January 15, 2020
FP&A for Growing Nonprofits: How Vena Excels
If you’re at least somewhat struggling with the budgeting and planning process at your growing nonprofit, then chances are you didn’t stumble upon this article accidentally. If your organization hasn’t yet migrated to a full-scale Financial Planning and Analysis (FP&A) tool, then you’re probably either using the deficient integrated budgeting tool that came with your…
December 10, 2019
4 Ways AP Automation Can Help Nonprofit Accounting Teams During Year-End CloseWith more than 20 years of accounts payable (AP) experience in various roles, I’ve witnessed firsthand the transition from paper-based processes to completely automated AP and payment processes. I know how hard it can be for those of us in the accounting space to warm up to the idea of implementing new systems and practices,…
November 25, 2019
Children’s Tumor Foundation – Fighting for Millions Across the GlobeThe Children’s Tumor Foundation (CTF) has never set its sights small. The organization was inaugurated in 1978 with the mission to end neurofibromatosis (NF) – a genetic disorder that causes tumors to grow on nerves, leading to a variety of debilitating conditions. Though considered a rare disorder, NF affects 1 in every 3,000 babies born,…
November 11, 2019
The Whisper in the Ear: A Secret Fundraising Strategy for GalasThe biggest and best gifts come from direct personal conversations built on strong relationships. But how do those relationships start? Prospective donors are not always easily accessible. As major gift fundraisers, we need to be on the lookout for opportunities to connect with our prospects. One of my favorite strategies is “The Whisper in the…
November 6, 2019
Event Recap: How Vena Can Help You Optimize Your Back OfficeIn many cases, time spent on manual processes within finance can amount to a third or even half of a full-time employee per year. For resource-strapped nonprofits, this can be a huge obstacle in the way of planning and making strategic decisions for the future of their organizations. On October 30th, 2019, JMT Consulting and…
October 29, 2019
Technology Matters to Nonprofits: The Impact of Falling Behind the Technology CurveMy wife was recently notified by our wireless provider that her smartphone will no longer be supported. A couple of years ago, when she needed a new cell phone, we made the decision to save some money by buying an older, but not obsolete, model phone. “There’s no reason to spend all that extra money…
October 15, 2019
Nonprofit CFOs Shape their Legacy by Defining and Communicating the Big PictureYou are the CFO of a nonprofit that’s focused on long-term mission fulfillment, financial sustainability, and organizational independence. How do you guarantee that your legacy is aligned with the organization’s long-term success? You may have thought that years of successfully ensuring your debits equaled your credits, that audits ran smoothly, and that financial reports were…
October 1, 2019
Choose Your Path: Purchasing Options for MIPYour organization recently decided to modernize your purchasing system in Community Brands MIP, the technology grant you applied for was awarded, or you are simply researching your options. That is great news! Now what? Now you need to figure out which purchasing system will best suit your needs. The topics of modernizing, centralizing or decentralizing,…
August 21, 2019
Blackbaud Financial Edge versus Community Brands MIP Fund AccountingThe number of ERP solutions suitable for nonprofit accounting is growing, and making a decision on which one to go with can be tough. The following is a hard-nosed look at two platforms that have been around for decades, but have managed to keep up with market demand in an increasingly competitive landscape. Before we…
March 5, 2019
Skating The Edge Between Risk and Reward at Your NonprofitEvery nonprofit faces risk, but it doesn’t have to be a liability. Learn to take a holistic view of risk and use the unexpected to your advantage. What if your funding was cut by half overnight? It might sound impossible, but given the precarious financial situation most nonprofits face, it’s a very real risk. You…
August 7, 2018
It’s an Open Book: How Nonprofits Can Achieve Financial TransparencyAll charities differ in their missions, but all are alike in one important way—to succeed, they must practice financial transparency and accountability. In fact, Charity Navigator, the nation’s largest and most-utilized evaluator of charities, uses these values as key criteria in rating nonprofits. Charity Navigator defines transparency as “an obligation or willingness by a charity…
June 29, 2018
Reap the Benefits of Your Hard Work: Practical Strategies for Using Impact DataCan you imagine spending months tending to your garden, only to let the vegetables you’ve been growing rot before anyone can enjoy them? Hardly. Yet when it comes to data collection and use, many organizations do just that. They toil away setting up plans to deliver services and track results. They pour sweat and tears…
June 13, 2018
Adaptive Acquisition Update: A Letter from JMTLike many of you, we too learned yesterday about the acquisition of Adaptive Insights Inc. by Workday Inc. Here at JMT, an event such as this is a reminder of the fluidity of the fast-paced world we live in today and of the importance for us to remain focused on JMT’s mission, to do all…
May 21, 2018
7 Steps to Nonprofit Risk ManagementNonprofits face risk on all sides. In a March 2016 report, Oliver Wyman and SeaChange Capital Partners list some of the difficult conditions under which nonprofits must operate. Among these are: Tackling society’s hardest problems Limited funding Increasing costs for services Recruiting and retention Ever-changing operating environment These experts conclude, “It is no surprise that…
May 14, 2018
A Nonprofit’s Guide to Government ComplianceCompliance is a hefty responsibility for nonprofit organizations; indeed, more so than for-profit companies. As the firm Harbor Compliance points out, there’s a good reason for that—nonprofits are exempt from federal corporate taxes and can receive public funding. Both the IRS and states have requirements for nonprofits. The penalties for noncompliance can be severe. A…
May 7, 2018
Integrating Systems to Reduce Financial Risk for NonprofitsNonprofit organizations demand a lot from their software. According to a 2015 survey conducted by Software Advice, a company that provides research and online reviews of fundraising software, nonprofits want greater functionality and tools from their investments. Not only that, they want their fundraising/donor management programs and other platforms to work seamlessly together. In fact,…
April 16, 2018
How To Reduce Financial Risk for Your NonprofitMany nonprofits walk a razor-edge financially. Nonprofits address society’s most difficult issues, compete for limited funding and struggle to find and keep qualified staff to run their organization. A new report by Oliver Wyman, SeaChange Capital Partners, and GuideStar, which examines the finances of more than 219,000 U.S. nonprofits, reveals sobering realities: Around 50% have…
