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NFP Partners
 3570 E. 12th Ave.   
Denver, CO 80206
303-367-1058
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Webinars
Here is the current  webinar schedule with links to course descriptions and to register. All sessions are one hour in length.

Managing Nonprofit Accounting with Sage MIP Fund Accounting



 
Sage Fundraising Online: Make Stronger Connections With Supporters on the Web



 
Achieve Success With Sage Fundraising 50
     
QUICKBOOK WEBINAR SERIES


Getting Started with QuickBooks
 

Thursday, March 24th at 2:00MST
        
Details and to Register


Getting the Most Out of QuickBooks
 

Thursday, April 14th at 2:00MST
Colorado Nonprofit Financial Manager Peer Group
Upcoming Meeting Details

Here are the details for the next meeting of the Colorado Nonprofit Financial Manager Peer Group. The March meeting has been canceled because it falls on the same day as the EKS&H conference.

Thursday, April 14th, 2011
9:00-11:00 a.m
 Mile High United Way 2505 18th Street
Denver, CO 80211
Topic: TBD

If you have questions, please  contact  Jessica Taylor at Jessica@coloradokids.org, or via phone at 303-839-1580 X 222.
QuickBooks:
Tips and Tools
Cynthia Wadle, NFP Partners' QuickBooks specialist, has put together a series of QuickBooks' Tips and Tools. This month, she has included tips on Smart Short Cuts to making deposits, etc, and more! 

 

QuickBooks Smart Shortcuts

How to Merge QuickBooks Accounts

 


February 2011
Why Sage Fund Accounting Software?

 

In our past two newsletters, we've discussed Why QuickBooks" and "Why Accounting Outsourcing."   

 

Continuing on with our "Why Series," let's talk about why a nonprofit or governmental organization should seriously consider implementing
specialized fund accounting software. To review a main point in these articles, the topics are interconnected, not three separate spheres. Accounting software is a tool that requires capable human resources for successful deployment, whether accomplished in-house, outsourced, or a combination of these.

 

At some point in an organization's life cycle, accounting and reporting become more demanding. Often this realization concurs with the transition from single-tier, founder management to a two-tier team management with functional specialists (e.g., adding a financial professional). So, what are the main reasons for investing in specialized nonprofit accounting software? Let me suggest a few:

  • More accounting objects in various combinations to track (programs, projects, multiple revenue sources, departments, locations, etc)
  • Restrictions on contributed funds
  • Nonprofit GAAP reporting compliance (FASB 116/117 and GASB 34)
  • Budgeting and control considerations
  • Stakeholders require more and better reports
  • Need for indirect cost allocation to programs and grants
  • Internal control considerations
  • Outside influence from auditors and funders

Entry-level accounting systems such as QuickBooks go only so far in meeting growth and complexity-fueled requirements. They require more and more error-prone manual, off-the-books record keeping and reporting. Converting to a commercial accounting-based ERP system, such as Dynamics or MAS 90, will satisfy some of the requirements, but this fails to handle restricted fund accounting and nonprofit GAAP reporting without resorting to third-party report writers and creative workarounds.

 

In contrast, Sage Fund Accounting is a permanent solution that can be scaled to organizational growth. It not only satisfies the demand of greater volume and complexity, but it is designed to meet all the nonprofit-specific requirements. For example, revenues are tagged as to their restricted nature upon transaction entry and automatically display in the FASB 117-compliant statements of activities and financial position. Areas of special financial interest can be segregated into self-balancing funds where required by regulation or best practices.  

 

In contrast to most commercial and competitive nonprofit accounting systems, Sage Fund Accounting employs a segmented account structure, providing unlimited flexibility in classifying financial transactions. A built-in proprietary report writer with more than 100 reporting templates capitalizes on the segmented account structure and enables user-based tailoring to generate the full spectrum of financial reports to stakeholders. Sage Fund Accounting is consistently the recommendation of accountants and independent reviewers, and clearly the nonprofit sector leader.

 

NFP Partners provides Sage Fund Accounting for in-house implementation or for remote hosting. For smaller organizations that need its capabilities, the software is offered at a special starter price, and NFP Partners can provide optional accounting services to supplement internal resources.    
 

For more information, please visit our website, or feel free to contact me directly at 303-357-1058, or via e-mail at Lee@NFPpartners.com.   

 

Warm Regards, 

 

Lee Bengston,CPA 

Five Essential Steps to Audit Heaven

The following article is extracted from a newsletter by Nancy Church, CPA, with her permission.  

 

How can you prepare for your audit so that things go without a hitch? Nancy Church, who specializes in advising small nonprofit organizations on accounting and financial matters, has some great suggestions. Visit her website to subscribe to her newsletter.   

 

1.    Make sure any journal entries proposed by the auditors for the previous year, and accepted by you, were recorded in your books. The best time to do this is at the conclusion of the audit, but it doesn't always get done. Sometimes the auditors forget to give you all the entries they made; sometimes the client forgets to ask for them. Sometimes the auditors use different account numbers in their software than you do, making it difficult to record their adjustments. So even if you're sure you posted them all a year or so ago, check now to make sure.        


More Suggestions on How to Prepare for a Successful Audit
Emergency Family Assistance Association Chooses Sage Fund Accounting
The Emergency Family Assistance Association (EFAA) in Boulder recently chose Sage Fund Accounting to replace their MAS 90 accounting software.

EFAA serves Boulder and Broomfield County families be acting as a safety net for families who have nowhere else to turn to meet their basic needs. It provides assistance with food, shelter, rental, utilities, and other basic needs.

Raymond Davis, Director of Finance, selected Sage Fund Accounting as the association's accounting system because of its superior capabilities in tracking restrictions, grants, and special events.

For more information on Sage Fund Accounting, please contact Lee Bengston at 303-367-1058.