New Rolls-Royce CFO Faces Tricky Accounting

Rolls-Royce Holdings PLC’s new CFO will have to get his head around an unusually complicated accounting structure, analysts say.
On Thursday, the British aircraft-engine maker announced that it would bring in Stephen Daintith to replace current chief financial officer David Smith in early 2017.
Mr. Daintith is currently CFO at Daily Mail & General Trust PLC, the British newspaper and magazine publisher, and worked previously as an executive at Dow Jones, the publisher of The Wall Street Journal.

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GreenShield

GreenShield is an integrated health and benefits organization and the first organization in Canada to operate as a payer-provider – offering insurance, administering benefits, and paying claims as a ‘payer’, while offering health services such as mental health, pharmacy and telemedicine as a ‘provider’. This model allows GreenShield to build care around Canadians, simplify their health care experience, and improve health outcomes.

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Nonprofit Management

Make Every Fundraising Day Count in December

Article | July 28, 2022

I do not know about you, but I am now in a full-blown fundraising sprint to the end of the year! I am multi-tasking. Yesterday, I arrived in the office at 7 a.m. and the day did not end until I arrived home at 7:30 p.m. There is not a minute to lose. Beyond many job-related tasks, I spent time identifying, cultivating, stewarding, and especially soliciting individuals, corporations, foundations, associations, and organizations. I also volunteered last week to help three organizations in their end of year fundraising activities. When you work in the world of social services, all you think about, especially in December, are the needs of others. Why should nonprofits sprint to the end of the year at this time on the calendar? According to Neon One, there are major year-end giving statistics that show how powerful December is each year. One-third of annual giving occurs in December; 12% of all giving occurs in the last three days of the year; more than 53% of nonprofits plan their year-end appeal in October; November and December collectively represent 77% of the most popular months for making year-end asks; and 28% of nonprofits raise up to 50% of their annual fund from their year-end ask. In addition, two-thirds of people who make donations do not research before giving; 80% of volunteers also donate to their organization; 60% of nonprofits make up to three touches for their year-end campaign; and direct mail is the most popular medium for year-end asks, followed by email, website, and in-person asks. The Allegiance Group noted that there are essential things your nonprofit should do at the end of the year. These include holding an annual meeting, electing officers and directors, preparing financial reports, approving next year’s budget, filing IRS Form 990, filing your Secretary of State Annual Report, maintaining a registered agent, obtaining or renewing charitable solicitation licenses, reviewing solicitations and donor receipts, and updating your files and records. Strive to assess and make plans for the new year. Critique your operational results and strive to improve your operational model. The Tapp Network published five fundraising benchmarks every nonprofit should know to double December donations. These benchmarks include 30% of fundraising occurs in December, 10% of all online fundraising occurs in the last three days of the year, 30% of donation page traffic occurs around Giving Tuesday and early December, and 200% more donations are raised by mobile-responsive as opposed to non-mobile websites. Also, 52% higher donation values are attributed to December than any other time of the year. Be prepared for the December rush by building email lists and social media support now. Upgrade your sites to be mobile responsive and donation collective during December. Send reminder emails during the last week of December and continue to ask for financial support via social media. For a Good Cause noted that for December fundraising efforts, which heighten a spirit of generosity, create a year-end customized donation page on your website. Double check that your website is optimized for mobile, so your page is user friendly. Brand your campaign, tweet about the campaign, and link the donation page to your Instagram bio. Because New Year’s Eve is the biggest day of the year for nonprofits, send out multiple appeals that day using all social media channels. Create a fundraising thermometer on your website and keep it up to date. Do not forget to thank your donors by telling them what they accomplished by giving your organization money. Use December as a time to utilize creative Christmas fundraising ideas. An article by Donor Box provides you with wonderful possibilities in this regard. An estimated 43% of higher income donors (households earning more than $200,000 annually), donate more during the holidays. Key December Ideas shared by Donor Box include the following: Create a matching gift program. Establish a gift-wrapping party to engage volunteers. Create a soup party for volunteers, wrapped around a donor thank-you call event. Hold an ugly sweater party where participants pay to enter. Hold a polar plunge for your nonprofit. Host a holiday gala dinner. Establish a Christmas-themed fundraising day. Invite donors to have a Christmas cookie bake-off. Have a story telling campaign on social media. Have volunteers create homemade Christmas cards. Host a letter to Santa event. Create a donate page on your website. An article by National Giving Month noted that if 10,000 signatures from people who believe in charity are sent to U.S. Senators, Congressman, and the White House, a legislative resolution will be offered proclaiming December as National Giving Month. Last year, Americans gave $410.2B to charity, breaking all previous records. Our generosity demonstrates that even in divisive times, our commitment to charity is secure. So far, 10,194 supporters have signed the proclamation and counting. There are three weeks left in 2021. It is never too late to try something new. See where you are in your fundraising goals. Engage your staff, administration, volunteers, friends and organizational family to help your organization sprint to the fundraising end of year. Everyone needs to own their responsibility for fundraising success, and it starts with your CEO. The sands of the hourglass are continuing to fall. Use whatever motivates your prospects to give, including tax incentives, recognition, personal satisfaction, feelings of joy through giving, and sharing of organizational stories. You will have time for a brief breather next year. December is not the time to pull back your energy and efforts. Most people are in the spirit of giving now and you need to tap their brief feeling for total success to occur. Do not waste one second of your time on activities that do not produce solid ROI (return on investment). Make every fundraising day count in December. It will be gone before you know it.

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Nonprofit Management

3 Secrets to a Successful Nonprofit Digital Transformation

Article | July 20, 2022

In light of the COVID-19 pandemic, nonprofit digital transformation is no longer a choice. Organizations are now faced with unprecedented challenges and are turning to technology to work remotely, transfer fundraising efforts online, and check in on the vulnerable populations they serve. The technology needed to accomplish this and fulfill your mission is important, but you must put a plan in place to ensure that the people using these technologies can successfully learn the new processes. Whether they’re your internal staff members, volunteers, board members, or your beneficiaries, people must remain at the heart of your nonprofit digital transformation.

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Nonprofit Management

Holding the Line: Compliance for Nonprofits

Article | July 29, 2022

When those in the nonprofit sector consider “compliance” the first thing that often comes to mind, and rightly so, is maintaining nonprofit status with the Internal Revenue Service. That makes sense, because failure to properly maintain nonprofit status has significant implications on taxes and can negatively impact fundraising. But compliance for nonprofits shouldn’t stop there. A comprehensive, documented compliance program, that includes privacy, security, marketing, donor and grantee diligence, and vendor management, for example, can go a long way to protecting the organization, its donors, and its constituents.

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Nonprofit Management

Top 5 Trends for Non-Profits in 2022

Article | July 11, 2022

Non-profits can lead with a data-driven strategy that seamlessly connects staff and volunteers and engages donors if they have the right tools. In the coming year, non-profits will continue to correct course in a still chaotic environment, providing opportunities to rethink strategy with data gathered since transitioning to a digital-first environment. With Dreamforce in the rear-view mirror and the new year fast approaching, our non-profit experts are here to share the top five trends for non-profits in 2022. Non-profits continue to adapt and shift strategies: 89% of non-profit marketers have updated their digital engagement strategy and the ability to pivot to digital-first options. For example, remote fundraising; these are the times when organizations adapt to change and priorities to win the hearts of constituents. Connection and collaboration from anywhere: Getting together, meeting new people, and gathering has changed drastically and will continue to evolve. Hence making remote connections is a key trend for non-profits in 2022. Data-informed decisions: Establishing transparency around your non-profit gives you insights into how your funds are spent. The best way to showcase it is through data-informed decisions. Invest in people: Non-profits use digital platforms and can depend on that data to create meaningful conversations with donors and volunteers to build relationships and also with the staff to ensure what are their needs that requires attention. After two years of going digital, every non-profit’s new year's resolution should be to put data to use. Using data through foundational technology is the best way to connect with constituents while also remaining agile in order to adapt and ensure that teams are working effectively to power your mission. Non-profits must continue to adapt to new ways of fundraising in a hybrid work environment in order to survive and thrive. Furthermore, there is a greater emphasis on finding new ways to connect with donors in an entirely digital environment.

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Spotlight

GreenShield

GreenShield is an integrated health and benefits organization and the first organization in Canada to operate as a payer-provider – offering insurance, administering benefits, and paying claims as a ‘payer’, while offering health services such as mental health, pharmacy and telemedicine as a ‘provider’. This model allows GreenShield to build care around Canadians, simplify their health care experience, and improve health outcomes.

Related News

Nonprofit Technology

Aplos Joins ASG to Scale Up Industry-leading Nonprofit Software Platform

ASG | February 24, 2022

ASG, a portfolio company of Alpine Investors that buys and builds vertical SaaS companies, announced that it has acquired Aplos, an industry-leading platform for nonprofits of all kinds, including faith-based organizations, K-12 schools, arts and cultural associations and more. Aplos provides a full suite of SaaS and FinTech tools, including fund accounting, financial reporting, donation tracking and fundraising tools, and people management. Through one unified solution for nonprofit management, Aplos empowers nonprofits to advance their missions and serve their communities. Our goal from day one has always been to meet the software needs of the full nonprofit sector, but to get there we needed to find the right financial partner. I am excited to have found a partner in ASG that believes in the value of serving nonprofits as strongly as I do. This new partnership equips Aplos to ramp up our team, fuel our product development, and invest in the future of this incredible community.” Tim Goetz, Aplos founder Aplos was founded in 2009 in Fresno, Calif. after Goetz couldn’t find a simple, affordable fund accounting software for his church, where he served as executive pastor. Since then, Aplos has grown to a team of over 65 employees who are deeply committed to making an impact with nonprofit organizations. From its initial launch as a web-based fund accounting software, Aplos now includes solutions for church management, donor management, event registration, websites, and fundraising. Today, over 10,000 organizations utilize Aplos to engage over 5 million donors and supporters around the world. Aplos marks the 44th acquisition for ASG and its first in the nonprofit software industry. Aplos will also welcome Anush Vinod as CEO, who was most recently an executive at a high-growth e-commerce business and a member of Alpine Investor’s CEO Program. “Aplos is an exceptional platform, built by innovators who care deeply about serving nonprofits and churches,” said Vinod. “The team’s passion to innovate for their customer is a worthy and inspiring mission. Nowhere is this mission more apparent than in the products, which carry the spirit of this relentless commitment to delivering great technology. For these reasons – and many more – I’m excited to lead Aplos in its next phase of growth.” About Aplos Aplos is a cloud-based system designed specially to serve the needs of nonprofit and church organizations of all sizes. The Aplos all-in-one platform takes the stress out of finances and creating reports, streamline administrative tasks, and make giving faster and more effective. Users can fundraise with the use of online donation tools, custom communication, donor database reports and event registration. Aplos enables organizations to manage all of their financial, donation and donor information in one place. About ASG ASG, backed by Alpine Investors, is a unique and fast-growing software business that buys and builds market-leading vertical SaaS companies. ASG believes deeply in the power of people and data to grow great organizations, and that sharing knowledge, expertise, and resources across its community of businesses drives exponential growth. Founders of leading SaaS companies continue to trust ASG to grow their businesses and build even stronger legacies for the future. About Alpine Investors Alpine Investors is a people-driven private equity firm that is committed to building enduring companies by working with, learning from, and developing exceptional people. Alpine specializes in investments in middle-market companies in the software and services industries. Its PeopleFirst strategy includes a CEO-in-Residence program which allows Alpine to bring proven leadership to situations where additional or new management is needed post-transaction. Alpine is currently investing out of its $2.25 billion eighth fund.

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BDO updates guide to nonprofit financial statements

BDO USA, LLP | March 13, 2017

BDO USA has released the third edition of its guide to nonprofit financial reporting, updated to include the recent changes by the Financial Accounting Standards Board.

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Novogradac & Company LLP Promotes Seven to Partner

Novogradac & Company LLP | January 02, 2017

Novogradac & Company LLP, a national accounting and consulting firm, welcomes Nat Eng, Chris Jones, Andrea Killeen and Angie Taylor of the San Francisco office; Rachel Denton of the Kansas City, Mo., office; Bryan Hung of the Long Beach, Calif., office; and Amanda Read of the Cleveland office to the partnership. The firm, which specializes in affordable housing, community development, historic preservation and renewable energy tax credits and other areas, has 56 partners in 25 offices nationwide “I am excited to announce that Amanda, Andrea, Angie, Bryan, Chris, Nat and Rachel have been promoted to partner,” said Michael Novogradac, the firm’s managing partner. “Their dedication to the firm and expertise in their respective fields has helped Novogradac & Company continue to be a leader in the tax credit, accounting and valuation industries, while continuing to find new ways to better serve our clients.”

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Nonprofit Technology

Aplos Joins ASG to Scale Up Industry-leading Nonprofit Software Platform

ASG | February 24, 2022

ASG, a portfolio company of Alpine Investors that buys and builds vertical SaaS companies, announced that it has acquired Aplos, an industry-leading platform for nonprofits of all kinds, including faith-based organizations, K-12 schools, arts and cultural associations and more. Aplos provides a full suite of SaaS and FinTech tools, including fund accounting, financial reporting, donation tracking and fundraising tools, and people management. Through one unified solution for nonprofit management, Aplos empowers nonprofits to advance their missions and serve their communities. Our goal from day one has always been to meet the software needs of the full nonprofit sector, but to get there we needed to find the right financial partner. I am excited to have found a partner in ASG that believes in the value of serving nonprofits as strongly as I do. This new partnership equips Aplos to ramp up our team, fuel our product development, and invest in the future of this incredible community.” Tim Goetz, Aplos founder Aplos was founded in 2009 in Fresno, Calif. after Goetz couldn’t find a simple, affordable fund accounting software for his church, where he served as executive pastor. Since then, Aplos has grown to a team of over 65 employees who are deeply committed to making an impact with nonprofit organizations. From its initial launch as a web-based fund accounting software, Aplos now includes solutions for church management, donor management, event registration, websites, and fundraising. Today, over 10,000 organizations utilize Aplos to engage over 5 million donors and supporters around the world. Aplos marks the 44th acquisition for ASG and its first in the nonprofit software industry. Aplos will also welcome Anush Vinod as CEO, who was most recently an executive at a high-growth e-commerce business and a member of Alpine Investor’s CEO Program. “Aplos is an exceptional platform, built by innovators who care deeply about serving nonprofits and churches,” said Vinod. “The team’s passion to innovate for their customer is a worthy and inspiring mission. Nowhere is this mission more apparent than in the products, which carry the spirit of this relentless commitment to delivering great technology. For these reasons – and many more – I’m excited to lead Aplos in its next phase of growth.” About Aplos Aplos is a cloud-based system designed specially to serve the needs of nonprofit and church organizations of all sizes. The Aplos all-in-one platform takes the stress out of finances and creating reports, streamline administrative tasks, and make giving faster and more effective. Users can fundraise with the use of online donation tools, custom communication, donor database reports and event registration. Aplos enables organizations to manage all of their financial, donation and donor information in one place. About ASG ASG, backed by Alpine Investors, is a unique and fast-growing software business that buys and builds market-leading vertical SaaS companies. ASG believes deeply in the power of people and data to grow great organizations, and that sharing knowledge, expertise, and resources across its community of businesses drives exponential growth. Founders of leading SaaS companies continue to trust ASG to grow their businesses and build even stronger legacies for the future. About Alpine Investors Alpine Investors is a people-driven private equity firm that is committed to building enduring companies by working with, learning from, and developing exceptional people. Alpine specializes in investments in middle-market companies in the software and services industries. Its PeopleFirst strategy includes a CEO-in-Residence program which allows Alpine to bring proven leadership to situations where additional or new management is needed post-transaction. Alpine is currently investing out of its $2.25 billion eighth fund.

Read More

BDO updates guide to nonprofit financial statements

BDO USA, LLP | March 13, 2017

BDO USA has released the third edition of its guide to nonprofit financial reporting, updated to include the recent changes by the Financial Accounting Standards Board.

Read More

Novogradac & Company LLP Promotes Seven to Partner

Novogradac & Company LLP | January 02, 2017

Novogradac & Company LLP, a national accounting and consulting firm, welcomes Nat Eng, Chris Jones, Andrea Killeen and Angie Taylor of the San Francisco office; Rachel Denton of the Kansas City, Mo., office; Bryan Hung of the Long Beach, Calif., office; and Amanda Read of the Cleveland office to the partnership. The firm, which specializes in affordable housing, community development, historic preservation and renewable energy tax credits and other areas, has 56 partners in 25 offices nationwide “I am excited to announce that Amanda, Andrea, Angie, Bryan, Chris, Nat and Rachel have been promoted to partner,” said Michael Novogradac, the firm’s managing partner. “Their dedication to the firm and expertise in their respective fields has helped Novogradac & Company continue to be a leader in the tax credit, accounting and valuation industries, while continuing to find new ways to better serve our clients.”

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