Trading our Tips of the Trade

The nfpFMA members came well-prepared to share valuable tips at the meeting September 23, 2008.

Here are the tips we shared:

• To enter a series of numbers in an Excel spreadsheet: Highlight cells, then click Edit, then Fill, then Series.
• Enterprise Leasing’s Trip Optimizer is a time saving and money saving tool.
• You can save on food budgets by partnering with a Co-op.
• Use accounting software’s recurring invoice feature to manage recurring expenses.
• Keep in mind that Disaster Recovery plans are critical.
• Keep all documents related to each grant together in one place.
• Use the comment feature in Excel to keep notes on the expenses are included in each line item for grants.
• Require that any trip outside metro area be made using Enterprise rental cars. All time in the rental car is company time. No need to reimburse mileage at IRS or state rates.
• Disaster Recovery – appoint someone to make backups; protect data from viruses, stay current of updates, try Open Source accounting software, Visit Tech Soup to learn about deals for non profits, take advantage of the non-profit services consortium.
• Don’t hesitate to change vendors to save money. Bid out services on a regular basis. Also, use caution when relying too heavily on pledges to fund capital projects. The donor can back out and the nfp has no recourse.
• For nfp’s with more than 150 employees, consider self-insuring for medical coverage. Request discounts from Fedex and UPS. Don’t pay more than 5 cents per minute for long distance and don’t pay for full minutes if partial minutes are used.
• Take time to develop a job procedures chart for all tasks accounting staff does. The chart will prove invaluable during extended employee absenses.
• Use stock donation form when receiving gifts of stock.
• Consider reaching out to volunteers to fill staffing needs to cut back on training costs.
• Draft Interim Communication with Auditor letter to give advance notice to auditors of significant changes , issues and events.
  
  

Trading our Tips of the Trade - Topic for September 23, 2008

Most of us who have been working in the not-for-profit sector have learned a few shortcuts or cost savings techniques over the years. But because we are usually "departments of one," we don't get the opportunity to share these gems. Well now is your chance!

We will begin our new year with a meeting devoted to an exchange of cost savings or productivity tips of the trade. Please come prepared to share one of your prized techniques with the group. Each member will have 4 minutes to present their pointer, so please plan accordingly.

You Have Spoken!!!

Thanks to all the nfpFMA members who voiced their preferences for future meeting topics. We have developed a program for the 2008-2009 year we hope will meet all your needs and give our group the best year ever!

Let's Hear from YOU - Topic for June 24, 2008

Our next meeting, Tuesday, June 24, 2008 will feature a short session facilitated by United Way, followed by a special end of year nfpFMA open meeting for you to share your suggestions for topics and programs for next year. This will be our final meeting of the 07-08 nfpFMA year, so please join us to help plan an even more successful and beneficial nfpFMA year to come!

Be Kind to In-Kind - Or it won't be kind to you

Leslie Wilson and Troy Lindsey of BKD presented some hard truths about accounting for In-Kind goods and services on Tuesday, May 27, 2008. Some basic take-away points:

• Record contributed goods and services at fair market value. The general rule of thumb for determining fair market value is to ask what the npo would pay upon purchasing the goods or services. However, FAS 157 will change that determination to this: what would the npo receive upon selling the contributed item?
  
• Record in-kind services (also known as Contributed Services) only if they create or enhance a nonfinancial asset
  or
  The services would typically need to be purchased by the organization if not contributed AND the services are provided by individuals with specialized skills
  
• In-Kind goods and services should be acknowledged with a written letter stating the donor's name, the date and location of the donation, and a description of the item received along with a statement that no goods or services were provided by the npo in exchange for the contribution, or a description and good faith estimate of the value of the goods or services that the npo provided in return for the contribution. Send the acknowledgement no later than January 31 of the calendar year following the donation.
  
• The fair market value of a donated auction item should be stated in the acknowledgement letter to the donor who purchased the item at the auction.
  
• The IRS 990 requires special event revenue to be divided up between the FMV of items donated to the event, revenue that was raised to support the event, and revenue that was contributed in exchange for value received in the form of food, beverages, entertainment, advertising, or auction/raffle/drawing items.

Be Kind to In-Kind - Topic for May 27, 2008

Ever get confused determining which goods and services your nfp should accept? Uncertain about the proper way to acknowledge the goods and services your nfp has accepted? And then there is the whole question of whether or not to book the gifts, and at what amount.

If you have been faced with any of these challenges, then please join us at our next meeting, Tuesday May 27, when Leslie Wilson of BKD will discuss the confounding and complicated not-for-profit creation: In-Kind contributions.

2007 not-for-profit Salary Survey - Survey Says....!

This afternoon, Greg Works, presented the results of the United Way 2007 not-for-profit Salary Survey. The survey analyzes data collected during 2007 from 10,612 individuals working at 282 nfp agencies in 85 positions. Any St. Louis nfp was welcome to participate and provide compensation data.

The 2007 survey shows that compensation for St. Louis area nfp finance professionals has increased almost 20% from the 2003 survey. Also, more than 75% of St. Louis area nfp's absorb 70% or more of medical insurance premiums for their employees. So it appears that wages and benefits in the St. Louis nfp sector are remaining competitive with the commercial one.

You can view the full study here.