Month: October 2024

FOR IMMEDIATE RELEASE

Mt. Juliet, Tennessee – October 2, 2024 – JMT Consulting, a leading provider of consulting and software services exclusively to nonprofits, is excited to announce a partnership with DataBlend, the leading finance-focused integration software. This collaboration aims to deliver enhanced data integration and automation solutions, empowering JMT Consulting’s clients to achieve greater efficiency and insight.

Elevating Data Integration and Automation

The partnership between JMT Consulting and DataBlend combines JMT Consulting ‘s expertise in mission-driven nonprofit finance with DataBlend’s robust finance-focused data integration capabilities. The two companies together will provide our clients with seamless, real-time data integration, enabling them to streamline operations and confidently make data-driven decisions. Learn more here.

Key Benefits of the Partnership:

• Comprehensive Data Integration: Leverage DataBlend’s powerful platform to integrate data from diverse sources, ensuring consistency and accuracy across all business systems.
• Enhanced Automation: Automate routine tasks and workflows, freeing up valuable time for your team to focus on strategic initiatives.
• Improved Data Insights: Gain deeper insights into your business performance with integrated data analytics, helping you identify trends and opportunities.
• Scalability: Our combined solutions are designed to grow with your business, ensuring you can meet evolving data integration needs.
• Secure and Worry-Free: A turnkey, no-code, low-code solution designed to deliver fast, reliable, and secure integration without burdening IT resources.

“Partnering with DataBlend allows us to offer our clients a more comprehensive and powerful data integration solution,” said Jacqueline Tiso, Founder and CEO of JMT Consulting. “With DataBlend’s innovative finance-focused platform, we can help our clients achieve greater efficiency and better insights, driving their mission forward.”

“We are thrilled to partner with JMT Consulting,” said David Furth, CEO of DataBlend. “Their expertise and commitment to excellence align perfectly with our mission to simplify and enhance business data integration. Together, we are poised to deliver outstanding value to JMT Consulting’s clients. DataBlend’s low-code, no-code platform is relied on by nearly 800 organizations to deliver fast, secure, and worry-free integrations.”

About JMT Consulting

JMT Consulting is a trusted advisor to nonprofits, providing a full range of financial and technology services. With a focus on innovation and client satisfaction, JMT Consulting helps organizations achieve their goals and make a lasting impact. For more information, visit https://jmtconsulting.com/.

About DataBlend

DataBlend is an integration software (iPaaS) designed to optimize the operations of finance and accounting teams. Featuring a no-code, low-code user interface, DataBlend allows accounting and finance professionals to create secure and worry-free data integrations. CFOs, controllers, and their teams at nearly 800 companies rely on DataBlend to automate the flow of data across their technology stack (e.g. ERP/GL, CRM, POS, HR/payroll, and financial reporting.) For more information, visit www.datablend.com

In the nonprofit sector, where the mission often outweighs monetary incentives, the importance of investing in staff growth cannot be overstated. As a significant portion of the nonprofit workforce nears retirement, with 67% of CEOs planning to leave their positions within the next five years, the urgency for robust succession planning and employee retention strategies has never been greater. Unfortunately, many nonprofits are ill-prepared for this transition, with only 27% having a written succession plan and a mere 17% of smaller organizations under $1 million possessing such plans. To bridge this gap, nonprofits must focus on developing their internal talent and creating a culture that values promotion from within.

1.) The Necessity of a Formal Retention Strategy

A strong retention strategy starts with intentionality. According to a survey by Nonprofit HR, 84% of nonprofits lack a formal recruitment strategy, leading to less efficient talent acquisition and retention. Nonprofits should begin by benchmarking their current employee retention rates and conducting exit interviews to understand why employees leave. This data is critical for developing a targeted retention strategy that aligns with organizational goals.

By putting a formal retention strategy in place, nonprofits can ensure that they are not only attracting but also retaining top talent. This strategy should include clear pathways for staff development and opportunities for advancement, which are essential for keeping employees engaged and committed to the organization’s mission.

2.) Leadership Development and Succession Planning

Leadership development is a cornerstone of effective succession planning. Nonprofits must cultivate the next generation of leaders by providing opportunities for growth and development within the organization. This involves more than just filling roles; it’s about building a ‘leadership-legacy’ where current leaders are intentional about creating opportunities for others to step up.

This process requires a continuous practice of identifying, recruiting, and developing individuals with the skills necessary to carry out the organization’s vision. It’s also crucial for leaders to be mindful of creating equitable opportunities, ensuring that leadership development is accessible to all staff members, regardless of their current role.

3.) Promoting from Within: A Strategic Advantage

Promoting from within not only boosts employee morale but also ensures continuity and stability within the organization. Employees who see a clear path for advancement are more likely to stay and invest in the organization’s success. This approach also allows nonprofits to retain institutional knowledge and maintain the trust and relationships that staff have built over time.

Lateral and vertical growth opportunities are both important in this regard. Lateral growth, which includes expanding an employee’s skill set within their current role, helps keep employees engaged and prepared for future leadership positions. Vertical growth, on the other hand, involves clear pathways for promotion, which can be facilitated by creating a formal career path strategy and succession plan.

4.) Investing in Training and Development

A commitment to staff development is essential for both retention and succession planning. Nonprofits should invest in training and development programs that allow employees to build their skills and prepare for future leadership roles. This could include mentorship programs, professional development budgets, and opportunities for employees to attend conferences or pursue further education.

By prioritizing staff development, nonprofits not only enhance the capabilities of their workforce but also demonstrate a commitment to their employees’ long-term success. This investment pays off by reducing turnover and ensuring that the organization is well-prepared for leadership transitions.

5.) Building a Culture of Trust and Recognition

A culture that values trust and recognition is key to retaining top talent. Employees who feel trusted and appreciated are more likely to remain with the organization. Regular recognition, whether through formal programs or simple acts of gratitude, reinforces a positive work environment where employees feel valued.

In addition, transparency and open communication are vital. When employees are kept informed about the organization’s direction and are invited to contribute to decision-making processes, they are more likely to feel invested in the organization’s future.

As the nonprofit sector faces a wave of retirements, investing in staff growth and promoting from within are not just strategies for retention—they are essential components of effective succession planning. By creating a culture that values development, nonprofits can ensure that they are not only prepared for the future but are also cultivating a dedicated and capable workforce that is committed to the mission for the long haul.

THIS ARTICLE WAS ALSO FEATURED IN NFP ADVISOR VOL. 30. READ THE ARTICLE AND MUCH MORE RELATED CONTENT HERE!

Lauren Grandinetti

Supervisor

Lauren has been a member of Cerini & Associates’ audit and consulting practice area for over five years where she focuses on serving nonprofit, healthcare, education and contractor clients. Lauren has experience performing assurance work, outsourced accounting work, and government filings. Lauren brings her expertise, diversified background, and helpful approach to all of her engagements.

As the 2024 US presidential election draws closer, nonprofits face unique challenges and opportunities in their fundraising efforts. With the political landscape dominating headlines and shaping public discourse, it’s essential for nonprofit professionals to navigate these waters thoughtfully. Here’s how nonprofits can maximize their giving in an election year by understanding the landscape, adapting strategies, and leveraging opportunities.

Understanding the Election-Year Landscape

1.) Impact of Political Campaigns:

The misconception that political campaigns divert funds away from charitable causes is often overstated. While political giving does spike during election years, it typically represents a small fraction of overall charitable donations. For instance, political contributions in 2024 are projected to be around $2.7 billion, a fraction of the nearly $500 billion in charitable giving expected this year.

2.) Historical Trends:

Historical data shows that charitable giving tends to increase in nine out of ten presidential election years, despite political fundraising activities. Notably, the increase in political donations does not necessarily result in a reduction in charitable contributions. In fact, studies suggest that donors who contribute to political campaigns often increase their overall charitable giving.

Strategies for Effective Fundraising

1.) Bold and Clear Communication:

In a politically charged environment, it’s crucial for nonprofits to take a bold, unapologetic stance on their mission. Clearly articulate what the public and politicians should do to drive change. This approach helps differentiate your organization amidst the noise of election campaigns.

2.) Leverage Digital Mobilization:

Election years present an opportunity to boost digital engagement. Use this time to grow your supporter base and connect with your audience through digital platforms. ACLU’s example from the 2016 election shows the potential for increased engagement and donations when leveraging timely, relevant messaging.

3.) Ensure Technological Readiness:

Prepare your technology infrastructure to handle potential surges in engagement. Ensure your CRM, donation platforms, and website are scalable and robust. The high volume of traffic and donations seen during past election years underscores the importance of having reliable technology in place.

4.) Adjust Advertising and Outreach:

Plan your advertising strategies carefully. Political campaigns will increase competition for ad space and may lead to higher costs and stricter scrutiny of ad content. Adjust your ad timelines and be prepared for potential delays or restrictions. Consider keeping evergreen ads live and pausing major campaigns close to the election.

5.) Refine Email and Direct Mail Tactics:

Be thoughtful about your email and direct mail campaigns. Avoid election-related themes unless directly relevant to your mission. Adjust your mailing schedules to avoid overlap with peak political messaging periods. For critical appeals, such as end-of-year requests or Giving Tuesday promotions, consider timing them before or after the election to avoid competition with political fundraising.

6.) Monitor and Adapt Based on Analytics:

Track and document how the election impacts your fundraising efforts. Analyze changes in donor behavior, campaign performance, and overall fundraising trends to refine future strategies. Understanding the context and adjusting expectations will help set realistic goals and improve planning for future election cycles.

Emphasize Empathy and Mission

1.) Practice Empathy:

High voter turnout and election outcomes can heighten emotions. Approach communications with empathy, acknowledging the potential impact of political events on your donors and stakeholders. Tailor your messaging to resonate with their current concerns and values.

2.) Reaffirm Your Mission:

Regardless of election outcomes, stay committed to your mission. Reinforce the relevance of your cause and continue to communicate your organization’s impact. Donors remain passionate about their causes, and maintaining focus on your mission will help sustain their support.

Navigating fundraising in an election year requires a blend of strategic planning, adaptability, and empathy. By understanding the election’s impact, leveraging digital and advertising opportunities, ensuring technological readiness, and maintaining clear communication, nonprofits can effectively engage their supporters and maximize giving. Despite the political climate, Americans remain generous, and with thoughtful preparation, your organization can thrive and continue to make a significant impact.

THIS ARTICLE WAS ALSO FEATURED IN NFP ADVISOR VOL. 30. READ THE ARTICLE AND MUCH MORE RELATED CONTENT HERE!

Crystal Harvey

Supervisor

Crystal is a member of Cerini & Associates’ audit staff where she focuses on serving organizations across a wide spectrum of industries, including nonprofit, technology, and contractor clients. She has experience performing assurance work and outsourced accounting work, as well as preparing tax returns. Crystal has extensive knowledge surrounding the operations, controls, and environment of the sectors she focuses on. She brings her expertise, diversified background,

Regardless of the type of audit you’re gearing up for, the preparation phase can be daunting. Your head might be spinning as you try to determine where to begin. I’ve organized some thoughts that I hope will assist you and serve as somewhat of a checklist to get you through this stage. As always, this is not all-inclusive, as every organization has different needs and, therefore, may require more or less from these suggestions.

Consider having a pre-audit meeting.

This is a great opportunity for the planning phase of the audit. As the auditee, prepare for such a meeting by gathering questions from your Board, your colleagues, and yourself. Has anything changed in your organization, such as key personnel, funding streams, significant capitalization of expenses, leasing arrangements, litigation, misappropriation of assets, change in software or service providers, etc.? This is a great time to bring these up as it could create the need for a change in planned auditing procedures. It’s ideal to express expectations regarding timeline and deliverables at this meeting as well. It’s most productive if everyone involved (auditor and auditee) is ready and available for the audit concurrently. If no formal meeting is taking place, these conversations can happen over a quick phone call.

Are there any changes in accounting standards?

Unfortunately, accounting standards are always changing, so this adds a level of intricacy. Thankfully, not all new accounting standards apply to everyone. If something new applies to your organization, it’s very important to read up on the change and ensure that your accounting records are compliant.

What were the results of last year’s audit?

First and foremost, were your financial statements given an unmodified opinion? If not, it’s important to understand why and what could be done to fix it. While considering prior year audit results, it’s imperative to review the required communications letter and, if applicable, management letter. These documents will explain if there were any material weaknesses, significant deficiencies, other notable issues, and sometimes even best practices. What needs to be done by your organization prior to the commencement of the audit that could remove these comments going forward? Lastly, review any journal entries that were made as a result of the audit so you can ensure they are considered during your year-end closing procedures from now on.

Self-review your trial balance.

Your organization’s year-end closing procedures should be performed first but printing a trial balance afterward is a great way to ensure you’re looking at every account for accuracy. Does your current year opening net assets match your ending net assets from your prior year financial statements? Have the cash accounts been reconciled? Is your investment activity recorded for the year? Are adjustments needed for prepaid expenses, accrued expenses, or deferred revenue? Has billing been completed through year-end or are all eligible expense reimbursement claims entered as receivables? Are any receivables deemed uncollectible? Has depreciation expense been entered for the year? Are all expenses properly classified or allocated? Now is the time to make these corrections.

Obtain a request list, assign tasks, and organize documentation.

It’s time to dive in! Ask your designated audit team for a request list and determine how documentation will be provided (i.e. electronically via secure online portal or on-site visit). Designate a main audit contact at your organization and ensure your auditors are aware of who that is. Review the request list and delegate tasks to your colleagues, if necessary. Label documents by task number to help you and your auditors stay organized. This also helps to prevent duplicate requests.

Preparation can help identify obstacles or errors that can be tackled before an audit even begins. It saves time and gets you in the right headspace. Preparing ahead of time ensures a successful and productive audit process overall.

THIS ARTICLE WAS ALSO FEATURED IN NFP ADVISOR VOL. 30. READ THE ARTICLE AND MUCH MORE RELATED CONTENT HERE

Crystal Harvey

Supervisor

Crystal is a member of Cerini & Associates’ audit staff where she focuses on serving organizations across a wide spectrum of industries, including nonprofit, technology, and contractor clients. She has experience performing assurance work and outsourced accounting work, as well as preparing tax returns. Crystal has extensive knowledge surrounding the operations, controls, and environment of the sectors she focuses on. She brings her expertise, diversified background, and helpful approach to all of her engagements.