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Helping nonprofits become stronger financial managers.

February 27, 2015

Abila User & Developer Conference (AUDC) 2015


Jessica Taylor and I attended the 2015 Abila User's Conference in Austin this week. The conference, which had over 1,000 attendees, provided many learning and networking opportunities. There were many takeaways, including a few tips and tricks from the user's sessions.
 
First, Abila laid out its roadmap for the coming year, including unveiling the Abila Marketplace, which offers a broad range of choices for additional products that interact with MIP Fund Accounting software to help you be even more successful and better deliver on your mission. In the Marketplace, you can search for, research, ask questions about, and even purchase products and solutions to enhance and extend your use of Abila products.

Grant Management continues to be an evolving product for MIP. This web-based solution is an amazing resource that assists heavily grant funded organization with tracking the life cycle of a grant request through the entire process. This system will allow grant staff in the organization access to information and tracking tools that assist them during the prospect stage, to receipt of award, to budget tracking and final reporting. There is a great tie in to MIP Fund Accounting software that provides them grant budget to actual information at their fingertips!

There was much discussion regarding taking your accounting software to the cloud, including the pros and cons of the service providers that offer it to MIP customers as well as the benefits for hosting your software in the cloud.  

We also learned that there will be a couple of regional trainings provided by MIP training staff in Denver on April 14-16 with a fee of $1,450. This basic course covers topics related to the general ledger, accounts payable, budget, bank reconciliation and reports. There will also be a training on April 17 for $595 that will expand on creating financial statements, cost allocation techniques and user defined fields.  You can register at abilauniversity.com.

Warm Regards,


Laura Jorstad

Managing Principal
NFP Partners

Outsourced Accounting – A Growing Trend

Since establishing our outsourced accounting practice almost four years ago, we have experienced steady growth. Most of our original clients are still with us.

We have recently noticed that nonprofits are increasingly interested in outsourcing their accounting and CFO functions, including larger organizations that have traditionally maintained a full in-house staff. We have also become aware of other accounting services’ providers that focus exclusively on the not-for-profit sector.

So, what explains this perceived trend? From our observation and experience, there are two main drivers:

Read More

Lee Bengston
Founder
NFP Partners

Financial Management Best Practice #6 – Fixed Assets

By Jewell Cochran

Fixed Assets, also referred to as Capital, are physical and contributed assets with value in excess of an amount determined by the Finance Committee or Executive Committee. The most common fixed assets are property and equipment, but they can also be intangible (i.e., loans). The expense associated with physical assets is called depreciation and amortization for intangible assets. Expenses are recognized over the life of the asset. Organizations should set a dollar amount for capitalizing a fixed asset, such as $1,000.

Fixed Asset Logs are needed to track details and inventory records, including date of acquisition, estimated useful life, and assigned fixed asset numbers. Equipment should be tagged at the time of purchase and a physical inventory should be taken annually. This is especially critical for assets purchased with grant funding.

Assets that survive their useful life and are obsolete are disposed of on the Fixed Asset Log. Assets sold are considered a loss or a gain depending upon the money received relative to the book value (purchase price less depreciation) at the time of sale.

Click here to read the fourth article in this series - Financial Management Best Practice #5 – Budget

Articles of Interest

As an added feature to our newsletter we will list articles that we have run across which we believe are relevant to nonprofit financial management. They are not listed with any immediate editorial comment unless we have re-blogged them. Just click on the article to go to the source. These articles will be the start of the cumulative list for 2015. You can go to our blog for a cumulative list of articles posted in 2014.
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Contact us for a financial management assessment and to find out more about how NFP Partners can help you.



MIP Virtual Forum Meeting


NFP Partners is hosting a MIP Virtual Forum meeting on Thursday, March 18th at 10:00am. Click here to register.
 


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Invest in Kids - Accounting Services


Colorado Nonprofit Financial Manager Peer Group

The Colorado Nonprofit Financial Manager Peer Group is an educational networking group for Colorado nonprofit finance professionals. Its purpose is to offer a forum for professionals in the field to network, exchange ideas and resources, and learn about best practices and new developments in the field of nonprofit accounting. Please visit the group's meetup site to register and view upcoming events.

Next Event:

CNFP Monthly Meeting - Excel Dashboard Training
Tuesday, March 24, 2015
9:00am-11:00am
Location: Mile High United Way - Room 111
More Information

If you have questions, please contact Jessica Taylor at Jessica@nfppartners.com.


 

New IRS Mileage Rates

Beginning on Jan. 1, 2015, the standard mileage rates for the use of a car, van, pickup or panel truck will be:
  • 57.5 cents per mile for business miles driven, up from 56 cents in 2014.
  • 23 cents per mile driven for medical or moving purposes, down half a cent from 2014.
  • 14 cents per mile driven in service of charitable organizations.


NFP Partners Offers Private Cloud Hosting

NFP Partners offers state-of-the-art, private cloud hosting services for accounting software through our affiliated Abila Business Partner, NonProfit Technologies, Inc. The service is available to licensed users of Abila MIP Fund Accounting and the QuickBooks desktop editions (Pro, Premier and Enterprise). Click below to get a free price quote.



More Information
 
     
 


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