Providing nonprofit accounting services with a team of nonprofit specialized accountants in San Jose and the San Francisco Bay Area for more than 80 clients, FASS began its services in 2004 under The Health Trust, an Operating Foundation in San Jose and the San Francisco Bay Area with the vision of a healthier Silicon Valley for everyone. The Health Trust conducts nonprofit direct services, grant making and policy advocacy under three initiatives: Healthy Eating, Healthy Aging and Healthy Living, its work also includes Destination Home, a public-private partnership galvanizing our community to end homelessness in Santa Clara County.
FASS nonprofit accounting was offered as a direct service of The Health Trust due to the need in the community for nonprofit accounting support. Due to the success of and the need for an independent FASS, in July 2012 FASS separated and became a wholly owned Subsidiary Corporation of the Health Trust providing nonprofit accounting based in San Jose and the San Francisco Bay Area.
All FASS employees were transferred from The Health Trust to FASS at this time. FASS employees know nonprofit accounting inside and out because we exclusively focus on nonprofits, are closely aligned with The Health Trust, share the same office space and provide accounting services for The Health Trust. FASS currently has over 30 employees and half of our accounting team holds active Certified Public Accountant certificates.
FASS provides “back-office” accounting services for nonprofits with annual budgets ranging from $100k to $22M. We specialize in being flexible in designing platforms that best fit the current and future needs of each of our clients. Each client structure is customized for its specific business model.The FASS Difference
What makes FASS different than other service providers? It’s really simple and unique.
- FASS is run by the parent Corporation, a nonprofit, The Health Trust. Not just a socially responsible Corporation but a Corporation that is a public Charity that provides the “same-like” services as your nonprofit. No other accounting service provider, runs nonprofit direct services, is a grantmaker and does policy advocacy. Please see: www.healthtrust.org
- FASS is overseen and managed daily by the CFO, Ira Holtzman of The Health Trust. Mr. Holtzman was the 2009 CFO of the Year as voted upon by the Silicon Valley Business Journal. Mr. Holtzman manages The Health Trust’s $22 million budget, oversees their $100 million investment portfolio, is involved with The Health Trust Government grant contracts and manages the accounting department. He is also a community-wide speaker on nonprofit accounting topics and offers that support to FASS clients. Mr. Holtzman is intimately involved in the daily business of FASS as a nonprofit CFO for our clients.
- FASS operates under fixed fee contracts. One monthly charge is all you ever pay for each month. There is no starting point where everything beyond “basic-services” is charged at a rate per hour. You know your costs and do not have to worry about paying for questions being asked.
- FASS uses specifically designed nonprofit software from Blackbaud, a publically traded company. We do not use off-the shelf software that other accounting providers have manipulated to produce financial reports. Blackbaud Financial Edge is the leader in nonprofit software because it is designed for this business model. Our software is provided to our clients at no extra cost and we never pass along the cost of upgrades or maintenance.
- FASS does not advertise for new business. The entire budget spent on advertising for clients for FASS since its inception is $-0-. FASS grows its client base in small increments each year, not through acquisitions, but through word of mouth connections in the community. Other accounting providers spend lots of money advertising for new business because their model is to make profits for their owners. The FASS Board of Directors is overseen by The Health Trust Board of Nonprofit Trustees with a mission to help strengthen the nonprofit sector. Any FASS profits are passed back to The Health Trust parent organization so that it can offer more direct services in the community.
- FASS people and its services are just better. Just ask our clients as we have many who have come from other providers. We annually survey our clients and each year we receive 100% excellent and very good scores. We are better because we understand the nonprofit world our clients live in because we are living in the same environment. So how’s that for differences!
- Government (federal, state, county, city) contract compliance billing and reporting
- Budget management and variance analysis
- Executive Director financial training
- Full-service, day-to-day accounting using Blackbaud Financial Edge software:
- General ledger
- Accounts payable
- Cash receipts
- Client billing
- Bank reconciliations
- Financial statement reporting in accordance with FASB and GAAP standards
- Restrictive and endowment gift fund accounting, tracking and reporting
- UPMIFA investment accounting
- Complete separation of duties and internal control compliance
- Board of Trustee and Finance Committee training as agreed upon
- Schedule preparation, support and interface with Auditors and Tax Preparers
- Coordinated courier services as needed
The Health Trust was formed in 1996 from the purchase of a non-profit hospital system by a for-profit hospital system. The residual assets from that sale formed The Health Trust. The Health Trust has an annual budget of more than $22 million and an investment portfolio of about $100 million with an overall staff of more than 130 employees. For more information, visit www.healthtrust.org.