(919) 662-1001[email protected]

Staff Link   


919-662-1001

Category Archives: Consulting

Does your nonprofit need a CFO?

Erin Mirante0 Comment

Your not-for-profit’s ability to pursue its mission depends greatly on its financial health and integrity. If your nonprofit is growing and your executives are struggling to juggle financial responsibilities, it may be time to hire a chief financial officer (CFO).

Core responsibilities

Generally, the nonprofit CFO (also known as the director of finance) is a senior-level position charged with oversight of accounting and finances. He or she works closely with the executive director, finance committee and treasurer and serves as a business partner to your program heads. A CFO reports to the executive director or board of directors on the organization’s finances. He or she analyzes investments and capital, develops budgets and devises financial strategies.

The CFO’s role and responsibilities vary significantly based on the organization’s size, as well as the complexity of its revenue sources. In smaller nonprofits, CFOs often have wide responsibilities — possibly for accounting, human resources, facilities, legal affairs, administration and IT. In larger nonprofits, CFOs usually have a narrower focus. They train their attention on accounting and finance issues, including risk management, investments and financial reporting.

Making the decision

How do you know if you need a CFO? Weigh the following factors:

  • Size of your organization,
  • Complexity and types of revenue sources,
  • Number of programs that require funding, and
  • Strategic growth plans.

Static organizations are less likely to need a CFO than not-for-profits with evolving programs and long-term plans that rely on investment growth, financing and major capital expenditures.

The right candidate

At a minimum, you want a CFO with in-depth knowledge of the finance, accounting and tax rules particular to nonprofits. Someone who has worked only in the for-profit sector may find the differences difficult to navigate. Nonprofit CFOs also need a familiarity with funding sources, grant management and, if your nonprofit expends $750,000 or more of federal assistance, single audit requirements. The ideal candidate should have a certified public accountant (CPA) designation and, optimally, an MBA.

In addition, the position requires strong communication skills, strategic thinking, financial reporting expertise and the creativity to deal with resource restraints. Finally, you’d probably like the CFO to have a genuine passion for your mission — nothing motivates employees like a belief in the cause.

Consider outsourcing

If your budget is growing and financial matters are becoming more complicated, you may want to add a CFO to the mix. Otherwise, consider outsourcing CFO responsibilities to a CPA firm. Contact us for more information.

© 2019

Writing a winning grant proposal

Erin Mirante0 Comment

Competition is as fierce as it has ever been for private and public grants to not-for-profits. If your funding model depends on receiving adequate grant money, you can’t afford to submit sloppy, unprofessional grant proposals. Here are some tips on writing a winner.

Do your research

Just as you’d research potential employers before applying for a job, you should get to know grant-making organizations before asking for their support. Familiarize yourself with the grant-maker’s primary goals and objectives, the types of projects it has funded in the past, and its grant-making processes and procedures.

Performing research enables you to determine whether your programs are a good fit with the grant-maker’s mission. If they aren’t, you’ll save yourself time and effort in preparing a proposal. If they are, you’ll be better able to tailor your proposal to your audience.

Support your request

Every grant proposal has several essential elements, starting with a single-page executive summary. Your summary should be succinct, using only the number of words necessary to define your organization and its needs. You also should include a short statement of need that provides an overview of the program you’re seeking to fund and explains why you need the money for your program. Other pieces include a detailed project description and budget, an explanation of your organization’s unique ability to run this program, and a conclusion that briefly restates your case.

Support your proposal with facts and figures but don’t forget to include a human touch by telling the story behind the numbers. Augment statistics with a glimpse of the population you serve, including descriptions of typical clients or community testimonials.

Follow the rules

Review the grant-maker’s guidelines as soon as you receive them so that if you have any questions you can contact the organization in advance of the submission deadline. Then, be sure to follow application instructions to the letter. This includes submitting all required documentation on time and error-free. Double-check your proposal for common mistakes such as:

  • Excessive length,
  • Math errors,
  • Overuse of industry jargon, and
  • Missing signatures.

Take the time

To produce a winning proposal, you need to give yourself a generous time budget. Researching the grant-maker, collecting current facts and statistics about your organization, composing a compelling story about your work and proofreading your proposal all take more time than you probably think they do. Above all, don’t leave grant proposal writing to the last minute. Contact Langdon & Company LLP if you have any questions!

© 2019

NC Medicaid Compliance Update

Rachel Owens0 Comment

by Rachel Owens

North Carolina requires program-specific reporting of facilities/homes based on their license. For many facilities this is not a new requirement, however, for adult care, mental health and dual-licensed facilities this is only required every other year.  This year is an on year.  Compliance with these state requirements fulfill the mandate enforced by the North Carolina General Assembly under General Statute 131 D-4.1-4.3 through the Office of the Controller.  Facilities that do not receive funds through State/County Special Assistance are exempt, but all others must complete a cost report.  The deadline for which, is just a few short months away – September 30, 2019!

What report is my facility required to file?

Requirements of the statute vary depending on the license and the number of beds in the facility.  Facilities with 6 beds or less are required to prepare a cost report only.  Facilities with 7 or more beds must complete a cost report and have agreed-upon-procedures performed by an independent CPA.  The larger facilities with 31 beds or more have additional requirements for their cost report this year.

There are many factors to consider to determine exactly what is expected of each facility and what period is to be reported.  The repercussions of non-compliance of these requirements are suspended admissions or worse!  The OOC office anticipates releasing updated cost report information and agreed-upon-procedures in the next few weeks.  The healthcare industry continues to be an ever-changing environment and we continue to be on the look out for additional information as the deadline approaches.  We would be happy to answer any questions you have and would appreciate the opportunity to serve your organization.