanding the Board's Role in the Pursuit of Sustainability
By Jim Simpson, CPA and director, Financial Technologies & Management

Sustainability encompasses both financial sustainability (the ability to generate resources to meet the needs of the present without compromising the future) and programmatic sustainability (the ability to develop, mature, and cycle out programs to be responsive to constituencies over time).
In other words, board finance committees can look at annual budgets, financial statements, and audits forever, but if some group of board members is not considering those financial results in light of the organization’s programming mix and its results, then their efforts are very unlikely to contribute to sustainability.

There are five discussion questions you should consider if you want to move from an oversight to a sustainability orientation.
 
Click on the orange button below for more.
Nonprofit Guide to Fraud Prevention
Nonprofit Guide to Fraud Prevention
By Jim Simpson, CPA and director, Financial Technologies & Management
According to the most recent Fraud study conducted by the Association of Certified Fraud Examiners (ACFE), nonprofits account for 9% of all frauds and reported a median loss of $75,000 (ACFE 2018 RTTN) along with an even greater potential cost for reputational damage.  It maybe surprising, but the external audit is only likely to detect fraud 4% of the time.  The top detection methods include tips-40%; internal audit-15%; management review-13%; accident-7%; account reconciliation-5%; and document examination-4%.  With lack of board and management involvement in finance for nonprofits, it seems like we are relying too heavily tips and accidents to detect fraud.

The Nonprofit Guide to Fraud Prevention will address the following:

6 Fraud Risks
Identify the Types of Fraud
Fraud Risk Assessment Key Questions
Implement Controls for Fraud Prevention, Fraud Detection , and Fraud Correction
Fraud Action Plan


We can help you ask the right questions and determine the red flags for fraud.  Please contact us to discuss our certified fraud examination services for fraud prevention and forensic accounting which are available as a CFO service.
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
Contact Us
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Web Site: WWW.FTMLLC.COM
Blog: FTM Blog
Email: FTM Email
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