Significant natural disasters are more and more common these days. It's as though no place on Earth is immune from our changing global climate patterns. Whether it's wildfires in the Pacific Northwest and California, tornadoes or blizzards in the Midwest, or hurricanes and flooding in the South and on the East Coast, it can sometimes feel like there's a disaster somewhere every day. 

We're often asked by our caring clients, "What can we do to help?"

In the wake of Hurricane Ian in 2022, we put together a resource list for those interested in supporting organizations that were on deck to help. This week, we felt called to do the same in the terrible aftermath that is still unfolding over a week after Hurricane Helene trounced the Florida Big Bend and flooded communities from Virginia all the way to Georgia. 

Here are some tips and vetted nonprofits that can use your financial support right now. If you're interested in helping, you can donate directly to these organizations. Every little bit helps.

We know you might be thinking, "But isn't it better if I send supplies or travel to these locations to give my time to help people?"

The answer is an unequivocal NO. 

Officials never advise travel to hard-hit locations. This strains infrastructure and resources when communities are already struggling.
 
Sending supplies causes similar logistics challenges, and unless you know specifically what a community's needs are, your gesture of support may not hit the mark. 

The best thing we can do to help is donate our dollars to worthy causes working on recovery.

Donate to These Nonprofits to Aid Hurricane Helene Victims
These organizations are good options for year-round donations, along with disaster-specific support. Check them out and give wherever your heart calls you to!
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• American Red Cross - general assistance
• Mercy Chefs - food and beverage support
• World Central Kitchen - food and beverage support
• CARE - cash assistance to victims
• Direct Relief - medical aid
• Mutual Aid Disaster Relief - grassroots support
• Save the Children  - support for babies and children's needs
• Humane Society - show the animals some love

If you know of any other resources that we should list here, please leave us a comment.

​If others ask you to support an organization, do your homework and make sure that they have good ratings from nonprofit watchdogs Charity Navigator and Candid (click below).

Remember: when disaster strikes, we all have to take it one day at a time and hold onto as much gratitude and humanity as we can. We are resilient when we stand together and support each other like the big human family we are. 

FOR IMMEDIATE RELEASE

Sometimes, we get wrapped up in the “accounting” part of our jobs. (We are accountants, after all.) We focus on spreadsheets and financial management platforms and forget about the enormous impact our clients (nonprofit and social enterprises) make in their communities and the world.  
 
We forget that our work enables our clients to maximize their impact.  There is a direct correlation between sound financial management and the ability of a nonprofit to provide broader and more in-depth services. This client case study proves it!

​Our clients are change-makers for good. They provide services and advocacy for underserved and unheard populations. They protect the rights of animals and ensure sustainable food production practices. They work to improve and make more equitable the planet we call home. Can we talk about that as a motivating factor?

Our team recently visited Southwest Florida for our 2023 spring staff retreat. The trip was the perfect opportunity to be reminded how our accounting work makes a difference.
 
In addition to meetings and team bonding, we visited two long-term clients: STARability Foundation, including their STAR Store & Studio, and the Flint Pen Strand Trail, preserved and managed by CREW Land & Water Trust. 

​Our first stop was the STAR Store and Studio in Naples, Florida. We saw first-hand how STARability Foundation transforms the lives of individuals with disabilities through social, vocational, and educational connections to the community. (That’s their mission.) In the STAR Studio, program participants make jewelry, candles, cards, and other gifts to sell in the STAR store. We met Chloe, one of the amazing STAR Studio contributors, and you could feel her pride and happiness as she told us about their work. Queue the goosebumps. 
 
Driving to our next stop, STARability’s headquarters also in Naples, our CEO reminded us that our financial guidance helped the board and staff decide to open the STAR Store in 2021, and later that year, we also helped them ensure product profitability through some financial modeling and analysis. This year, STARability hopes to kick it up a notch with its store and studio, deepening its financial sustainability through its social enterprises. Again, we’ll be on deck to provide growth and revenue model support. This is our ripple effect in full force. 

Later that day, we met our families at CREW’s new hiking trail, Flint Pen Strand, to immerse ourselves in nature (and tire out the young kiddos).
 
CREW stands for Corkscrew Regional Ecosystem Watershed and is responsible for preserving the largest intact watershed in Southwest Florida. We’re talking about 60,000 acres of land that purifies drinking water, prevents homes from flooding, provides habitat for local wildlife, and offers a beautiful space for public recreation. CREW’s existence is essential to the future sustainability of Southwest Florida and, more broadly, the lower half of Florida. Guess who does their accounting? It’s us, and we are proud of it!
 
As we walked with our families on CREW’s newest trail, the Flint Pen Strand Trail, we took in the peacefulness of the surrounding land. Birds chirped, the sky was blue, and Florida slash pines stood high all around us. CREW’s Executive Director, Bob Lucius, gave us a bona fide guided hike and taught us all about the importance of preserving Southwest Florida’s watershed. Water is life.
 
Our CEO, Chantal described the day like this, “I’ve been coming to CREW for 10 years, and every time I do, I feel a sense of calm and peace come over me. We’re so lucky to have this special place to hike, walk, explore, and experience nature. Helping CREW protect Florida’s natural resources makes us all feel like our work makes a difference to people and the planet.”   

​Feedback from the retreat was that our team wants to participate in more immersive client visits and stay even more connected to client news, accomplishments, and impact stories.
 
It’s our client’s work that inspires us.
 
Our work may seem like “just accounting” some days, but our approach helps clients drive deeper impact every day.
 
Queue more goosebumps.
 
We invite you to meet our clients, our team, and learn more about our philosophy at Blue Fox. And if you know of any social-minded number crunchers looking for the perfect place to hone their financial talents, please send them our way! 

​Our team at Blue Fox is proud to announce that our CEO, Chantal Sheehan, is now one of the 150+ Florida business members of Equality Florida’s Equality Means Business Advisory Council.
 
Equality Florida is the largest civil rights organization in Florida dedicated to securing full equality for Florida’s LGBT community. One of the organization’s focuses is to improve Florida’s national and international reputation as an inclusive place to live, work, and visit. To meet their goal, they established Equality Means Business. This program spotlights employers in Florida that have adopted comprehensive
non-discrimination policies and demonstrated their commitment to valuing and proactively including all employees.
 
For her council application, Chantal was asked to write a statement about the importance of diversity and inclusion in the workplace. Here is what she wrote: 

​In addition to their advisory council, Blue Fox became listed on Equality Florida’s Open Doors Florida Pro-Equality Business Directory as a business that supports equality in Florida.
 
Open Doors Florida is a mobile-friendly statewide business directory that spotlights merchants, faith organizations, and other companies that have implemented LGBTQ-inclusive nondiscrimination in their policies and practices of running their businesses.
 
Our team encourages you to browse the directory and work with these businesses and business owners that embrace belonging, fairness, and equal opportunity for their employees and customers!
 
We look forward to a time when we don’t need a directory to help us provide equity to all humans. To get there, we must all do our part and continue to break down barriers to inclusion in whatever ways we can.

[ The following guidance is provided by our trusted advisor and PEO Company, JustWorks ]

Even if you do not bank with SVB, here are some things for you to think about. Some of these may be seen as general best practices, but they also reflect what we’ve learned as we’ve helped impacted customers navigate the current SVB situation.
​

• Have Multiple Banking Partners - If you only have one corporate banking partner, consider opening a second account with another bank as a redundancy for funding critical operations before you need it. Businesses with a backup account with another institution are able to fund their next payroll and create certainty for their teams.

• Establish Sources of Emergency Funding - If you have investors, speak to them about the SVB situation. If a similar situation were to happen to your banking partner(s), talk about the role these investors might be able to play in helping you to bridge payroll to get to the other side. Again, this is something that companies impacted by the SVB situation are working through in real-time. The SVB situation happened extremely fast and having an emergency funding plan in place creates certainty for you and your business.

• Communicate - In any situation impacting payroll, the stress can be high. Have a communications plan ready for your employees. Communicate early, often, and honestly. Let people know what is going on. Even if you miss the employee pay date—you can process off cycle once you gain access to funds. Remember there’s still an obligation to pay your employees in a timely manner—certain states may impose penalties on your company for late wage payments.

Sole proprietors: get out your shoebox of 2022 receipts and let’s get organized. Our team at Blue Fox created this handy Schedule C Worksheet for your profit or loss record-keeping pleasure. If you’re wondering how to fill out the Schedule C Form 1040, this easy-to-use tool will get your financial ducks in a row. We highly recommend using it before you attempt the official IRS form. You may also download the 2023 Schedule C Worksheet and record your 2023 income and expenses as the year progresses. 

UPDATE - 11/4/22:
According to an article by CNBC, Supreme Court again declines to block Biden’s student loan relief plan, "Justice Amy Coney Barrett denied an emergency application brought by the Pacific Legal Foundation to block federal student loan forgiveness... For now, student loan forgiveness remains on hold from a separate challenge brought by six GOP-led states after an appeals court judge in the 8th Circuit granted a stay...Close to 26 million Americans have already applied for student loan forgiveness."

UPDATE - 10/21/22: 
According to this article by CNN, "A federal appeals court put a temporary, administrative hold on President Joe Biden’s student loan forgiveness program, barring the administration from canceling loans covered under the policy, while the court considers a challenge to it." The U.S Department of Education's  application portal says that they will be reviewing applications during this pause so that they are ready to begin processing debt relief once the court cases are resolved.

Our team at Blue Fox is subscribed to receive updates about the Biden-Harris Student Loan Relief Plan and we will continue to share information as we get the facts. 

Please read this message from the U.S Department of Education: 

"Here's a list of Do's and Don'ts to protect yourself against scams as you prepare to apply for debt relief.

• DON'T pay anyone who contacts you with promises of debt relief or loan forgiveness. You will not need to pay anyone to obtain debt relief. The application will be free and easy to use.
• DON'T reveal your FSA ID or account information or password to anyone who contacts you. The Department of Education and your federal student loan servicer will never call or email you asking for this information.
• DON'T ever give personal or financial information to an unfamiliar caller. When in doubt, hang up and call your student loan servicer directly. You can find your federal student loan servicer's contact information at Studentaid.gov/manage-loans/repayment/servicers.
• DON'T refinance your federal student loans unless you know the risks. If you refinance federal student loans eligible for debt relief into a private loan, you will lose out on important benefits like one-time debt relief and flexible payment plans for federal loans.
• DO create an FSA ID at StudentAid.gov. You will not need it for the debt relief application but having an FSA ID can allow you to easily access accurate information on your loan and make sure FSA can contact you directly, helping you equip yourself against scammers trying to contact you. Log in to your current account on StudentAid.gov and keep your contact info up to date. If you need help logging in follow these tips on accessing your account.
• DO make sure your loan servicer has your most current contact information. If you don't know who your servicer is, you can log into StudentAid.gov and see your servicer(s) in your account.
• DO share these messages with your networks and encourage others to sign up at www.ed.gov/subscriptions to be notified when the Student Loan Debt Relief application becomes available.
• DO report scammers to the Federal Trade Commission by visiting reportfraud.ftc.gov."

Introducing the Chart of Accounts (COA) - the foundational accounting tool every nonprofit leader needs to get right for maximum financial insight and awareness. It’s a critical element to your financial operations.
 
A clean chart of accounts promotes organizational sustainability and high performance.
 
Accurate data empowers organizations to:

• Have meaningful financial conversations
• Eliminate uncertainty as to financial positions
• Guide decision making
• Provide clarity on organizational health
• Generate data for grant applications
• Build a financial case for fundraising initiatives
• Encourage financial transparency (donors respond well to transparency)
• And so much more…

 
When our team brings on a new client, we review their chart of accounts right away and provide recommendations for improvement as needed. It’s just that important.
 
So, let’s dive in and learn a bit more! 

A chart of accounts (COA) is a standard accounting index system that helps nonprofit organizations classify and track their financial activity. It’s the backbone of the financial data that populates other financial reports. The COA organizes transactions into digestible information that gives nonprofit leaders a clear view of their organization’s financial status. For nonprofits, the chart of accounts is typically broken down into five sections: assets, liabilities, equity, income, and expenses.
 

• ASSETS [WHAT YOU OWN]: cash, inventory, fixed assets, accounts receivable, prepaid expenses, investments
• LIABILITIES [WHAT YOU OWE]: accounts payable, short or long-term debt, payroll taxes, deferred revenue
• EQUITY [WHAT YOU’RE WORTH]: retained earnings, unrestricted assets, temporarily or permanently restricted net assets
• INCOME [WHAT YOU RECEIVE]: contributions, pledges, grants, revenue, investment income
• EXPENSES [WHAT YOU SPEND]: office supplies, salaries, printing costs, bills, rent, purchase orders

 
Keep in mind that the list above is not exclusive. If you’d like to see the all-encompassing chart of accounts, refer to the Unified Chart of Accounts (UCOA). This was designed for nonprofits with every possible account included, and it mirrors categories on the IRS Form 990.
 
Do we recommend copying the UCOA? Nope! It makes more sense to design your chart of accounts to reflect your organization's exact needs. Keep it as clean and simple as possible. 

Put on your logical thinking hat, step number one!
 
As we mentioned above, there are five recommended categories for a nonprofit's chart of accounts: assets, liabilities, equity, income, and expense. Each category should be assigned a specific number sequence to conform to best practice. 
 
Here’s a standard chart of accounts numbering designation for nonprofits:
 
Assets – 1000
Liabilities – 2000
Equity – 3000
Income – 4000
Expense – 5000+
 
These numbers will serve as the headers for your chart of accounts. Individual accounts will be broken down and classified within each category using corresponding number sequencing. For example, the accounts within the income category might have subcategories like this:
 
Individual/Small Business Contributions – 4010
Corporate Contributions – 4020
Legacy and Bequests – 4070
Uncollected Pledges – Estimated - 4075
Foundation/Trust Grants - 4230
Federal Grants - 4520
 
This is a basic example. The standard chart of accounts we start with at Blue Fox contains just over 100 line items and includes sub headers to group similar accounts.
 
We encourage nonprofits to keep their COA simple (we call it “natural”) while still segmenting data enough that it delivers meaningful information for future decision-making.
 
Here is some other Blue Fox chart of account best practices for nonprofits:

• As shown above, always number your accounts (not everyone does this)
  • Why? Because software like QuickBooks tends to organize reports based on alphabetical account names if there are no account numbers in use. This can be a more confusing, or at least, less meaningful way to organize the data.
• Header accounts should never have a balance in reports
• Special events should have their own section for both revenue and expenses for nonprofits
• Account titles should be as unique as possible
• Generally, accounts should line up to the income and expenses as listed on the 990
• Keep in mind that the COA ultimately must work for management
• Note of caution: if you're leaning too much toward what people want to see, your COA may not be natural, and you run the risk of not fully leveraging other tools in QuickBooks for additional dimensionality
  • Example: if the board wants to see subaccounts under Salaries & Wages on the P&L that show everyone’s individual pay, that is not the correct approach. Over time and with staff turnover, you could easily have dozens and dozens of subaccounts which make reports excessively long and complicated
• If you choose to revise your COA, be sure to create a roadmap of sorts for your tax/audit team so that they understand the changes you’ve made and why

 
If you have any questions about revamping your nonprofit’s chart of accounts, our friendly team is happy to help!
​Give us a shout, and we'll get you sorted.

Pay off this loan as soon as comfortably possible for your organization to avoid a loan maturity balloon payment! At the least pay the accruing interest on a regular basis.
​
 HERE'S WHY:

• Although loan payments are deferred for 30 months as of March 2022, interest is still accruing daily. The documents you find on your account at caweb.sba.gov will show you the daily interest accruing.
• If you don't make a payment during the 30-month deferral period, and you only make regular monthly payments for the full 30 years of the loan, you will have a sizeable balloon payment at the end of the loan!