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FTM E-Newsletter for August, 2020

Upcoming Live Webinars: September 30th FTM Nonprofit Forum-Building a Superior Budget; Sept 24 & 25-Nonprofit Finance Certificate-Effective Financial Management and Leadership; Sept 24 & 25-MIP Fund Accounting Workshops
FTM Firm Response to Coronavirus (COVID-19)

A strong budget is an essential element for any nonprofit organization to achieve financial leadership. Superior budgets, though, have written plans about the core activities to include strategic, organizational, and program goals and how they will be financed.
Most financial leaders focus too much time on budget variance analysis and not enough time to anticipating or planning for the future. By anticipating or planning, organizations can focus on what’s upcoming regardless of its budget cycle or fiscal year end.  A budget can be complemented with rolling forecasts to better anticipate upcoming financial results.
Budgets also need to include cash flow projections, which maybe outside of the finance departments capacity or capabilities.  Financial leaders must have a direct role in developing useful cash flow projections and assumptions with frequent, detailed analysis.
 
Any cash flow shortage needs to be further evaluated to determine if it is just a timing difference or an actual cash deficit.  Shortfalls created by deficits need to be solved by budget adjustments or strategic choices to absorb a shortfall. An organization can determine timing or actual deficits by reviewing the budget to see if it had planned for or not.
Financial sustainability can only be achieved with a well-prepared and continuously monitored budget.  Conversely, a poorly developed budget can diminish mission focused activities opportunities and threaten long-term success.
Those attending the forum will receive handouts.
Detailed Agenda:
11:30 to 12:30-Building a Superior Budget
12:30 to 12:50-MIP User Group-Budget Refresher
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 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-October 15th from 8:30 to 10:00 EST; and Nonprofit Accounting Software-December 17th from 8:30 to 10:00 EST;
Nonprofit Finance Certificate-Effective Financial Management & Leadership(Two Days)
  Day 1-focus on the essential financial functions of your finance dept-FMI or register
  Day 2-focus on financial leadership responsibilities and governance-FMI or register
Best Practices for Financial Policies and Procedures
Best Practices for Financial Policies and Procedures
By Jim Simpson, CPA and director, Financial Technologies & Management
It is important that Nonprofit Organizations have a financial policies and procedures manual.

If you have not updated your financial policies in a while or don't have a financial policies and procedures manual, our firm can help you develop or update your financial policies and procedures.   An organization with good financial policies and procedures benefits from operating efficiencies, clear expectations, financial accountability, and training.

A financial polices and procedures manual is important for the following reasons:

Improving your operation, document bookkeeping, document control environment, document control procedures, document accounting system, lay out clear expectations, grant compliance, and staff training.

You can download a FREE Sample Nonprofit Organization Financial Policies and Procedures Manual from our resource documents page in the financial management training section.

Click on the orange button below for more.
Budgeting must be more flexible in uncertain times
Budgeting must be more flexible in uncertain times
By Jim Simpson, CPA and director, Financial Technologies & Management
A strong budget is an essential element for any nonprofit organization to achieve financial leadership. Superior budgets, though, have written plans about the core activities to include strategic, organizational, and program goals and how they will be financed.  A superior budget must be monitored and managed in light of the political and economic realities and the increased uncertainties we are all facing.
Most financial leaders focus too much time on budget variance analysis and not enough time on anticipating or planning for the future. By anticipating or planning, organizations can focus on what’s upcoming regardless of its budget cycle or fiscal year-end. A budget can be complemented with rolling forecasts to better anticipate upcoming financial results.
Budgets also need to include cash flow projections, which maybe outside of the finance departments capacity or capabilities. Financial leaders must have a direct role in developing useful cash flow projections and assumptions with frequent, detailed analysis.

In contrast to traditional budgets, a flexible budget may include a range of scenarios or a shorter time frame, or both. Three scenarios at a minimum should be prepared: best, worst and expected cases.

Flexible budgets and Cash Flow Projections will provide you with additional tools to help ensure your organization remains financial stable despite an uncertain future.
Click on the orange button below for more.
Why your Nonprofit should consider using Nonprofit Accounting Software?
Why your Nonprofit should consider using Nonprofit Accounting Software
By Jim Simpson, CPA and director, Financial Technologies & Management
Your organization like every other nonprofit is feeling the pressure to deliver more transparency. The demand for more timely information is coming from a multitude of interested parties: board members, major donors, potential funders, and watch dog organizations.
The goal of transparency can’t be easily accomplished without sound nonprofit accounting software-financial reporting is the foundation upon which transparency is achieved.

As the number of nonprofits have proliferated, accounting software is more tailored and can help manage these complexities. But taking the time to select the right software for your nonprofit is critical.

Before your purchase, start with a software evaluation and assessment to see if you’re a good candidate for nonprofit accounting software. The software evaluation and assessment will review your current system to determine its level or utilization and functionality. It is probably a good idea to perform a software evaluation any time there is a major change within the organization either positive or negative.

Here are eight reasons Nonprofit's should consider Nonprofit Accounting Software. 

Please contact us first for a FREE software evaluation and assessment.
Click on the orange button below for more.
FTM MIP Software Advisory Services, MIP Training, MIP Cloud, & Support
MIP Product Release is ready for download
MIP Fund Accounting Version 2020.2 was released August 17th and is available for download.  The release contains high-quality updates offering patch process and reporting improvements, as well as defect fixes.  This release also contains important updates to our security posture.  Please review full blog article for complete lists of improvements, security updates, and resolved issues

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 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 December 31, 2020.   Cancellation requirements and considerations apply.

MIP Classic UI Class Promo

MIP Fund Accounting Attend In-Person Workshops will not be offered through December, 2020.  MIP Fund Accounting Classic UI Live Webcasts and Self-Paced training courses will be offered in their place.

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.

MIP Training Pass

An MIP Training Pass will again be available for customers this summer.  The training pass applies to single-day regularly scheduled MIP Fund Accounting Live Webcast and Self-Paced classic user interface classes available through Abila University.  Offer does not include year-end classes, multi-day Live Webcast classes, or MIP modern user interface classes (see discount below).  The pass will be available for purchase from July 9, 2020 to September 30, 2020.  The pass period is 12 months.  Pricing options:   Individual MIP Training Pass for $1,399 for 15 classes; Organization MIP Training Pass for $2,599 with up to 5 users for 30 classes.

Current Promotions

20% off MIP Checks and Forms-
use promo code MIPTAX20.   Call 1-800-994-1351 or visit mipchecks.com to place your order.

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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Web Site: WWW.FTMLLC.COM
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