Q: What made you decide to seek outsourced financial services? What challenges at your nonprofit were you looking to remedy?
 
Ann: We needed knowledgeable and efficient support across all financial aspects of MIB Agents.  In addition, accurate and timely financials were a priority.  
Laura: We didn’t want to parse out the 990 and bookkeeping to several different providers. The pandemic put strain on our incoming funding and made us realize we had to improve upon our financial sustainability and oversight. We were looking for a true financial partner.
 
Q: What was your initial conversation with Chantal like? 
 
Ann: Friendly, clear and helpful. 
Laura: She really impressed me that she seemed to care and wasn't running me through a process. She took time to listen. Not many people do that these days. I felt comfort from the initial call and thought Blue Fox offered high value and reasonable pricing.
 
 
Q: What ultimately made you decide to work with Blue Fox?
 
Ann: Chantal listened and understood what our challenges were and she was confident, as were we, that she could get the job done.  Finally, that she had never lost a client was appealing.  
Laura: I would describe my decision as being led by 4 C’s: (1) competent - they’ve never lost a client, (2) credible, (3) cost effective, and (4) caring. We mattered.
 
Q: Describe the support you receive from Blue Fox in 3 words.  
 
Ann: Accurate. Timely. Flexible.
Laura: Personalized. Professional. Patient.
 
Q: Can you paint a picture of your back-office operations before and after working with Blue Fox?  
 
Ann: Before, we were not able to make timely decisions as financials were regularly coming in the middle of the following month.  Additionally, we did not have all financial components of our organization under one streamlined and accessible roof. Now, everything is working seamlessly and on time.
Laura: Before working with Blue Fox, everything was fragmented or even non-existent. Now it just works. We have a budget and follow the budget. We have the ability to focus on our donors and those we serve verses an inward focus on financial infrastructure.
 
Q: Anything else you'd like to add?  
 
Ann: With the Blue Fox team, we have been able to make good decisions and even take a deeper dive into understanding and responding to our financial state of affairs.  We are grateful for their expertise and responsiveness.
Laura: The tenor at Blue Fox as a whole is patience and getting over whatever financial hurdle we are facing. We're trying to grow to a formidable operational nonprofit and I think Blue Fox is the perfect partner to get us there.

​Our team at Blue Fox is grateful to receive such positive feedback. We think of ourselves as true partners with our clients. Their success is our success. And, we love to highlight the beautiful work they do to improve the communities they serve. To learn more about MIB Agents and their efforts toward “Making It Better” for children with Osteosarcoma, visit www.mibagents.org.
 
Want to learn more about how we help our clients? Check out a recent case study we published: Meet One of The Most High-Functioning, Financially Sustainable Nonprofit Organizations We Know. And, if your organization could use assistance ‘outfoxing’ your back office, call (321) 233-3311 and email hello@yourbluefox.com. 

If you’re like us, your daily inbox is jam-packed with newsletters and educational opportunities from like-minded social impact leaders. These spectacular humans work around the clock to foster positive change in their communities. Then, somehow, find time to share their story with fellow nonprofit enthusiasts. We tip our hat to them!
 
Here are just a handful of our favorite nonprofit resources this month: 

(WEBINARS) Nonprofit Tech for Good
(ON DEMAND) Nonprofit Management Essentials Free Online Learning
(ARTICLE) 10 Strategies For Recession Fundraising  
(DOWNLOAD) The Nonprofit Digital Marketing Checklist
(RESOURCE) The Board Doctor’s Wellness Checkup

Thanks for stopping by to read our picks for top nonprofit news this month! If you’re interested in hearing more from us, subscribe to our newsletter today!
 
About Blue Fox: Our team provides customized, boutique financial and back office services for social impact organizations. Services range from standard bookkeeping and payroll services, to coaching and consulting, to comprehensive virtual CFO services. Our mission is to disrupt the traditional accounting model through technology, innovation, and a radically client-focused approach that truly empowers nonprofits and social enterprises. For more information call (321) 233-3311, email hello@yourbluefox.com, and visit www.YourBlueFox.com. 

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Our philosophy at Blue Fox is that social impact organizations will thrive if they pay as much attention to financial management as they do fundraising, events, and marketing. There are so many resources (conferences, webinars, ebooks, and consultants) in the “fun areas” of nonprofit management but not as many focused on nonprofit organizational growth through financial stewardship. Insert Blue Fox! We are that resource and are here to support your organization’s back office.

We know nonprofits meet regularly, some even monthly, with boards or finance committees to review the financial state of the organization. We’ve been in those meetings and we understand that financial literacy does not always span the entire boardroom. In fact, many new executive directors struggle to pinpoint exactly what financial information to discuss with board members. Side note: Our team can help with that!

But for now, we want to share a helpful article from our friends at Intuit Quickbooks. Per their advice, here are three financial reporting items your organization should keep a keen eye on.

1. Restricted vs. unrestricted funds. Instead of looking at funds as one big pool of money, there needs to be a designation between restricted (money that comes from designated giving) and unrestricted cash. A simplified way to decipher between the two types of funds is to create a P&L statement and balance sheet in three columns. The first column lists out the net assets without donor restrictions; the second column lists net assets with donor restrictions, and the third column is the total. 

Pro tip: Use the location feature in QuickBooks to set this up and simplify reporting.

2. Revenue model structure. Reviewing your nonprofit’s revenue model monthly allows for adjustments to be made when funding is a little wonky. The next time you review your revenue model structure look for total income earned, total contributed income, then track what percentage of funds are coming from which area. Identify if there is too much funding from one revenue stream and then decide if income should be diversified. 

3. True program cost. Now, this might seem more like an annual process activity but for nonprofit organizations where cash flow is tight and decisions need to be made about cutting programs, a true program cost needs a monthly review. [Learn more about the importance of cash flow for nonprofits.]

If you have any questions about the financial status of your nonprofit or about any of these reporting items before your next board meeting, feel free to give us a call at (321) 233-3311 or email us at hello@yourbluefox.com. We’ll get you sorted! Then you can focus on what really matters: your mission and serving your community.
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The core of Blue Fox’s philosophy is the synergy between technology and humanity – that’s why our tagline is Agile Accounting for Impact. We serve our clients with the best solutions and virtual tools to run their nonprofit organization’s back office with efficiency and excellence.

We listen to the nonprofit buzz every day and understand that tax compliance is a major pain point for many organizations. Queue a new #foxtastic partnership with Avalara. 

The team at Avalara lives and breathes tax compliance so your nonprofit can sit back and relax without having to be a tax expert in every state [especially with donors living all over]. Even better, their platform automates the major steps of tax compliance — all in the cloud. 

There are so many misconceptions about tax compliance in the nonprofit space. Here are three major areas of confusion: 

• Which nonprofit organizations are exempt from paying sales tax?
• How do nonprofits prove they’re tax-exempt?
• Can nonprofits be audited for sales tax compliance?​

Avalara answers all of these questions in their Nonprofits and sales tax questions answered whitepaper. 

So, why did our team at Blue Fox partner with Avalara? That’s simple: their services take care of nonprofits by limiting tax risk and building efficiency through automation and integration with Quickbooks.
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If you’re interested in learning more, let us introduce you to the tax experts at Avalara. Send us an email at hello@yourbluefox.com email. 

Want to learn more about who benefits from sales tax automation and how it can save time and money? Check out the free guide below with answers to your most important sales tax automation questions.