Get Your Donor Management in Place before the End-of-Year Rush

By | Fundraising | No Comments

Happy New Year 2014 replace 2013 concept on the sea beachMost people think of the week between Christmas and New Year’s as a great week to take vacation. Families fill planes, trains and automobiles to get together across the country, snowbound New Englanders head for the Caribbean, groups of friends shop the after-Christmas sales, and in general most people aren’t thinking about work.

But if you work in the nonprofit industry, you know that someone has to be in the office during that critical week between Christmas and New Year’s, because that’s when lots of donors make last-minute donation decisions. If there’s no one in the office to handle the nonprofit’s side of the donation transaction (especially with regard to a donation of stocks, or property), the nonprofit might lose out. Then there are all the checks arriving by mail during the week as well; someone has to process those donations and get the checks to the bank.

Regardless of who is designated to handle these end-of-year donations, your entire team can benefit from a robust donor management system when it comes to efficiently processing the end-of-year rush. Capably getting the hard copy checks to the bank is pretty straightforward—but if you don’t have a donor management system in place, your team might be playing “catch up” in January in order to get annual donor letters out the door in time.

You also never know if someone is going to walk in the door and announce that they want to donate a parcel of property down the street, or call to arrange a gift of some of the stocks they inherited from grandma 6 months ago. Without a powerful software system that is tailored to the particular needs of nonprofits, these donations can be pretty difficult to handle appropriately in a short period of time.

If your accounting and fundraising teams are not completely in sync, you might find yourself mandating work days at the end of December—when you could be letting a software program do the bulk of the work. Yes, someone will need to mind the office during the last week in December, but if you have appropriate donor management software in place, when staff returns to work in January, they will be able to easily pick up their piece of the process and seamlessly generate thank you notes, financial reports and management updates with ease. So prepare now for the end-of-year giving rush, and implement an updated donor management program today.

Why Every Nonprofit Needs Appropriate Fund Accounting Software

By | Nonprofit | No Comments

iStock_000023610470XSmallMost nonprofits start small. Someone has a dream or vision for how they can bring hope or help to their small corner of the globe. Over time, they get the word out and others get on board. Donations flow in, the money gets deposited in the bank, and thank you notes are sent out. As an impact is made, an organization grows out of someone’s home office or garage. Eventually, someone decides that it’s time for the organization to “grow up,” to set up a Board, file for 501(c)(3) status and “do things right.”

It’s usually at this point that someone on the brand-new Board asks about the financial records. Usually—although not always—founders are more interested in getting out their message, and getting on with their mission, than they are in making sure each penny is accounted for. This tends to mean that financial records have not been a priority—not through any intentional negligence, but through having other, higher priorities on which to spend limited time. Whether jotted down in a notebook, random scraps of paper, or in a simple Excel spreadsheet, chances are that the basic information is there, but that it’s not going to stand up to any sort of auditing process.

This is why the use of appropriate fund accounting software is crucial to the growth and success of any fledgling nonprofit. While setting up an accounting system may seem like a daunting task, professionals are available who can help convert those Excel spreadsheets and notebook entries into an accounting system that’s geared specifically for nonprofits. Systems such as this will actually improve organizational productivity, including:

  • Knowing how much money you have in each fund at any given time, so you know how much you have to spend
  • Making the monthly bank reconciliation process easy and painless
  • Generating meaningful and useful reports for the Board
  • Automatically producing donor information and even thank you notes, rather than relying on a separate manual process

These are just a few of the reasons why any growing nonprofit should move to professionally-designed nonprofit fund software. To learn more ways fund accounting can help your nonprofit grow, contact us today.

Fraud – Don’t Let It Happen To You

By | Nonprofit | No Comments

Fraud conceptIt’s always sad to read about fraud within the nonprofit sector we all love so much.

The most recent story in The Washington Post reports on how fraud is a problem affecting all types and sizes of nonprofits (which you can read here):  Inside the hidden world of thefts, scams and phantom purchases at the nation’s nonprofits

The report  highlights the potential for fraud and financial shenanigans, and how even large trusted institutions with significant infrastructure can be vulnerable.

It’s a great reminder how important formalized internal controls, board oversight to real financials, and financial software selection, set up, controls and audit trails are. These are the key bulwarks to spare nonprofits from this type of financial trauma and embarrassing publicity.

At Welter Consulting we help clients ensure proper security and controls every day. The report makes for sober reading, but there are guidelines and controls that can significantly improve security and drive accountability.

Take steps now to protect the reputation of your organization and ensure that your funds are safely directed to your mission and not falling prey to bad players.

MIP Fund Accounting Is Back

By | MIP Fund Accounting | No Comments

The truth is – MIP Fund Accounting never really left.  It has gone through several name changes.  The terrific fund accounting software that we all know as MIP has had at least three different names in the last five years:  Sage MIP Fund Accounting, Sage 100 Fund Accounting, and Abila Fund Accounting.

This has been due to company changes in ownership and brand.  The good news is that the same dedicated team that develops and supports MIP Fund Accounting has remained intact and committed to the software.  So even as the product is transforming for the future, with subscription and hosted modules, new mobile functionality and new enhancements to the current modules, continuing efforts to make the software increasingly easier to use – the company Abila is going back to its roots and is bring back the name we have been using in the field.

Welcome back MIP!

The History of MIP Fund Accounting from Abila on Vimeo.