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FTM E-Newsletter for June, 2020

Upcoming Live Webinars: June 24th FTM Nonprofit Forum-Developing Effective Dashboards and Key Performance Indicators
FTM Firm Response to Coronavirus (COVID-19)

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.

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 strategies and goals to create dashboards with focused conversation and collaboration.
Detailed Agenda:
11:30 to 12:30-Developing Effective Dashboards and Key Performance Indicators
12:30 to 12:50-MIP User Group-MIP Cloud, graph, and chart refresher for MIP
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-Overlooked Benefits of Outsourcing and Back to Office Plans-August 20th from 8:30 to 10:00 EST; Nonprofit Accounting Software-October 15th from 8:30 to 10:00 EST; and Developing Effective Dashboards & Key Performance Indicators-December 17 from 8:30 to 10:00 EST
CARES Act Introduces Forgivable Loans for Nonprofits with Paycheck Protection Program-Implementing the PPP Loan
CARES Act Introduces Forgivable Loans for Nonprofits with Paycheck Protection Program-Implementing the PPP Loan
By Jim Simpson, CPA and director, Financial Technologies & Management
We are pleased that many of our clients have received paycheck protection program (PPP) funding to help keep them serving our communities.

Congress passed the Paycheck Protection Flexibility Act to make it easier for small businesses and other PPP borrowers to qualify for full loan forgiveness. Among the changes in the act are an expansion of the “covered period” for loan forgiveness to 24 weeks from eight weeks, a reduction of the proportion of proceeds that must be spent on payroll costs to 60% from 75%, and the establishment of a safe harbor for businesses that have been unable to return to the level of business activity they had before the COVID-19 pandemic due to compliance with health and safety guidelines for slowing the spread of the virus.

Our focus has now shifted to implementing the PPP loan through proper accounting and focus on maximizing the loan forgiveness.    

Our blog article will provide a program overview and discuss eligibility, maximum loan amount, loan proceeds usage, loan accounting, and updated loan forgiveness application released on June 16th

Please contact us to help you perform the accounting for these loan proceeds properly to insure your maximize your loan forgiveness

Click on the orange button below for more.
12 Golden Rules of Nonprofit Finance
12 Golden Rules of Nonprofit Finance
By Propel Nonprofits
Healthy nonprofit organizations employ financial management practices that build stability and flexibility, both today and in the future.  Nonprofit organizations impact communities and individuals by delivering services, providing advocacy, and building community. Behind the scenes, powerful missions, innovative programs, and passionate staff and volunteers are supported by financial activities and decisions. Healthy nonprofit organizations employ financial management practices that build stability and flexibility both today and in the future.

In this resource we set out the 12 golden rules for nonprofit finance, including budgeting, program costs, diverse funding sources, infrastructure, cash flow, financial information, financial responsibility, operating reserves, accountability & transparency, financial integrity, responding to financial problems, and interdependence.

The full article will discuss the 12 Golden Rules of Nonprofit Finance in detail.
 
Click on the orange button below for more.
Finance for Every Board Member
Finance for Every Board Member
By Jim Simpson, CPA and director, Financial Technologies & Management
We are pleased to share this tool to help your board understand and perform its fiduciary duties.  This comprehensive tool will provide your board members with the basics of what they need to know and do to serve your nonprofit organization.

The Finance for Every Board Member includes a glossary of terms to help your board communicate the proper financial terms and language.
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.

FTM 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.

FA203 - MIP Fund Accounting General Ledger Transaction Entry

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 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 June 30, 2020.   Cancellation requirements and considerations apply.

MIP Classic UI Class Promo

MIP Fund Accounting customers get a 10% discount on all MIP Fund Accounting Classic UI Live Webcasts and Self-Paced training courses using promo code CLASSICUI2020 at checkout.  The discount is available through June 30, 2020.  Cancellation requirements and considerations apply.

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.

Current Promotions

10% off MIP Checks and Forms-
use promo code 20ABPM10.   Call 1-800-994-1351 or visit mipchecks.com to place your order.

20% Discount on Human Resources, Benefit Enrollment, EWS, Payroll & Direct Deposit Modules.  You can view the Human Resources Overview Video and Payroll Resources Overview Video for more information about this video.  Please contact us as this promotion ends on June 30, 2020.

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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1.317.819.0780
Web Site: WWW.FTMLLC.COM
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