Uncategorized

Broader reach, greater access, and expanded networks gives this company a renewed sense of love for their mission

Welter Consulting LLC today announced that their company has joined a formal strategic alliance with four top Community Brands Business Partners including ProSoft Solutions, 1^st Choice Advisors, Software Simplified, and Whittlesey Forward Advising. This strategic decision was made to further Welter’s commitment: to find customers the most affordable technology, the most powerful solution, and provide expert support.

This alliance gives Welter Consulting clients access to a greater capacity, bandwidth, and coverage while also furthering the geographical reach of those services. With a wide range of product expertise, the alliance can support clients with an impressive variety of technology needs from accounting, to networking, to hosting. It also includes increased availability for fundraising, HR, timekeeping, procurement, budgeting and forecasting, banking integration, and much more.  Clients will also have expanded access to conferences, user groups, and training opportunities.

“I went into this business because I care about my clients’ outcomes,” said Vicki Welter, Founder of Welter Consulting LLC, “I want to be a part of helping them carry out their unique goals and missions: this alliance will better equip me to achieve that.” 

With expanded communication, increased influence with Community Brands, Welter said, “As an organization, we have a renewed love for our jobs because of this expanded team environment.”

Now with easy and available access to the BDO Network, and additional expertise in any area that encompasses accounting, audit, technology, and cyber security, Welter Consulting clients have a local, highly-skilled solution at their fingertips.

Washington State has recently issued Phase 3 guidelines for business reopening after the spring closures to prevent the spread of COVID-19. If you’re struggling with understanding the nuances of the various guidelines and how to implement them thoughtfully to protect your employees and constituents, you’re not alone. We’ve put together a list of the top three guidelines and an explanation of each to help you keep your employees and constituents healthy and safe.

Phase 3 Business Template

No two businesses are alike, and no two responses to the COVID-19 pandemic will be alike. To assist businesses and meet the needs of residents, state leaders have developed reopening guidelines that allow for flexibility in how individual organizations enact safety plans and respond to the thread of COVID-19.

Each business or entity operating in the state must develop a written safety plan with details on the steps they are taking to prevent the spread of COVID-19. Organizations should complete the plan and file it with their County Public Health Department or state agency and keep a copy on premises. Also, keep in mind that there are specific guidelines for certain industries, so check the industry-specific guidelines for additional safety precautions (if warranted).

Facial Coverings Required

More businesses opening means more people going to and from work and enjoying the products and services that businesses have to offer. With more people out and about, individuals must take responsibility for themselves and others and wear a facial covering.

Cloth facial coverings are required to be worn by all workers and anyone near others. Facial coverings must cover the nose and mouth. The type of covering varies according to workers’ industries, proximity to others, and job.

There are a few exemptions. Individuals working alone need not wear a face covering, and people with certain disabilities may be exempt as well. For example, people who rely on nonverbal language cues such as the deaf or hard of hearing may be exempt. People with medical disabilities may also be exempt. Please see the Washington State guidelines for specific details on exemptions.

Paycheck Protection Program Expands

The Paycheck Protection Flexibility Act provides loans to small businesses affected by the pandemic. Those businesses that can maintain workers on the payroll may qualify for loan forgiveness.

The PPP added $12 million to Washington State’s economy so far, and the fund includes $100 million. If your small business is struggling to stay afloat during the pandemic, now’s the time to apply for a loan from this program. An amendment to the original act reduced the payroll spending requirement from 75% to 60%, so it’s worth investigating again, even if you did not qualify for it before.

For more details or to complete an application, visit the Small Business Administration.

Getting Back to Business – Safely

Although updates about the pandemic may have slowed in the media, the virus remains a threat to all until either a cure or vaccine is found. Organizations that can continue allowing workers to telecommute should do so to enable more people to voluntarily self-isolate and maintain social distancing.

For those who cannot allow workers to remain at home, the state guidelines and safety plan are a good first step to helping everyone stay healthy and protect the vulnerable.

If you need any guidance or assistance during these times, Welter Consulting is here for you. We can be reached by phone (206-605-3113) or through our website.

In our last article, we talked about the importance of building a financial framework or stabilizing your existing one to ensure your nonprofit continues to operate during this time of increasing uncertainty. The COVID-19 pandemic has created an economic upheaval that may make it harder for nonprofits to secure funds. While it’s normal to worry about finances, worrying doesn’t change the situation. Instead, focus that energy on building a financial framework and enacting operational strategies to protect and stabilize your current assets while minimizing expenses. A strong operational core protects the major assets of a nonprofit to enable it to continue its work in the future.

Stabilize the Operational Core

Many nonprofits focus on funding their programs but neglect the operational core. What is the operational core?

Imagine an apple tree. The roots grow deep into the ground while the trunk supports the branches laden with apples. If your programs are the apples, the operational core is the tree trunk. Without a strong trunk or core, the trunk can’t support the branches, the branches can’t support the apples, and the tree dies. A nonprofit’s operational core is the trunk and roots. The branches are its programs, and its work, the apples or the fruit of those programs.

If you cut a tree’s trunk, the whole tree dies or is stunted for many years as it recovers. Cutting back on operating expenses while fully funding programs can slowly starve a nonprofit to death.

What does the operational core include?

1. Strategy development
2. Financial management
3. Human resources management
4. Supervisory practice
5. IT and data management
6. Systems management
7. Administrative support
8. Infrastructure

Nonprofits with a strong core can build programs to serve their constituents. Organizations that focus financial resources exclusively on programs starve the core. Yes, it’s possible for nonprofits to “starve to death.” Programs may be well-funded, but the operating core cannot continue without an influx of capital.

To continue operating during and after the COVID-19 crisis, you’ve got to concentrate on funding the core.

Establish Essential Financial Goals

One of the first steps to building a healthy core is to establish essential financial goals. There are four financial goals every organization should strive towards:

1. Correction of structural deficit
2. An annual operating surplus (2-5% is recommended)
3. Developing a 6-12 month reserve to cover expenses during downturns
4. Diversifying the revenue mix

Correcting structural deficits, ensuring an operating surplus, and maintaining an emergency capital reserve are all positive steps to take to secure the core against uncertain times and economic upheavals.

Diversifying the Revenue Mix

The majority of nonprofits fund activities through a mix of revenues. Revenues may come from membership dues, sales of products or services, grants, donations, or other sources.

Nonprofits run into problems when their revenues depend heavily on one or two sources: the food pantry funded almost solely through community donations; the environment nonprofit funded by government grants. When the economy gets shaky, funds may become uncertain in one area but better in another. Those who put all their funding ‘eggs’ in one basket may find it harder to recover from economic upheavals such as we’re experiencing now.

Diversifying revenues also helps to build a strong financial core. Some organizations find their programs well-funded while their core struggles. This is due in part to restricted funds, which may be applied to specific ‘branches’ of the nonprofit such as programs or activities. A diverse revenue stream that includes unrestricted funds enables you to put income towards infrastructure, for example, an essential aspect of building a strong core or setting aside 6-12 months of operating expenses, another component of building a strong financial foundation.

Embrace the Future – Build a Solid Foundation

The future is uncertain, but when was it ever certain? Nonprofits have gone through rough times before. Now, more than ever is the time to act calmly and logically. Build a solid financial foundation. Manage the resources that you have. Focus on your mission. Make prudent judgments about what you need, what you can delay, and what must go. With the right data, honest discussions among your team, discipline, and resilience, you can survive and thrive in this era of financial uncertainty.

If you’d like some help with nonprofit planning, contact Welter Consulting. Welter Consulting bridges people and technology together for effective solutions for nonprofit organizations. We offer software and services that can help you with your accounting needs. Please contact Welter Consulting at 206-605-3113 for more information.