Processing accounting transactions in accordance with GAAP and OMB circular A-133 standards to be in compliance with independent CPA audits

Preparation of schedules and support for clients during their independent audit or review (Fees for CPA audits or reviews are responsibility of client)

Legal maintenance and protection of records and data while in FASS custody

Preparation of supporting documentation for independent tax preparers for tax reporting (Fees for tax return preparation and filing are responsibility of client)

Annual issuance of 1099s to vendors (electronic filing fees are responsibility of client)

Awareness of public accountability expectations

We are annually audited by a dozen different audit firms and have always received clean audits

Assistance with other regulatory filing requirements, such as property tax welfare exemptions

At the inception of the contract, we will meet as often as necessary to set up new clients with a new organizational architecture to fit their future needs including:

• Creation of new chart of accounts, accounting string and fund accounting structure
• Creation of appropriate authorization documents that interface between clients and FASS
• Creation of new financial reporting package

Contract/grant billing/invoicing in compliance with government and private requirements

Employee and indirect allocations for various funding sources

Accounts receivable tracking

Accounts payable processing (daily, weekly or as required)

Monthly bank and investment account reconciliations

Processing of monthly client billings for fees for services as necessary

Payroll allocation journal entry including the accrual calculations (Payroll processing is done and paid for by the client.)

Track restricted net assets and releases from restriction

Endowment accounting

Training of client staff and Executive Directors as necessary

Support for tax return preparation and annual audits. (Tax preparations and audit fees are paid by the client.)

Statement of Activities including monthly and Y-T-D variances against budget

Statement of Financial Position

Statement of Cash Flows

Statement of Investments

Schedule of Restricted Assets

Detailed financial statements by program activity

Dashboard Reports for Finance Committee and Board of Trustees

Preparation of the organizational budget, assist with assumptions

Forecasting – Short term (1-2 years)

Forecasting – Long term (3-5 years)

Cash Flow Analysis and Forecasting

Review Contracts (Financial Aspects)

Review financial performance and make recommendations

Assist with Strategic Financial Decisions

Actual vs. Budget Variance Analysis

Analyze and present monthly or quarterly financial statements

Prepare/present financial narrative for finance committee or board of directors

Feasibility studies for adding/cutting/expanding programs

Review/revise/prepare accounting policies and procedures

Review processes and make recommendations to Increase Efficiency, Increase Effectiveness, and/or Strengthen Internal Controls (e.g. Purchasing Process, Fund Development Process, HR/Payroll process, or Billing Process, etc.)

Implementation of Auditor Recommendations

Recommend and/or assist with Technology Solutions for A/P processing, Credit Card Expense Reporting, Employee Expense Reimbursement Management

Implement Technology Solution for Budgeting and Forecasting

Evaluate Lease vs. Buy

Evaluate Debt Refinance Options

We are not auditors, although we support the audit effort, prepare audit schedules, and interface with the auditors

We cannot prepare your tax returns, although we support the tax effort, prepare requested schedules, and interface with the tax preparers

We don’t do payroll. This is done by your staff and contracted directly by you with a payroll service company.

We do not keep or track your fundraising and donor information.

Generally, we do not go back and reconcile or fix your past accounting records and general ledger activity. Our outsourced accounting responsibilities begin the day we start with you. If you need prior accounting information cleaned up, we can arrange for additional services.