What if you could cut the time it takes to do you period-end close in half? What would that mean for staff morale? What would that mean for your sanity? Those delays could contribute to less than optimal use of funds. Inadequate systems make your life harder, not easier.īeyond the monthly pain inflicted by inadequate accounting systems, the time chewed up by closing activities delays critical fund information getting into the hands of your organization’s managers. Painful closings are a symptom of inadequate accounting systems. If that sounds familiar, read on, because while it’s not unusual for us to come across nonprofit accountants who experience the professional equivalent of going under house arrest during period-end closes it is completely unnecessary. The only thing you can think about is getting through month-end. It’s all we do. AccuFund is dedicated to providing easy-to-use, flexible, and powerful financial management software supporting nonprofits, endowments, representative payees and government organizations.
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Learn more…view the entire 2015-2016 Endowment Accounting Insights & Analysis Survey Infographic.ĪccuFund is 100% focused on serving nonprofits and government entities. The 2015-2016 Endowment Accounting Insights & Analysis Survey sought information central to endowment accounting management, including the frequency of fund statement reports, the systems used to manage finances, and specific software features used to manage endowments. Trending Towards Transparency! As the trend continues to move towards increased organizational transparency, reporting is a critical component that, when using an endowment-specific management solution, enables organizations to communicate efficiently and efficiently with all appropriate parties.
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The opportunity for improvement is enormous! The alarmingly high number of respondents (90.5%) using inefficient systems ultimately prevents their organization from effectively managing their endowments.
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Rather, 35.5% are reliant on entry-level solutions requiring manual intervention and 55% are using an exorbitant system. In spite of endowment management solutions available, only a small percentage of organizations (9.5%) are using one. With 272 endowment professionals responding, the vast majority of organizations (83%) manage endowments less than $100 million.
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Survey Says! Opportunities Abound for Organizations to Improve Endowment ManagementĪccuFund recently commissioned publisher Nonprofit PRO to survey its readers (nonprofit finance professionals and top organization management) to benchmark the methods used to manage endowment accounting.