Skip to content

FTM E-Newsletter for September 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
9 Common Internal Controls Your Nonprofit Should Have
9 Common Internal Controls Your Nonprofit Should Have
By Jim Simpson, CPA and director, Financial Technologies & Management
Failure to understand internal control when identifying risks was the reason major issues come up at nonprofits 40 percent of the time, according to data from a AICPA Peer Review Program Study.

Internal control is designed, implemented and maintained to address identified business risks that threaten achievement of any of the entity’s objectives that concern reliability of financial reporting, effectiveness and efficiency of operations and compliance with laws and regulations.

The 9 common internal controls include the following:

Click on the orange button below for more.
What you should know about preparing your Schedule of Federal Awards? (SEFA)
What you should know about preparing your Schedule of Federal Awards?
By Jim Simpson, CPA and director, Financial Technologies & Management
Not-for-profit organizations often seek out grants and other awards in order to provide the necessary funding for their programs. It is important to know the source of all grants and awards as well as the requirements of the U.S. Office of Management and Budget’s (OMB) Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, Final Rule (Uniform Guidance). In this article we will explore a small but very important part of the Uniform Guidance requirements: The Schedule of Expenditures of Federal Awards (SEFA).

What is the SEFA and How is it Used?

In its simplest form, the SEFA is a financial statement schedule that lists an organization’s expenditures of federal assistance for the fiscal year by federal agency, grant number and amount. It is the organization’s (auditee’s) responsibility to prepare a complete and accurate SEFA, which is a key component of the reporting package required under the Uniform Guidance. The SEFA is also used by external auditors to determine the required procedures and test work under the Uniform Guidance.


The full article will discuss how to accumulate the data for the SEFA and how to prepare a complete and accurate SEFA.
Click on the orange button below for more.
Nonprofit Treasurer Roles and Responsibilities
Nonprofit Treasurer Roles and Responsibilities
By Jim Simpson, CPA and director, Financial Technologies & Management
When you think about it, it’s a bit inaccurate to refer to your organization as “nonprofit.” In fact, money is rarely far from the minds of your organization’s leaders. At least, it shouldn’t be.
Like your for-profit counterparts, you can’t succeed without maintaining sound fiscal health. That’s why the title of “treasurer” is so much more than an honorific. By watching over your organization’s “treasure,” the person holding that position facilitates the accomplishment of the nonprofit’s greater goals.
The treasurer generally is charged with overseeing the management and reporting of the organization’s finances.

It is important that you do a thorough search to identify the right Treasurer. 

The full article will review specific areas of concerns that Treasurer needs to be involved with. 
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 20XABL1405.   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
Contact Us
1.317.819.0780
Web Site: WWW.FTMLLC.COM
Blog: FTM Blog
Email: FTM Email
Are you following us on social media?
Twitter: @ftm4nonprofits

We want to hear from you!

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.

1