Nonprofit Financial Management

Our multi-tiered approach to nonprofit financial management keeps costs down yet provides all the needed levels of financial expertise to ensure accurate and timely financial and grant reporting.  We have found that due to the technical nature of nonprofit accounting, even a small nonprofit requires financial expertise beyond that of a basic bookkeeper.   As such, we provide each client with a mix of service levels from bookkeepers to CPAs with many years of nonprofit experience.  This makes high level financial services available to organizations that cannot afford a full time CFO.  Depending upon organizational size and complexity our levels of service generally comprise the following:

Nonprofit Bookkeeping Services:
Aurora employs Junior Accountants for Nonprofit bookkeeping services who are trained within our Organization to understand the nuances and complexities of nonprofit bookkeeping and where it varies from that of “for profit” businesses.  Our Junior Accountants work in conjunction with our accounting staff to ensure any question or issue that arises from a transaction is given the necessary attention and resolved.  Bookkeeping services generally include the following:

•    Accounts Receivable Transactions such as posting  invoices  for fees for service and rental invoices;
•    Processing payroll and posting payroll to the accounting system;
•    Maintaining files surrounding financial transactions; and
•    Posting deposits.

Nonprofit Accounting Services:
Our Nonprofit Accountants have years of experience working with the nuances of nonprofit financial management.  They are a lifeline for our clients in terms of meeting grant requirements and deadlines, audit preparation and ensuring Management always knows their financial position.  Accounting services generally include the following:

•    Allocating Costs to funders and programs based upon an approved cost allocation methodology;
•    Compiling grant reports and grant budgets;
•    Maintaining the Organizational Budget;
•    Posting accruals and adjustments via journal entries;
•    Producing regular financial reports and keeping Management and the Board of Directors informed of the Organization’s financial position; and
•    Audit Preparation.

Nonprofit CFO Services:
Our CFO services have proven invaluable to our clients.  Via the insights provided by our expert CPAs, many of our clients have emerged from financial crisis.  We partner with Management and Boards of Directors to become part of the team committed to moving our clients forward.  CFO services generally include the following:

•    Working closely with Management to develop budgets and cash flow projections to determine the viability of new programs and grants;
•    Designing cost allocation methodologies to allocate costs to programs and funders in a manner the optimizes the use of restricted resources;
•    Providing Management with an overall projection of future cash flow and financial performance and make recommendations for reducing costs;
•    Overseeing the  implementation of the internal control environment surrounding the organization’s financial transactions; and
•    Assisting Management in the selection of audit firms to ensure value added audit services at competitive rates.