The audio for this webinar will be broadcast through your computer. Once you join the presentation, a small audio broadcast box will appear on your screen and you will hear the host through your computer speakers.   To join an Audio broadcast in WebEx, click on the Communicate menu in your WebEx screen and select Join Audio Broadcast. If you are having problems with the audio broadcast, you can still join using the teleconference. To join the teleconference follow the steps below: Leave the audio broadcast by clicking on Communicate > Leave Audio Broadcast. Get the teleconference number, click on Communicate > Join Teleconference. If you are unable to listen to the audio through your computer and wish to dial into the conference line, please use the information below: Teleconference information: Call-in toll-free number: 1-8668792477 (US) Call-in number: 1-660-4225471 (US) Conference Code: 654 391 2

Why Schools Need Nonprofit Accounting Jeff Sobers Product Marketing Manager, Financial Solutions TITLE SLIDE.

Agenda Executive Summary Why a Nonprofit Accounting System? Unique Solutions for Unique Requirements Support Your Distinct Business Processes Demonstration of The Financial Edge

Executive Summary

Schools Live And Die On Reputation Decisions are made on reputation The court of public opinion

Examples of Mismanagement Charter school executive in New York City Los Angeles private school leaders Charter school director in Philadelphia Earlier this year, the founder and CEO of a network of charter schools in Brooklyn was indicted on 11 felony counts, including tax fraud, grand larceny, and falsifying business records. In 2010 a fine arts school was sued by parents, claiming they were defrauded when upfront tuition was not used for classes, counseling, and internships as promised after the school went bankrupt. Just last week, the founder and executive director of a group of charter schools in Philadelphia, as well as four executives from her schools, were charged with defrauding three charter schools of more than $6.5 million in taxpayer funds.

Accountability Matters Ensure donor intent is met Internal controls to safeguard assets Strategic planning Resource management

Why A Nonprofit Accounting System?

Two Basic Objectives Fulfill the inherent obligation of financial stewardship and accountability for the funds entrusted to the school Disclose fully the results of operations and the financial position of the school Burton Sonenstein Accounting for Independent Schools

Accountability vs. Stewardship Willingness to accept responsibility Provide assurance to stakeholders Vital to earning support Stewardship Responsibility to utilize and develop its resources People Property Financial assets Thanking and recognizing donors Conveying impact Stewardship means you’re doing your job well. Accountability means you can PROVE it!!!

Financial Information Timely and readily available Actionable to support decision making Multiple audiences Donors Volunteers Board Public Funders Government

Unique Solutions for Unique Requirements

FASB Reporting Requirements Statement of Financial Position Statement of Activities Statement of Functional Expenses Statement of Cash Flows

Restricted fund Management Fund accounting = purpose Unrestricted Temporarily Restricted Permanently Restricted Plant, Property & Equipment

STREAMLINE YOUR Chart A simpler way to work Allows for fast, flexible reporting Modified table-based chart of accounts

Without Projects 01-4150-01 Athletic Receipts: Football 01-4150-02 Athletic Receipts: Soccer 01-4150-03 Athletic Receipts: Basketball 01-4150-04 Athletic Receipts: Baseball

With Projects 01-4150 Athletic Receipts Project 01 – Football Project 02 – Soccer Project 03 – Basketball Project 04 – Baseball

Support Your Distinct Business Processes

Endowment Management $5,000 investment earnings

Budgeting Multiple scenarios to facilitate planning Budget across fiscal years Budget for each unique entity

Student Billing Integrated billing management Automatically generate tuition schedules Add charges to multiple records at a time Invoice by payer and define who gets statements Email statements Online bill pay

Demonstration of The Financial Edge

Questions?