Financial Technologies & Management- E-Newsletter for February, 2021
Upcoming Live Webinars
We hope you find our monthly E-Newsletter useful for your nonprofit organization. We have refreshed our E-Newsletter for 2021!! We hope you find our changes helpful and useful for your organization and appreciate your feedback and support.
We know everyone is suffering from webinar fatigue from last year, but we feel it important to continue these webinars into 2021. We also plan to start making more recorded webinars available to you as well. We would encourage you to review our video resources from past nonprofit forums, mip user group meeting, and financial management training. Please click here to access our video resource library for recorded live webinars.
These live webinars will help Nonprofit Leaders, Treasurers, Executive Directors, Finance Directors, Finance Staff, and other Nonprofit Staff.
Our upcoming live webinars for financial management training are broken into the following areas. Please feel free to click on any of these areas to learn more and register for these upcoming financial management training.
Financial Management Training-Topics include Overlooked Benefits of Outsourcing Nonprofit Accounting or Why your Nonprofit should be using Nonprofit Accounting Software?
Nonprofit Forum and MIP User Group-We have placed these on hold for 2021 so we can take this time and reach out directly to you. However, our previous nonprofit forum and mip user group webinar are accessible from our video resources page.
MIP Fund Accounting-General Ledger, Accounts Payable, Accounts Receivable, Reporting, Financial Statements, and Drillpoint-Each webinar is 2 hours.
Nonprofit Finance Certificate-Effective Financial Management and Leadership-first day is focused on bookkeeping and accounting; and second day is focus on controller, CFO, and leadership roles.
NFP CFO & Peer Group-FTM and Indiana CPA Society have partnered to facilitate this live event. The peer group determines those topics so please provide your feedback. The group meets on the 3rd Thursday of every other month starting in February.
Please contact us if you have any questions or feedback about our upcoming live webinars.
Paycheck Protection Program Round 2: PPP Calculations Guidance Released
The SBA provided guidance about how borrowers should calculate revenue reduction and maximum loan amounts for second draw PPP loans. The full article includes the following:
procedual notice establishing the requirements and processes for borrower resubmission of a loan forgiveness application using the easy form (SBA Form 3508S) after the limit was increased from $50k to $150k.
18 page document detailing how borrowers should calculate revenue the 25% revenue reduction and calculate the maximum loan amounts for second-draw PPP loans.
Please let us know how we can help you obtain PPP round 2 funding and loan forgiveness.
An Executive Director's Guide to Financial Leadership
Financial Leadership is guiding a nonprofit organization to sustainability. The job of an executive director includes providing an exceptional mission impact while creating sustained financial health. The follow eight key principles should guide financial leadership for your organization
Activate your annual budget by achieving a financial surplus, anticipating future, and adding a financial projection
Income Diversification to determine degree of diversification and risks you are willing to accept
Make cash flow your priority
Don't wish for reserves but plan for them
Rethink restricted funding to include grant proposals to include overhead and general operating funds
Properly staff your finance function including consultants
Design financial reports to allow board help with short and long term planning of the organization
Manage organization's risk management
The full article includes the Executive Director's cheat sheet
MIP Fund Accounting Software Advisory Services and Training Schedule for 2021
FTM is a certified business partner advocate and consultant for MIP Fund Accounting since 1999. Our firm provides MIP Software Advisory Services and has over 150 MIP Software Implementation to include:
Software Evaluation and Needs Assessment
Software Implementation, Training, and Support
Software System Review
Software Data Conversion and Integration
Our MIP Fund Accounting Training Schedule is offerred monthly. Day 1 is great for those involved with the bookkeeping and day to day use. Day 2 is great for those involved involved in the reporting including financial statement preparation. You can register for individual two hour classes if that fits your needs better. Also, please let us know if we can provide custom training to your organization and utilize your organization's database for the training.