Peeling Back The Covers On Your Finance Organization:
Diagnosing Financial Issues And Seizing Opportunities
              ...
Helping ordinary people raise extraordinary amounts for nonprofits is all we do, and we love it.




                     ...
Today’s Speaker




                     Rebeka Mazzone
              Accounting Management Solutions, Inc.



           ...
Peeling Back the Covers
of Your Finance Department
               Rebeka J. Mazzone, CPA
  Accounting Management Solutions...
Agenda


• Overview/Introduction

• Case Study

• Common Issues

• What should you look for?
Rebeka J. Mazzone, CPA




                      Director, Rhode Island Region
                     Accounting Management ...
About Us


           • For more than a decade,
             Accounting Management
             Solutions, (AMS) has provi...
Why Should You Care About
Finance?

• Finance impacts every
  aspect of your organization
• To know finance is to work
  w...
Anatomy of a Financial Operations
Review

 • Assess financial operations
 • Identify issues and areas for improvement
 • P...
Example: AMS Rapid
 DiagnosticTM

        Current State       Gap Analysis           Best Practices




Day 1             ...
Case Study: $7M Not-for-profit Real
Estate




                                      11
How Can You Prevent This?




                            12
Case Study: $18M Healthcare
Organization




                              13
How Can You Prevent This?




                            14
Common Themes

• Inadequate reporting
• Improper staffing
• Inadequate
  management and board
  oversight
• Lack of strate...
What Should You Know About
Finance?

• Do we have enough resources to effectively
  deliver the programs we have committed...
Reporting as a Roadmap




                         17
Reporting

          Question                           Reports
Where do we want to go?           Strategic plan

How are ...
Finance Department


                     • Bookkeeper
                     • Controller/Director of
                     ...
Staffing


 • Job description
 • Expert interview
 • Skill set match
 • Effective transition



                          ...
Policies, procedures, checklists




                                   21
Audits

• Management letter comments are very valuable
• Address issues from previous years’ audits
• Talk to auditors abo...
Engaged Board and Management

• Ask the “dumb” questions
• Ensure more than one member of the Board
  understands finance
...
Goal: Improve Operations

                             OPERATIONAL EFFICIENCIES
   PROFITABILITY/CASH FLOW
Next Steps: Questions to Ask

• Is there financial knowledge
  across the organization?
• Is your organization missing
  c...
Contact Us

    • Interested in
          • Additional Information?
          • AMS Newsletter with reporting
            ...
Find the listings for our current season of webinars
                     and register at

            NonprofitWebinars.c...
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Peeling Back The Covers On Your Finance Organization

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Financial operations reviews deliver insight. Reviews help organizations move beyond budgets and expenses into staffing, policies and processes. Learn how to determine financial viability of new programs and link money with mission.

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Peeling Back The Covers On Your Finance Organization

  1. 1. Peeling Back The Covers On Your Finance Organization: Diagnosing Financial Issues And Seizing Opportunities Rebeka Mazzone Use Twitter Hashtag #npweb Special Thanks To Our Sponsors
  2. 2. Helping ordinary people raise extraordinary amounts for nonprofits is all we do, and we love it. A Proud Sponsor of NonprofitWebinars.com
  3. 3. Today’s Speaker Rebeka Mazzone Accounting Management Solutions, Inc. Hosting: Sam Frank, Synthesis Partnership Assisting with chat questions: Chris Dumas, FirstGiving
  4. 4. Peeling Back the Covers of Your Finance Department Rebeka J. Mazzone, CPA Accounting Management Solutions, Inc. September 29, 2010
  5. 5. Agenda • Overview/Introduction • Case Study • Common Issues • What should you look for?
  6. 6. Rebeka J. Mazzone, CPA Director, Rhode Island Region Accounting Management Solutions, Inc. 6
  7. 7. About Us • For more than a decade, Accounting Management Solutions, (AMS) has provided accounting support and financial management leadership at the consulting CFO, controller and accounting manager level to dynamic companies throughout the Northeast.
  8. 8. Why Should You Care About Finance? • Finance impacts every aspect of your organization • To know finance is to work well with it • Money and mission are directly linked 8
  9. 9. Anatomy of a Financial Operations Review • Assess financial operations • Identify issues and areas for improvement • Prioritize best practices and next steps • Reviews are frequently used during organizational changes
  10. 10. Example: AMS Rapid DiagnosticTM Current State Gap Analysis Best Practices Day 1 Day 5 Assessment Review Output Operations Policies/Procedures Recommendations Systems Financial Health ROI/ Profitability Process Best Practices Implementation Plan
  11. 11. Case Study: $7M Not-for-profit Real Estate 11
  12. 12. How Can You Prevent This? 12
  13. 13. Case Study: $18M Healthcare Organization 13
  14. 14. How Can You Prevent This? 14
  15. 15. Common Themes • Inadequate reporting • Improper staffing • Inadequate management and board oversight • Lack of strategic measures to help detect early warning signs 15
  16. 16. What Should You Know About Finance? • Do we have enough resources to effectively deliver the programs we have committed to? • What are our outstanding liabilities? • What will our future resources look like? • Are we effectively managing our financial processes? • Do we have the right team in place? 16
  17. 17. Reporting as a Roadmap 17
  18. 18. Reporting Question Reports Where do we want to go? Strategic plan How are we going to get there? Budget Do we have enough resources Balance Sheet and Cash Flow to get there? Are we on track? Income Statement vs. Budget If not, what are we going to do Board Discussion about it? 18
  19. 19. Finance Department • Bookkeeper • Controller/Director of Finance • CFO 19
  20. 20. Staffing • Job description • Expert interview • Skill set match • Effective transition 20
  21. 21. Policies, procedures, checklists 21
  22. 22. Audits • Management letter comments are very valuable • Address issues from previous years’ audits • Talk to auditors about adjusting entries • Audit adjustments should be recorded monthly, not annually • Why would you want to show your Board numbers that are different from what you will show the public? 22
  23. 23. Engaged Board and Management • Ask the “dumb” questions • Ensure more than one member of the Board understands finance • Perform board member training and orientation • Present financial information in a meaningful way 23
  24. 24. Goal: Improve Operations OPERATIONAL EFFICIENCIES PROFITABILITY/CASH FLOW
  25. 25. Next Steps: Questions to Ask • Is there financial knowledge across the organization? • Is your organization missing critical functions? • Do you have the right people in the right role? • Can you link money to mission?
  26. 26. Contact Us • Interested in • Additional Information? • AMS Newsletter with reporting deadlines and industry updates? • Invitations to upcoming events and seminars? • Access to our online resource Rebeka J. Mazzone, CPA rmazzone@amsolutions.net center? (866) 267-9952 Rhode Island Office New York Office Massachusetts Office 1 Richmond Square, Suite 124 C 1501 Broadway – 12thFloor 800 South Street, Suite 195 Providence, RI 02906 New York, NY 10036 Waltham, MA 02453 (866) 267-9952 (212) 984-0711 (781) 419-9200
  27. 27. Find the listings for our current season of webinars and register at NonprofitWebinars.com Chris Dumas Chris@NonprofitWebinars.com 707-812-1234 Special Thanks To Our Sponsors

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