Client: $4 million nonprofit organization
Service: Nonprofit Outsource Accounting Services
Situation
When the Chief Financial Officer of a $4 million nonprofit left abruptly, the board reached out to Insero & Co.’s Nonprofit Outsource Accounting Services Group for assistance. They had an immediate need for coverage, but also wanted to step back and figure out what would be best for the organization in the long run. This was especially important since the organization had experienced recent turnover of nearly all internal management roles, including the Executive Director. The board asked Insero to help evaluate the CFO position and make recommendations for process improvements, as well as hiring and pay structure for the accounting department.
Resolution
Insero’s Outsource Consultants were able to provide the organization with an interim CFO to fill the immediate needs of day to day operations, as well as a strategic planning partner to assess the current structure and provide guidance to the board. After an initial assessment, Insero was able to assist with the recruiting and placement of a new CFO as a direct hire. We also developed a six-month transition plan to support the new CFO, who attends all board meetings and delivers Finance and Board Packages, which have now been automated to print directly from their accounting software.
Other process improvements included:
- Grant management procedures
- Month-end close process
- Refining the annual budget process
- Defining ownership roles within the organization
All of this was achieved at a fraction of the cost of the previous CFO’s salary and benefits.
Learn More
With over 40 years of experience working with nonprofits, Insero’s specialists have the knowledge and capacity to help you with your organization’s needs. Our clients include foundations, arts and cultural organizations, chambers of commerce, social clubs, fraternities and sororities, housing assistance and development organizations, recreation facilities and programs, community support organizations, child care providers, and more. Learn more about our service offerings below: To learn more about how we can help your organization, contact us today.
Share
About the Author: Insero & Co.
