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Does Your Nonprofit Organization Have a Good Foundation for Growth?
Does Your Nonprofit Organization Have a Good Foundation for Growth? Cheryl Hinton of Fiducial Business Centers Inc. in Columbia Maryland says "Using an accountant will give your NPO a great foundation for growth."
"I get a lot of personal satisfaction from helping not-for-profits get their finances in order and help them reach their goals. Members of not-for-profit organizations are typically wonderful and passionate about their church, foundation, or cause, but struggle with the financial management of their organization. They frequently just don't have the background."
Hinton further explains, "Neglected accounting can hinder an organization's growth and becomes a serious issue when they need to apply for funding and grants, purchase equipment, or when buying or selling property. Many not-for-profits put themselves at risk because they don't realize they still have an obligation to file information (tax) returns with state and federal agencies."
Hinton, who recently joined Fiducial Business Centers Inc. as manager of the Elkridge Branch in Columbia Maryland, tells her not-for-profit clients:
1) they must develop proper internal controls and keep good accounting records;
2) not filing, or filing late or incorrect information (tax) returns can result in serious penalties and interest;
3) funding from grants or government agencies may need to be returned if not-for-profits are not in compliance with grantor or government reporting and compliance requirements.
Many not-for-profit organizations think they are saving money by not using an accountant. However, a good accountant can give a not-for-profit a clear picture of where they've been, where they are now, and where they are going. Accountants are partners; helping the organization make the best decisions possible. Good financial reporting practices can help reduce the stress and strain on leadership committees and help them stay focused on their goals.
Hinton says, "Not-for-profit organizations are driven by their mission. They should remain focused on their mission because they are doing great things for great reasons. But not-for-profit organizations have a stewardship responsibility to keep good accounting records. Good financial reporting will help not-for-profit organizations keep their legacy of good works around for a long, long time."
Cheryl Hinton is a Certified Public Accountant with a Masters of Business Administration. She is a member of the Maryland Association of Certified Public Accountants;
She is currently the Branch Manager of Fiducial Business Centers, Inc., Elkridge Branch in Columbia Maryland.
In the U.S., Fiducial is a global provider of services to individuals and small businesses. Through an aggressive acquisition effort, the company established operations in the United States in 1999 and now boasts approximately 100 locations around the country comprised of both company stores and franchise offices. http://www.fiducial.com
Fiducial has a worldwide presence through its European and American subsidiaries and with its affiliation with the Fiducial International Network, a global association of almost 1,800 members and correspondents in 78 countries all who share the same concept of providing multi-disciplinary services for individuals and small businesses.
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Fiducial provides full-service outsourced accounting, bookkeeping, business counseling, tax planning and preparation as well payroll services, so that business owners can concentrate on their core business.