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2. Why Schools Need Nonprofit Accounting
Jeff Sobers
Product Marketing Manager, Financial Solutions
TITLE SLIDE.

3. Agenda Executive Summary Why a Nonprofit Accounting System?
Unique Solutions for Unique Requirements
Support Your Distinct Business Processes
Demonstration of The Financial Edge

4. Executive Summary

5. Schools Live And Die On Reputation
Decisions are made on reputation
The court of public opinion

6. Examples of Mismanagement
Charter school executive in New York City
Los Angeles private school leaders
Charter school director in Philadelphia
Earlier this year, the founder and CEO of a network of charter schools in Brooklyn was indicted on 11 felony counts, including tax fraud, grand larceny, and falsifying business records.
In 2010 a fine arts school was sued by parents, claiming they were defrauded when upfront tuition was not used for classes, counseling, and internships as promised after the school went bankrupt.
Just last week, the founder and executive director of a group of charter schools in Philadelphia, as well as four executives from her schools, were charged with defrauding three charter schools of more than $6.5 million in taxpayer funds.

7. Accountability Matters
Ensure donor intent is met
Internal controls to safeguard assets
Strategic planning
Resource management

8. Why A Nonprofit Accounting System?

9. Two Basic Objectives
Fulfill the inherent obligation of financial stewardship and accountability for the funds entrusted to the school
Disclose fully the results of operations and the financial position of the school
Burton Sonenstein
Accounting for Independent Schools

10. Accountability vs. Stewardship
Willingness to accept responsibility
Provide assurance to stakeholders
Vital to earning support
Stewardship
Responsibility to utilize and develop its resources
People
Property
Financial assets
Thanking and recognizing donors
Conveying impact
Stewardship means you’re doing your job well. Accountability means you can PROVE it!!!

11. Financial Information
Timely and readily available
Actionable to support decision making
Multiple audiences
Donors
Volunteers
Board
Public
Funders
Government

12. Unique Solutions for Unique Requirements

13. FASB Reporting Requirements
Statement of Financial Position
Statement of Activities
Statement of Functional Expenses
Statement of Cash Flows

14. Restricted fund Management
Fund accounting = purpose
Unrestricted
Temporarily Restricted
Permanently Restricted
Plant, Property & Equipment

15. STREAMLINE YOUR Chart A simpler way to work
Allows for fast, flexible reporting
Modified table-based chart of accounts

16. Without Projects 01-4150-01 Athletic Receipts: Football
Athletic Receipts: Soccer
Athletic Receipts: Basketball
Athletic Receipts: Baseball

17. With Projects 01-4150 Athletic Receipts Project 01 – Football
Project 02 – Soccer
Project 03 – Basketball
Project 04 – Baseball

18. Support Your Distinct Business Processes

19. Endowment Management
$5,000 investment earnings

20. Budgeting Multiple scenarios to facilitate planning
Budget across fiscal years
Budget for each unique entity

21. Student Billing Integrated billing management
Automatically generate tuition schedules
Add charges to multiple records at a time
Invoice by payer and define who gets statements
statements
Online bill pay

22. Demonstration of The Financial Edge

23. Questions?