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In this issue

Seasonal Ponderings

During the holiday season it’s natural to take stock of your business and personal successes – and failures – giving thanks and credit where deserved and seeking to do better. For the most part I’m feeling pretty good about things.

It was 10 years ago that I decided to devote my last career gig to the nonprofit sector with the goals of giving back and achieving some commercial success. I founded the organization that became NFP Partners, which evolved from selling Abila MIP Fund Accounting™ software to something more, having recognized an emerging opportunity to provide professional accounting services to smaller nonprofit organizations. Laura Jorstad joined me along the way and has played a major role in organizing and growing the accounting services part of the business, as well as being a key contributor in the accounting technology area. Actually, we found that the two components complement one another.

I feel our initial goals have been achieved and there’s a lot to be thankful about. We have a small but highly competent and stable team, a loyal client-base, financial stability, and the opportunity for growth, limited only by our ability to take advantage of it. That being said, where do we go from here? Do we stay small and mostly local or expand our horizons to take advantage of a growing demand for smart accounting technology and accounting services?

Over the next few weeks Laura and I, along with input from other team members, will be re-assessing our goals and doing something of a SWOT analysis. To read more and find out some of the questions we plan on addressing and resolving, click here. Maybe there are some of you out there who can not only emphasize, but offer some ideas or recommend resources. I’d welcome a conversation.


Best regards,
Lee Bengston, CPA
Founder

NFP Partners Presents:
A Year-End Checklist for Accounting and Financial Professionals

It’s the most wonderful time of the year. We’re eating too much turkey and getting ready to celebrate the holidays with our family. However, as accounting and finance professionals the term “year-end” is looming over our heads. With each year end comes dozens of tasks which need to be completed prior to the start of the New Year. Completing these tasks don’t have to be a dreaded process. The most important thing is to make sure you are organized, know what needs to be accomplished and by what date it needs to be completed by. We have compiled this general year-end check list that will hopefully help you to compile one specific to your organization.

Accounting

  • Reconcile all bank statements. Resolve any outstanding checks, record void checks, and reissue the payments if necessary.
  • Update fixed asset records, enter adjustments and record depreciation for the year.
  • Balance Sheet account analysis. Analyze balance sheet accounts (accrued payroll, prepaids, deferred revenue, etc.) for accuracy and make necessary adjustments.
  • Income Statement account analysis. Analyze revenue and expense accounts compared to budget and make any required journal entries for correction.
  • Review vendor summary to ensure all vendor information is complete. Prepare 1099’s after the last check run for the year.
  • Complete all grant reporting and year-end financial statements for the board.

To find our checklist in its entirety, please click here. For those who would like a more detailed year-end checklist, here is a link referring you to Abila's Year-End Survival Guide for the Nonprofit Accountant. Abila has also compiled a tax form timeline to help ease the pain that comes with filing paperwork with the IRS. You can access the timeline by clicking here.

 

Stephanie Underwood,
Nonprofit Accounting and Finance Consultant

MIP Virtual Forum

Join us for December’s Virtual Forum before succumbing totally to the holiday spirit. This month's virtual forum will take place on December 21st from 10 a.m. to 11 a.m. The training component of the forum will be devoted to year-end tax compliance in preparing for, completing and filing 1099s using MIP's built-in service tool, Aatrix. There will be time to explore other year-end issues as well. To register, click the button below.
Register!

Articles of Interest

We have discovered, and continue to explore, new sources of useful information for nonprofit executives and managers. This month we've shared three articles. One of the articles discusses accounting myths while another looks at the importance of embracing new technological changes in the accounting world. The third, comes from a four-part video series led by Lee Klumpp and shares the key provisions of FASB's Nonprofit Accounting Standards updates. To access these links, click below. You can also access them by going to this blog link, which holds our cumulative list of Articles of Interest for 2016.

Why Accountants Must Learn How to Ride These Big Waves of Change

(More) Nonprofit Accounting Myths Busted

VIDEO SERIES: Lee Klumpp on the FASB’s Nonprofit Accounting Standards Updates – and How You Can be Prepared
Copyright © 2016 NFP Partners, All rights reserved.


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