From the category archives:

Best Practices

JMT Consulting Group Named a 2011 VAR Star

December 13, 2011

We are thrilled  to be included among the 2011 VAR Stars.  Long time industry journalist, Bob Scott, editor of Bob Scott’s Insights, makes the selection based on a variety of factors:

2011 VAR Stars have a practice involving the sale of mid-market financial software and while most derive significant revenue from other sources, accounting software is the core to their business.

Revenue is not a factor in selection and VARs are not rated. The No. 1 and No. 100 members of this list have equal standing. Factors taken into consideration included growth, industry leadership and innovation. There are very large and very small dealers in this list. An effort was also made to selects resellers who represent a broad range of products.

This year, VAR Star candidates were asked what they have done to respond to the economic conditions. Several common areas emerged from those VARs who commented (not all provided this information.) Few of these were surprising, but all are important.

They are as follows:

  • Diversifying product lines.
  • Holding onto talent.
  • Maintaining or increasing marketing budgets.
  • Performing mergers and acquisition.

We are honored to be among this list of industry innovators.  All of the factors that go into selecting a VAR Star have been things we have considered and acted on to better serve our clients, nonprofits across the country who have put their faith in us to assist them with their fund accounting and fundraising software and technology solutions. We do these things first and foremost for our nonprofit community – but we are delighted to be recognized by such an industry leader.

 

Penalties for Late Consolidated Fiscal Reports

November 18, 2011

Do you receive payments from the New York State Office for People With Developmental Disabilities (OPWDD), Medicaid payments from the NYS Office of Mental Health (OMH), or the NYS Office of Alcoholism and Substance Abuse Services (OASAS)?

If so, you’ll want to investigate late filing penalties association with Consolidated Fiscal Reports (CFR).

In the November MP&S Nonprofit Alert from Marks Paneth & Shron, the following was reported:

The New York State Office for People With Developmental Disabilities (OPWDD) is planning to implement a 2% penalty for late submission of the Consolidated Fiscal Report (CFR).  A not-for-profit service provider’s reimbursement will be cut by 2% and the rate will be restored only upon submission of the CFR.  There will be no refund on the money lost during the overdue period.

According to the New York State Consolidated Fiscal Reporting and Claiming Manual, all service providers must submit their completed CFR to the applicable State funding agencies not later than 120 days after the end of the reporting period.  If an extension is submitted, the due date is not later than 150 days after the end of the reporting period.  An extension request must be electronically submitted.  For example, a June 30, 2011 CFR, with an extension is due on December 1, 2011.  Late submissions of a CFR, including all certifications and attachments, may result in a sanction or penalty being imposed against the service provider.

Providers who receive Medicaid payments from the NYS Office of Mental Health (OMH) relative to certified program services can have their payments temporarily withheld up to 20% for the first month under sanction.  Such reductions will be increased in each subsequent month by 10% until the CFR is submitted.  Providers who receive payments under contract with OMH can have their entire quarterly payments withheld until a satisfactory submission has been received.

Similarly, the NYS Office of Alcoholism and Substance Abuse Services (OASAS) can impose sanctions for late filing of the CFR as prescribed in OASAS Local Services Bulletin 2001-05.

The current regulations allow OPWDD to withhold up to 5% of the revenue in certain programs; however, it was not strictly enforced.  Now OPWDD is planning to impose a sanction of 2% on all programs.  Originally, OPWDD planned to implement a 10% cash hold-back policy on all programs but that proposal was rejected.

Ethics in Fundraising

September 15, 2011

Ethics in Fundraising was the topic for last night’s #Fundchat. (#Fundchat is a Twitter chat that takes place every Wednesday night 9:00e.)  Given that participants are limited to 140 characters or less – it was a lively discussion.  Here were the 8 questions that the group discussed:

  1. Does your organization embrace the Donor Bill of Rights (or similar)? How do you underscore its importance with your fundraisers?
  2. What checks are in place at your organization to ensure ethical decision-making in fundraising?
  3. Are ethics discussed regularly within your team, senior management, board, with donors?
  4. If your organization has a Gift Acceptance Committee, who sits on it and how often does it meet?
  5. “What’s the big deal if I take a personal gift from a donor? Isn’t it rude, and harmful to the relationship, to say ‘no’?”
  6. Why shouldn’t fundraisers work on commission?
  7. What does your team do to share and learn from potentially ethical issues?
  8. When confronted with an ethical dilemma in fundraising, what is your decision-making process and who is at the table? Is this guided by a formal policy or an informal practice?

These are all great questions for your management team – everyone should be on the same page as to where the organization stands and how to best deal with situations that fall into the gray area.

The Donor Bill of Rights states:

PHILANTHROPY is based on voluntary action for the common good.  It is a tradition of giving and sharing that is primary to the quality of life.  To ensure that philanthropy merits the respect and trust of the general public, and that donors and prospective donors can have full confidence in the not-for-profit organizations and causes they are asked to support, we declare that all donors have these rights:

  1. To be informed of the organization’s mission, of the way the organization intends to use donated resources, and of its capacity to use donations effectively for their intended purposes.
  2. To be informed of the identity of those serving on the organization’s governing board, and to expect the board to exercise prudent judgment in its stewardship responsibilities.
  3. To have access to the organization’s most recent financial statements.
  4. To be assured their gifts will be used for the purposes for which they were given.
  5. To receive appropriate acknowledge and recognition.
  6. To be assured that information about their donations is handled with respect and with confidentiality to the extent provided by law.
  7. To expect that all relationships with individuals representing organizations of interest to the donor will be professional in nature.
  8. To be informed whether those seeking donations are volunteers, employees of the organization or hired solicitors.
  9. To have the opportunity for their names to be deleted from mailing lists that an organization may intend to share.
  10. To feel free to ask questions when making a donation and to receive prompt, truthful and forthright answers.

The Donor Bill of Rights was developed by:

  • Association of Fundraising Professionals (AFP)
  • Association for Healthcare Professionals (AHP)
  • Council for Advancement and Support of Education (CASE)
  • Giving Institute: Leading Consultants to Non-Profits

INNOVATE is Less than a Month Away!

September 7, 2011

We’re hosting INNOVATE in Las Vegas with the same high-quality learning session but also the first ever opportunity to enjoy Las Vegas in the evening.

We look forward to seeing you there – we have a group of repeat attendees who year in and year out tell us that they always come away with valuable fund accounting tips, processes and ideas for getting the most out of Sage Fund Accounting.

Whether you are new to Sage MIP Fund Accounting or have been using it for years – there is something for everyone at INNOVATE.  Let us know if you are a first time attendee to INNOVATE and we’d be happy to make suggestions on how to ensure you get the most from your conference experience.

Once you’ve registered, BE SURE to set up your one-on-one training timeslot with one of the JMT consultants.  INNOVATE veteran attendees will tell you that this is a great opportunity to untangle any nagging problems that you may have with workflow or reporting – anything to do with your software – but you have to schedule the appointment.

INNOVATE Las Vegas sessions include:  What’s new in MIP, Cost Allocations, Web-based expense management with RestEasy, Maximizing funding with Sage Grant Management, and more.

Get a comprehensive session schedule, registration, and hotel information here.

We look forward to seeing you in Las Vegas!

A CFO’s Guide to Nonprofit Financial Systems Coming to Cherry Hill, NJ

August 31, 2011

Would there be a better way to spend the lunch hour on September 20 than enjoying a wonderful meal at The Capital Grille with other nonprofit executives while learning the latest on financial systems and the various technology platforms that you could put to use for your nonprofit?

We hope you will join us to learn about choosing the correct financial system for your organization.

  • Date:  Tuesday, September 20, 2011
  • Time:  12:30 – 2:00pm
  • Location: The Capital Grille, 2000 Route 38, Cherry Hill, NJ
  • Cost:  Free – but you must register.  To register, please contact us at 1-888-368-2463 or email us at info@jmtconsulting.com.

Enjoy a gourmet lunch on us and network with other local nonprofit financial and executive directors.

You will learn what to identify when your organization is ready to change your financial system by:

  • Understanding your organization’s need
  • Determining the ROI of any changes
  • Learning what to look for when choosing a new system
  • Discovering if your system is the cause of your inefficiencies
  • Gaining knowledge of hosting in the cloud environment
  • Defining your organization’s goals

We will be comparing and contrasting two successful financial systems widely used by nonprofits – Intacct and Sage Fund Accounting.

To register, please contact us at 1-888-368-2463 or email us at info@jmtconsulting.com.

 

 

Chicago Nonprofits: A CFO’s Guide to Nonprofit Financial Systems

August 25, 2011

We will be hosting a Lunch & Learn in Chicago for local nonprofit financial and executive directors at The Capital Grille on Tuesday September 20, 2011.

We will be comparing and contrasting Intacct and Sage Fund Accounting, two successful financial systems widely used by nonprofits, that encompass cloud-based and on-premise platforms.

The presentation will help you learn what to identify in your selection process when your organization is ready to change financial systems:

  • Understanding your organization’s needs
  • Determining the Return on Investment (ROI) of any changes
  • Learning what to look for in a new system
  • Discovering if your system is the cause of your inefficiencies
  • Gaining knowledge of hosting in the cloud environment
  • Defining your organization’s goals

Date: Tuesday, September 20, 2011

Time: 12:30 – 2:00pm

Location:  The Capital Grille, 633 North St. Clair Street, Chicago, IL 60611

Registration is required – please contact us at 888-368-2463 or email us at info@jmtconsulting.com.

We hope you will join us and other local nonprofit executives for learning, enjoying a gourmet lunch, and networking.

JMT Consulting Group Exhibiting at AICPA Not-For-Profit Conference

June 1, 2011

With all of the choices facing nonprofit organizations when choosing fund accounting software, what is the right choice?

JMT Consulting Group will be at the AICPA Not-For-Profit Conference in Washington DC at booth #612 and we would be delighted to discuss with you the options available – on-premise, hosted, and cloud-based solutions.  After a discussion about the resources and goals of your nonprofit, we’d be happy to make a recommendation.

And, we’ll be giving away a Kindle in a drawing for all who stop by our booth #612 at the conference.

We’re Focused

We only work with Nonprofits.  We understand the nonprofit sector and its governance, which allows us to zero in on the unique challenges you face and collaborate to bring you the best solutions supported by a professional team dedicated exclusively to nonprofits.

We’re Independent

A diversity of publishers and variety of solutions are represented in our portfolio.  We’re committed to finding you the perfect solution to address both today’s and tomorrow’s challenges.

We’re Innovative

Our Team (their collective knowledge, expertise, and enthusiasm) is the primary asset at JMT Consulting. Every day we come to work looking for ways to better serve nonprofits, to make you more effective and proficient so you can focus on your mission and constituents.

We’re Proven

We have the knowledge and depth that comes with 20 years of experience working with Nonprofits.  We have the bandwidth to respond promptly and confidently in helping you because our team has grown over the years.  We have the trust of hundreds of nonprofits who have turned to us as their advisor on an initial project and been so pleased with the results have remained engaged with us for an ongoing partnership.  We strive to offer the care, expertise and innovation that attract customers for life; we are grateful and honored to have gained their trust.

And we hope to see you at the AICPA Not-For-Profit Conference.

Who’s Your Wingman?

May 12, 2011

By Jacqueline M. Tiso, Founder and CEO of JMT Consulting Group

I had the privilege of attending the ITA Spring Meeting and hearing a wonderful keynote speaker, Lt. Col. Rob “Waldo” Waldman.  His topic was based on his business leadership book, Never Fly Solo, and was around the idea of leading with courage while understanding that we all have and need wingmen.

Now this is not the slang definition of “wingman” that guys may use when going out, but rather the definition used by pilots, which most of us have probably heard because of movies such as Top Gun.  And I suspect most of us have never really thought about with it truly means.  I especially didn’t put it in the context of business, but it is certainly true.

Whether we think of business or our personal lives, we all have people we depend on; those who support us and look our for us, our trusted and reliable partners…our wingman.  Of course, my first thought around this, was on a personal level – my husband, Gary, is my wingman.

I then thought of JMT and our entire team.  On a team level, the characteristics of a wingman include disciplined training, dedicated teamwork, courageous leadership, and unwavering trust – and that is certainly the JMT team.  Our mission is to support our clients, who are exclusively not-for-profits, and these very characteristics are the core values of JMT. Our mission is to help nonprofits achieve their mission and we work hard every day to be their trusted and reliable partner: to be their wingman.

The nonprofits we serve are certainly wingman to the people they help and serve.  It’s a great thing to be a wingman, so think about who you are a wingman for and who’s your wingman.  Then go out and “Kick It Up!” as Waldo would say.

Why I Moved Our Business to Cloud Computing and Why It Might Be the Right Move for your Nonprofit

May 9, 2011

By Jacqueline M. Tiso, Founder and CEO of JMT Consulting Group

As does every leader in a firm, I have to keep watch on how the numbers are doing.  Specifically – how is the money coming in and what is it going out for.  Probably the strongest message any business leader has heard over the past few years is that cash is king.  This is true for every firm, whether for-profit or non-profit.

Given this fact, you can imagine having to spend approximately $20,000 a year on technology – upgrades and maintenance to our servers – is NOT my most happy moment.

The good news?  The last time I had to spend this kind of money was in late 2009.

At that time, I realized that I really didn’t like to spend $20,000 a year on hardware and software upgrades – and that money could be much better spent elsewhere.

Think about it:  What could you do for your organization with $20,000 of “found” money?

JMT’s mission is to support non-profits in their use of technology, so they can achieve their mission.  I realized that I should be applying this philosophy to my own business.  And this forced me to ask the question how was spending this money every year on upgrades and maintenance furthering our mission?

I easily realized that spending a significant portion of our operating budget each year on IT infrastructure didn’t support JMT’s mission.  And that was the moment our move to the cloud was born.  This decision was arrived at after thorough reviews of our entire technology foot print, including not only direct costs such as the annual $20,000 equipment spend, but also electrical, maintenance, security, and of course, the human resources costs.

Our move to the cloud is not 100% complete, but it’s almost done and it has had an amazing impact on our organization in terms of not only dollars, but in the ability to streamline our processes, accessibility, team collaboration, and increased efficiency.

Every non-profit can benefit just as JMT has.  If you need help in understanding this changing paradigm and how you organization might benefit, please do call us and I will be happy to share what we’ve done.

New York Nonprofits: Are You In Compliance?

April 16, 2011

In September, the New York Prudent Management of Institutional Funds Act (NYPMIFA) went into effect for New York nonprofits.  Since then, the Office of the Attorney General has published information and guidelines in a booklet available for free titled “A Practical Guide to the New York Prudent Management of Institutional Funds Act.”

As a professional knowledge firm that serves over 2,000 nonprofit organizations, we understand that compliance is a critical area of concern for nonprofits.   If you need help with compliance, JMT Consulting Group can help.  We are an email info@jmtconsulting.com or phone call 888-368-2463 away.

Professional Knowledge Firm or Software Vendor

JMT Consulting Group is a professional knowledge firm dedicated to improving the impact and effectiveness of our nonprofit clients. There’s a significant difference between a nonprofit software solution provider and a professional knowledge firm.  Most nonprofit software solution providers only offer one solution.  As a result, regardless of your nonprofits particular operations, requirements and mission, [...]

INNOVATE 2011 Solution Spotlight Will Feature Hosting, Cloud Computing, Web-based Applications for Nonprofit Organizations

JMT Consulting Group announced today a special Solution Spotlight track for nonprofit organizations attending JMT’s annual conference INNOVATE 2011. One of the Solution Spotlight sessions will be “Saving Money for Nonprofits Through Hosted Solutions” and will be presented by Stanley Kania, CEO of Software Link, Inc.  In addition to the insights shared at the session, [...]

The Power of Words

From Jacqueline M. Tiso, our CEO and Founder: I recently attended a strategy retreat which spoke about understanding the why of what we do, vs. the what. This is a perfect example of that… [youtube http://www.youtube.com/watch?v=Hzgzim5m7oU?rel=0&w=400&h=255]

2nd Annual Private Club Executive Symposium

Our CEO and Founder, Jacqueline M. Tiso will be presenting at the 2nd Annual Private Club Executive Symposium “Challenges for Today, Opportunities for Tomorrow” on the topic of “Cyber fraud and current information technology issues:  How secure is you member data?” The Symposium is hosted by O’Connor Davies Munns & Dobbins, LLP and PKF LLP. [...]

Working Together to Achieve Your Mission

An article from CEO and founder Jacqueline M. Tiso: One of my favorite things is having the time to have face-to-face meetings with clients, spending time to hear how they are doing, what is working (or not working) in their non-profit office, and seeing what we can do to help.  When I first started JMT, [...]

Nonprofits and Cloud Computing

You’re a nonprofit.  You have less budget.  You have little to no IT resources.  And, your first focus is on your mission, not managing and maintaining software. Our CEO, Jacqueline M. Tiso will be presenting “Nonprofit Best Practices:  Moving to the Cloud” at The Volunteer Center in Stamford, CT, on Wednesday May 25, 2011. She [...]

Are nonprofits unique?

This post is by Jacqueline M. Tiso founder and CEO of JMT Consulting Group. She is a frequent speaker and writer on technology, accounting, best practices and nonprofits. If you would like to have her speak to your group please contact lmurphy@jmtconsulting.com Are non-profits unique? Working exclusively with non-profits, I hear every day from clients [...]

Do You Know Where You Are Making an Impact?

JMT Consulting Group’s CEO Jacqueline M. Tiso sent this thought-provoking article today following a conference session she attended.  She is a frequent speaker and writer on technology, accounting, best practices and nonprofits.  If you would like to have her speak to your group please contact lmurphy@jmtconsulting.com As I only work with non-profits, whenever I attend [...]

Why It Might Be a Good Idea to Revisit Training for Your Nonprofit

If the last time you and your team took advantage of training for your nonprofit accounting system, you may want to think about budgeting and scheduling some follow up training.  If you’ve experience staff turnover or changes in responsibilities, a refresher course would be beneficial.  If several years have gone by, updates in the solution [...]