Our purpose at ARI is to provide an invaluable financial management, accounting and bookkeeping function to our NFP clients. Our clients have the ability to focus more time on programs and make better decisions by having more accurate and timely financial data. The bottom line is that our clients now have access to a full service, experienced financial management and accounting function. The key attributes of ARI’s turn-key solution for NFP organizations is as follows:
· Our relationship…we work for you, the Executive Director, and integrate ARI with your management team and provide you with;
· CFO level support to assist you in a successful relationship with your Board of Directors
· On demand strategic advice and counsel
· Audit-ready financial records
· Reliable high quality day-to-day accounting & bookkeeping services
· Our experience with all aspects of reporting and regulatory needs of a NFP gained from 20 years of service to more than 30 NFP clients
· Our quality…providing best-in-class financial management practices and compliance with NFP industry standards. for GAAP accounting
· Our timeliness…we assure the reliable on-time delivery of all key management reporting and deliverables
· Our cost effectiveness…the value of a team of experienced NFP accounting professionals for a fraction of your historical cost
Research has shown that there is a tremendous need in the non-for-profit (NFP) sector for improved financial management.
· NFP organizations have unique accounting and financial reporting requirements; a study by Indiana University’s Non-Profit Cost Study Project reveals that over 50% of NFP organizations do not follow these requirements
· Only 16% of NFP organizations followed the IRS guidelines for properly filing their IRS 990 form
· Over 50% of NFP organizations submit inaccurate cost allocations that actually make their overhead allocations (% program vs. % admin / fundraising) look higher than reality
ARI has developed a specialized service for the NFP sector that delivers a sophisticated internal accounting and bookkeeping solution to charitable organizations, advocacy groups, membership organizations, associations, private foundations and other NFP organizations.
Our team of highly trained, experienced NFP accounting professionals is thoroughly versed in the complex reporting requirements and rapidly changing regulatory environment affecting the NFP sector today. Our professionals are committed to helping NFP organizations meet their compliance obligations as well as plan for the future.
Today's NFP organizations face an ever-evolving set of challenges. ARI provides a comprehensive accounting solution that is in tune with our clients’ specific needs while enabling the Executive Director and Board of Directors to effectively deal with inherent risks that confront NFP organizations in today’s environment.
We have the experience to readily assist NFP organizations with the following challenges and high risk areas:
· Understaffed and/or inexperienced accounting function
· Risk of staff turnover
· Lack of confidence to plan and manage budget
· Risk of audit findings or a management letter
· Lack of proper accounting controls
· Dealing with cost pressures
· Cash management issues
· Reductions in funding
· Shrinking budgets
· Increasing costs
· Regulatory requirements of funding organizations
· Federal and State cost standards
· State Single Audit
· Federal Single Audit
· Grant Reporting
· Increasing confidence with the Board of Directors
· Fiduciary responsibilities are being met
· Well run organization from a financial management
perspective - no surprises!
On a real-time and ongoing basis, we will work closely with a designated person from your organization (the “ARI liaison”) to coordinate the activities between us (including the exchange of information). All routine monthly services will be performed at ARI’s Glastonbury, CT office, utilizing the QuickBooks accounting software platform.
Our monthly accounting services will include:
· Cash management
· Recording and reconciling payroll
· Recording and reconciling accounts receivable
· Recording and reconciling inventory
· Recording and maintaining fixed assets schedules
· Recording and reconciling other assets categories
· Processing, recording and reconciling accounts payable
· Record Debt
· Recording and reconciling other liabilities
· Recording shareholder equity activity
· Maintaining the detailed general ledger
· Preparing financial statements and reports
· Ensuring financial regulatory compliance
· Providing financial management services
· Providing year-end services and tax planning
If you'd like to receive more information about these services, please complete this form.
