Background
When Association Acumen began managing the Wisconsin Academy of PAs (WAPA), the organization was unsure of its financial position. Financial reports were sporadic or incomplete and communication was infrequent. Board members found themselves working directly with their financial institution to address their questions and concerns.
The Challenge
How can we get a firm grasp on the organization’s financial position and set them up for a financially ready future?
The Solution
We began our partnership with an in-depth audit, led by a certified public accountant. This detailed analysis helped the organization draft a new budget, ready for board review, which included a new chart of accounts.
Association Acumen is an accredited association management company where best practices include regular financial reports (sent out by the 15th of the month). We hosted training sessions and update calls with the treasurer and board leaders on a regular basis, equipping these nonprofit leaders with the information and tools they need to understand their holdings and make financially sound decisions. We send the treasurer a monthly report — complete with bank and credit card statements — tied to a summary and support statement along with a description of each income and expense item.
Best practices also give staff and leaders the resources they need to easily and accurately conduct business and report on their regular transactions – from donations to reimbursements. New forms, combined with well-established policies, maintain transparency for these ongoing activities.
The Outcome
We emphasized transparent practices that build assurance for the academy’s financial position. Regular reports, communication and training also empower organization leaders to understand their current situation and make informed decisions.
Molly Slaber, current WAPA Treasurer, shared that the in-person Treasurer training conducted by Betsy Smith, Acumen President, and Lori Conaway, WAPA Executive Director, was helpful in making her feel educated and empowered to fulfil her fiduciary responsibilities while serving on the Board. In addition, “any expense-related question has always received prompt reply,” she noted.
Today, this group has realized a 20% growth in net assets since 2018 and the outlook is positive as they continue to grow. Board members can focus on realizing their strategic goals rather than worrying about their day-to-day finances.