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FTM E-Newsletter for May, 2020

Upcoming Live Webinars: May 27th FTM Nonprofit Forum-Effective Nonprofit Financial Governance and Leadership; June 4th UWCI Panel-COVID-19 Fundraising and Financial Management Practices; June 18th Indiana CPA Society NFP Peer Group-Overlooked Benefits of Outsourcing
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-Overlooked Benefits of Outsourcing-June 18th from 8:30 to 10:00 EST
Moving from Learning to Application: COVID-19 Fundraising and Financial Management Practices June 4th from 10:00 to 11:00 EST.  Join Guy-Jo of United Way of Central Indiana as he moderates a panel with nonprofit experts including Jim Simpson, Director of Financial Technologies & Management and 3 other panelists.  Jim Simpson will focus on COVID-19 financial management practices including financial contingency plans.  Click on event for details.
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. 

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 loan forgiveness application released on May 15th

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.
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.
 COVID-19 Financial Management Strategies and Financial Contingency Planning
COVID-19 Financial Management Strategies and Financial Contingency Planning
By Jim Simpson, CPA and director, Financial Technologies & Management
Nonprofit Organizations are almost always dealing with the fragile nature of their operations and existence especially during a pandemic.

We will review financial management strategies and financial contingency planning you can take to weather this pandemic and survive and meet your short-term financial needs with practical takeaways.

You should assess your available cash and reserves, assess impact on revenues, and assess impact on expenses.
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 User Group: MIP AP Reporting
May 20, 2020 1:00 to 2:00 EST
Click here for registration

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 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
1.317.819.0780
Web Site: WWW.FTMLLC.COM
Blog: FTM Blog
Email: FTM Email
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Please fill out this form and let us know how we can be of service. We will happily offer you a free consultation to determine how we can best serve you.

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