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| Nonprofit
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Welcome!
| Nonprofit
| Nonprofit
Webinar Details
• Presentation is roughly 50 minutes
• All phone lines are muted
• We will have about 15 minutes for questions after the presentation. Please type your questions in the box located at the bottom of your webinar panel.
| Nonprofit
180+ Business
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& Strategic Planning
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BI, Analytics & Reporting
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NonprofitSolutions
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Net@Work Overview
Warning Signs that you may need more than a business accounting solution
| Nonprofit
• Difficulty tracking restrictions according to FAS 116
• Unable to budget and report on multiple data elements
• Cannot create reports to span fiscal years
• Difficulty recording allocations of costs for grantors and programs
• Cannot customize reports for each funding source within the accounting system
• Difficult to Audit
• You spend too much time in Excel
Difficulty Tracking Restrictions
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• Major donations and grants are commonly given with a set of specific and unique restrictions. The associated funds are either "restricted" or "unrestricted".
• Failure to demonstrate that "restricted" funds have been used correctly can have some serious organizational consequences, including termination of executives, loss of funding, and worst case - the loss of tax-exempt status. Solutions that are built specifically for fund accounting (such as Abila MIP Accounting ) are specifically designed to help nonprofits meet tracking and reporting responsibilities and handle the special requirements.
Restrictions- Statement of Activities
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Can You Budget and Report on Multiple Data Elements?
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• Can you track budget versus actual for an activity or grant?
• All accounting systems can record a revenue or expense but do you need more detail?
• Many systems can include a “class” or “sub-account”, but does this create apples and oranges?
• Program
• Grant
• Location
• Fund
• More?
Track performance of an Activity or Grant
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Create Reports to Span Fiscal years
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• Grant years and fiscal years are not always the same
• Do you need to run two reports and add them up?
• Is there an issue with pulling revenue and expense for closed fiscal periods?
Record Allocation of Expenses for Grants
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• Can you allocate expenses to the appropriate programs and/or grants within the system?
• Federally approved indirect cost rate?
• Creating a federally approved cost allocation plan
• Do you need to pool expenses and then use cost rate to allocate to grants
Record Allocation of Expenses for Grants
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Custom Reports for Funders
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• Do your funders accept your monthly financial reports or do they have a required format?
• Can you easily filter to only the expenses for that funder?
Is Your System Difficult to Audit?
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• Complying with FASB 116 and 117
• Can transactions be changed after posting or is there an audit trail ?
• Does your accounting system prove out your internal controls?
Do you spend too much time in Excel?
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• Are allocations of expenses are done in Excel?
• Do you track grant expenditures actual versus budget on a spreadsheet?
• Are you creating specific reports for internal(Board) and external(Funders) use in Excel?
• Do you track receivables and/or payables in Excel?
• Duplicate entry = time = $$
More Questions to Ask
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• Do you have nonprofit/governmental specific needs like tracking encumbered funds
• Are you on the most current software version
• Is your software version still supported
• Is your board asking you about “The Cloud”
• Are you projecting growth in the near future
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Please type in your questions
Any Questions?
Can Net@Work Help?
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• Whitepapers: • Has Your NonProfit Organization Outgrown its Small
Business Accounting Solution?
• Increase your Accountability and Transparency: Ten reasons why nonprofits need true fund accounting instead of a commercial accounting system
• Can we help with a needs analysis?
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Thank You For Attending!
Jane HouleNet@Work - Nonprofit Solutions Team LeaderEmail: [email protected]: 312-651-0364
800-719-3307
www.netatwork.com
netatwork.com/blog
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