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FTM E-Newsletter for October 2020

Upcoming Live Webinars: October 28th FTM Nonprofit Forum-Effective Grants Management and Cost Allocation; October 29 & 30-Nonprofit Finance Certificate-Effective Financial Management and Leadership; October 29 & 30-MIP Fund Accounting Workshops
How should you perform your grants management and cost allocation responsibilities?  We will describe these best practices for these responsibilities.  3 key things you will learn include: What are the best practices for performing grants management role effectively?  What are federal compliance grants management requirements?  What are signs that grants management role is not being performed correctly?

We will cover all critical aspects of grants management and cost allocation.

Please bring your questions so we can have a candid and productive conversation.
Those attending the forum will receive handouts.
Detailed Agenda:
11:30 to 12:30-Effective Grants Management and Cost Allocation
12:30 to 12:50-MIP User Group-Grants Management and Cost Allocation 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-11:30-12:30
Why Nonprofits should be using Nonprofit Accounting Software?-Last Friday-1:00 to 2:00

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
Effective Grants Management
Effective Grants Management
By Jim Simpson, CPA and director, Financial Technologies & Management
In order to provide effective grants management, we need to make sure that we are performing bookkeeping at the grant level.  Our grant accounting needs to properly allocate costs to the grants while maximizing our grant reimbursement and avoiding any cost disallowance.

The grant reporting needs include grant budgets which match grant budget line items with financial reporting.  Grant reporting should be able to report total grant spending including direct and indirect cost allocation.  Proper grant reporting requires a grant reconciliation to insure internal and external reports agree and that you are maximizing reimbursement and minimize any over or under grant spending.

The full article will review the best practices for effective grants management

Click on the orange button below for the full article.
Overlooked Benefits of Outsourcing Nonprofit Accounting
Overlooked Benefits of Outsourcing Nonprofit Accounting
By Jim Simpson, CPA and director, Financial Technologies & Management
In the nonprofit community, outsourcing typically means long-term delegation of key operation to outside experts.  A key difference in the nonprofit sector is not only controlling costs but becoming a more effective organization.  Finance and accounting department is an essential back office area in nonprofit organizations.  Nonprofits typically outsourced accounting for payroll processing and audit services so it is not surprising that nonprofits are looking at other aspects of the accounting department to outsource.

With limited resources, a nonprofit can outsource some or all its financial functions, which can help a nonprofit efficiently staff and conduct its financial operations.

Here are eight overlooked benefits of outsourcing nonprofit accounting:
Improved efficiencies, reduce costs, reduce fraud threat, higher level of expertise, ability to scale,
accounting software expertise, better manage your accounting function, and stay current with regulations and laws.
Click on the orange button below for the full article.
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 pressure to deliver more transparency.  The demand for more timely and accurate information from a multitude of interested parties: board members, major donors, funders, management, program staff, and other groups.

Does your accounting software meet your needs?  If not, you will never be able to perform this function effectively for your organization.  Please contact us to help you determine if your organization will benefit from Nonprofit Accounting Software.  We will help you with your software evaluation and assessment project. 

There are eight reasons why your Nonprofit should consider Nonprofit Accounting Software.

Report writer for board, management, and program; grants management capability; budget management capability; Cost allocation functionality; Strong audit trails, integration with payroll, fundraising, and other applications; advanced module capabilities; and various financial segment tracking.

The full article will review these eight reasons in more detail.
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 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 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 until December 31, 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 20XABL59 through November 30.   Call 1-800-994-1351 or visit 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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