Fiscal management services for nonprofits

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Fiscal Management Inventory

  

The purpose of this survey is to provide the organization an inventory of financial infrastructure. It is a guide to help direct focus on potential areas of concern and help prioritize efforts for corrective actions.


To complete the Survey:

· Answer each question by circling the appropriate answer using the scale of 1 being true and 5 being false.

· Add the value of answers in each section. A scoring schedule is on the last pages

· All answers and scores shared with the Balanced Act, LLC are kept strictly confidential.

1. True

2. Somewhat True

3. Neither True nor False

4. Somewhat False

5. False

6. Don't know 


ACCOUNTING  SYSTEMS & SERVICES 

Financial statements are   consistently and timely reconciled and distributed on a monthly basis.  

1   2   3   4   5   6   

 

Financial statements compare   actual with budgeted figures for income and expense.

1   2   3   4   5   6   

 

A/P (Accounts Payable) reports   are produced and reviewed monthly. 

1   2   3   4   5   6   

  

A/R (Accounts Receivable)   reports are produced and reviewed monthly.

1   2   3   4   5   6   

 

Key staff and Board of   Directors members are trained on how to read and interpret the organization’s   financial statements.

1   2   3   4   5   6   

 

The organization currently   possess comprehensive written policies and procedures guiding fiscal internal   controls (e.g., cash handling, bank deposits, purchase approvals, check   signing authority, segregation of duties, investment and debt authorization,   etc.)

1 2 3 4  5 6 

 

Year-end financials are   prepared and ready for review within 45 days of the end of the fiscal year.

1   2   3   4   5   6   

 

The organization annually   reviews the performance of the in-house accounting software or outsourced   accounting services.

1   2   3   4   5   6    


TOTAL SCORE ACCOUNTING SYSTEMS & SERVICES:________


 

EMPLOYEE BENEFIT PLANS

 

The organization offers core employee benefits such as health   and dental insurance.

1   2   3   4   5   6   

 

The organization offers supplemental employee benefits such   as long-term disability, short-term disability, life insurance and retirement   savings tools.

1   2   3   4   5   6    

 

Management is aware and monitors   the paid time off liabilities such as vacation and sick leave.

1   2   3   4   5   6    

 

The organization offers a   Section 125 cafeteria plan.

1   2   3   4   5   6     

 

A cost-benefit analysis for   employee benefits plan is conducted on a regular basis.

1   2   3   4   5   6   

 

The costs of employee benefits   is built into the costs of running programs or producing products.

1   2   3   4   5   6     


TOTAL SCORE EMPLOYEE BENEFIT PLANS: ________


 

BUDGETS & FISCAL PLANNING 

A comprehensive budget is   prepared annually.

1   2   3   4   5   6   

 

The overall organizational   budget highlights or defines programs and/or business units.

1   2   3   4   5   6    

 

Key members of the staff and   Board of Directors offer input and oversight of the budget process.

1   2   3   4   5   6  

 

The budget is regularly used as   a management tool to assess income, expenses, performance, and profitability.

1   2   3   4   5   6   

 

The budget remains fixed   throughout the organization’s fiscal year.

1   2   3   4   5   6    


TOTAL SCORE BUDGETS & PLANNING:________

 

FINANCIAL ANALYSIS & REPORTING

Independent audits or reviews   are conducted annually by a Certified Public Accountant.

1   2   3   4   5   6    

 

Supplemental financial analysis   reports (e.g., inventory turnover, grant spending, cash flow) are customized   to the organizational needs and are distributed and reviewed on a timely   basis.

1   2   3   4   5   6    

  

Accurate and timely financial   information is provided to funders and lenders.

1   2   3   4   5   6   

 

All compliance findings issued   by auditors has been resolved.

1   2   3   4   5   6   

 

A cash position statement is   readily available each month.

1   2   3   4   5   6    

 

Management is aware of the   costs to operate a program, provide a resource, or produce a product.

1   2   3   4   5   6    

 


TOTAL SCORE FINANCIAL ANALYSIS & REPORTING:________

_______________________________________________________________________________

Scoring Results

Instructions: Add up the value of the answers in the individual sections. Refer to the scale in each section to determine the overall health of the organization is each area.

  

ACCOUNTING SYSTEMS & SERVICES TOTAL SCORE: 

0-10

Financial Systems are healthy   and can support organizational growth and change.

 

11-18

Financial Systems are able to   handle current activities but some operational areas are limited or having   difficulties. Infrastructure needs   work to assure more efficient operations and to save time and money.

 

19-25

Errors and problems are   occurring frequently. Organizational   leadership does not have the information it needs to manage most effectively.

 

26 +

An absence of or impaired   financial system is putting organizational goals at risk. Urgent attention is needed.

 


 

EMPLOYEE BENEFIT PLANS TOTAL SCORE: 

0-8

The organization offers a   comprehensive, competitive, cost effective benefits package.

 

9-16

The organization has a good   start with setting up and maintaining benefit plans. They should be monitored on a regular basis   to maintain cost effectiveness.

 

17-23

While some benefits may be   offered it is unclear if they are competitive in nature with other like   organizations or if they are cost effective for the organization. A review of the costs and the related   return on investment is required.

 

24 +

There is a significant deficit   with employee total compensation packages. If it is not possible to offer benefits, or the staff is too small to   qualify for group plans, a review should be conducted to determine other   areas within the compensation package to assist staff with individual costs.

 

 

BUDGETS & FISCAL PLANNING TOTAL SCORE: 

0-6

The budget and planning systems   are in place and appropriately monitored to provide insight to the overall   operations of the organization.

 

7-12

The processes and understanding   of the budget and planning may be limited and only occasionally used to   manage the programs. Involvement in   preparation and monitoring of the budget needs to be implemented.

 

13-20

The organization struggles with   implementing and managing to a budget, they are unable to provide accurate   projections. Problems exist with   providing management complete data to monitor current and future activities.

 

21 +

The absence of a budget or fiscal   management projections has a crippling effect on the organization. It is impossible to tell how the   organization is operating based on projections. Therefore, management has no information to   anticipate areas of concern.

 


 

FINANCIAL ANALYSIS & REPORTING TOTAL SCORE: 

0-10

Financial Analysis and   Reporting systems are in place. The   staff and board receive appropriate information and can rely on reported   data.

 

11-18

Some reporting mechanisms are   in place but may not be consistent or readily available. A Review of the systems for reporting   systematic, consistent, and accurate reports should be performed. All financial reports should be easily replicated   within the accounting system.

 

19-31

The organization struggles with   producing comprehensive financial reports in a timely and consistent   manner. Reports may be late,   inaccurate, or not have integrity. Information is not made available to management consistently.

 

32 +

Reports are non-existent. The organization will not thrive if they   are unaware of where they are financially or where they are going. Immediate attention is required.