Recently, I was on the phone with a new client who was about halfway through the onboarding process. As we were talking, I noticed that the client kept needlessly apologizing for things. She apologized for not having answers, for not having certain information she felt she should know, and for just about every time that she had to answer a question with, “I don’t know.”
 
I finally asked, “Why do you feel the need to apologize? You’re not a professional bookkeeper or financial manager. You know that and you’re ready to make some changes, which is why you’ve hired us to help. We are going to improve the situation and get your organization ready for the next level. Together.”
 
My client let out a big sigh and sounded tearful as she replied, “Thank you for saying that. Thank you for your kindness. I am apologizing so much because others in my past have not been as kind, and it’s been a huge frustration and slightly depressing. So thank you for being so kind.”
 
Sadly, I am quite used to hearing this sort of story. This person, a long-time, successful nonprofit leader, had been so beaten down by messages that were unkind that it had eroded her own sense of self and confidence in the area of finance.
  
There’s a lot of back and forth, give and take in the beginning of any new relationship, and especially so when we are in the early stages of a new client relationship. We must have honest, candid conversations with the client about things like: what’s working (or not working) in their existing finance workflow; what processes need improvement; what accounting systems are broken and why.
 
These early talks can lead to all sorts of difficult conversations about staff or board dynamics, cash flow issues, and other sensitive topics where leaders often carry a little excess baggage. If we’re not open and kind during this early phase, we could potentially miss out on information or insights that will help us serve you better.
 
There is more and more research out there that indicates exercising kindness makes for stronger, more effective leadership and teams. But that’s not why we’re kind. We’re kind because we care, not only about your business but also about you as a person. A great business strategy for us? Sure. But at the end of the day, we’re humans serving other humans all day long. And we’re kind because we believe, quite simply, that we should be.

About: Our team at Blue Fox 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 full-blown 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 [email protected], and visit www.YourBlueFox.com. 
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Author:  Founder & CEO, the Original Blue Fox, Chantal Sheehan, MS, CFP(r) ​​

As usual, at the end of 2018 the IRS revised the mileage reimbursement rates for business, charitable, and medical/moving miles driven. The new rates are as follows for 2019:

• Business: $0.58 per mile
• Medical or moving: $0.20 per mile
• Charitable: $0.14 per mile

Ever wonder: what goes into those rate changes? Is there just a dude sitting at Treasury somewhere who makes the call, or is there a formula of some kind in place? As satisfying as it might be to blame an unknown dude at Treasury, it turns out there are a few known factors that go into the mileage rate calculation:

• Fuel costs
• Vehicle maintenance costs
• Insurance rates
• Actual costs to purchase a vehicle

Generally, when the costs above go up, we see an increase in the mileage rate. And when they go down, we see a decrease. As a consumer, though, it often feels to me like the best indicator that there will be an increase is gas prices. (If you want to geek out and compare historic fuel prices with historic mileage rates, have at it. We did!)

In 2019, gas prices are expected to continue to rise so the IRS has provided a 3.5 cent bump to the business mileage rate. (Woohoo! Don’t spend it all in one place!) If you use an app like Expensify, MileIQ, or Motus to track your business miles, the apps should compute your mileage reimbursement correctly.

If you’re old school and using a paper expense report to get mileage reimbursement from your employer, or to track your own business mileage deduction, then you’ll want to correct all your expense report formulas and forms to reflect the new rate. 

And stay tuned: word on the street is that there might be a 2nd mileage rate hike mid-year if gas prices aggressively rise this year.

About: Our team at Blue Fox 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 full-blown 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 [email protected], and visit www.YourBlueFox.com. 
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Author:  Founder & CEO, the Original Blue Fox, Chantal Sheehan, MS, CFP(r) ​

​Hi there! I’m Penny, your Blue Fox, and I think it’s time I introduce myself.
 
When the team at Blue Fox chose me to represent them, they drew on global and historic meanings behind the fox as an animal. Cultures around the world, from our own indigenous Native American peoples to Egypt to China to Peru, assign all kinds of interesting traits to the fox including intelligence, wisdom, guidance, cleverness, agility, courage, gentleness, The Feminine, cunning, adaptability, skilled navigation, transformation, quick wit, intuitiveness, reliability and healing.
 
That’s a pretty great list, right? The fox is widely regarded to be a discerning, powerful creature. In some fables, the fox moves invisibly and calmly through chaos and confusion to restore order. It also anticipates danger and traps; the fox has both superb eyesight and foresight.
 
And why am I the color blue? Because blue symbolizes trust, confidence, intelligence, and loyalty.
 
For all these reasons and more, it seems fitting that I’m the Blue Fox!
 
Our team works tirelessly and diligently to find creative solutions to your challenges. We leverage the power of technology to transform your back office from inefficient to streamlined. We don’t have a one-size-fits-all approach to our client work. Instead, we put our skills to use to find the best solutions possible given your needs, staff, and budget. Once your unique systems are in place, we turn our attention to the big picture so that we can help you anticipate future needs and potential pitfalls.
 
And we do it all with a smile, a human touch, and a sense of warmth and integrity that you simply won’t find anywhere else.

About: Our team at Blue Fox 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 full-blown 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 [email protected], and visit www.YourBlueFox.com. 
​
Author:  Founder & CEO, the Original Blue Fox, Chantal Sheehan, MS, CFP(r) 

This week two of my most trusted sources of information (GuideStar and Give.org), shared essentially the same story: nonprofit organizations garner more donations when they are transparent. We’re talking on your website, social media, marketing communications, etc. Potential donors are interested in the facts. They want to see healthy financial information. They want to know how their money is utilized for the greater good.
 
The numbers nerd in me would like to share a few statistics from both studies:

• 35% of people surveyed said that shared financial ratios signal trust. (Give.org)
• The top 3 reasons people distrust charities: (1) Greed and High Overhead, (2) Bad Reputation and Negative Media, (3) Lack of Honesty & Transparency. (Give.org)
• Organizations with a GuideStar Seal of Transparency received 53% more in contributions. (GuideStar)

 
At Blue Fox, we dig deep with our clients to build a roadmap of actionable financial data. Information to aid and support our clients on a strategic level. We believe the numbers tell an important story. And, we second the motion of these industry leaders. It’s time to share that story with your constituents. Be more transparent. Your donation revenue depends on it!
 
Our team at Blue Fox 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 full-blown 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 [email protected], and visit www.YourBlueFox.com. 
​
Author:  Founder & CEO, the Original Blue Fox, Chantal Sheehan, MS, CFP(r) 

Resources:
GuideStar, New Research Shows Nonprofit Transparency Matters, By Jacob Harold

Hello 2019! With a new year comes a fresh start – an opportunity to set financial and organizational goals. What’s better than starting with a clean slate?  For next year, I encourage YOU, a change-making social impact leader to focus on financial sustainability.
 
Think about it from another perspective. Your benefactors are supporting your mission today, and in their eyes, to infinity and beyond. It’s vital to leverage every single dollar your organization brings in and become true stewards of the resources you already have. A monumental task? Yes, it is! Highly detail oriented? You better be! A long-term outlook? Time to adopt one! In the spirit of supporting your sustainability, here are 5 New Year’s resolutions for leaders of sustainable organizations:

• Start Utilizing Financial Dashboards: We Use Them!
  • A picture says a thousand words, and so do financial dashboards! Don’t bury your board members in pages and pages of financial statements. Why not used a condensed, visually-appealing, easy-to-read, informational, one-page snapshot of financial data? It’s like an infographic showing your organization’s financial performance and health.  Save time. Initiate data driven decision making. Quickly identify financial problems. Reinforce board oversight. The benefits of financial dashboards are abundant. Check out 10 Common Benefits of Dashboard Reports by BoardSource and tell me you’re not convinced.
• Multi-Year Budgeting is a Must
  • Do you want your organization to be thriving in five years?  Then it’s time to start long-term planning now. Nope, not the typical vague, text-heavy, idealistic strategic plan. We’re talking about an operational plan with benchmarks, metrics, checkpoints, trend analysis, economic forecasting, etc. If your organization receives money from grants, what does the future of grant funding look like? Will you hire a new bookkeeper or other staff member, or outsource some future operations? What decisions will you make this year that will significantly affect your organization over five years?
• Understand the Nonprofit Starvation Cycle & Avoid at All Costs
  • According to the Council of Nonprofits the Nonprofit Starvation Cycle is, “When a nonprofit is always catching up, but never has enough resources to cover its costs AND invest in its own infrastructure.” Does this sound familiar? Do you and your board have recurring, agonizing conversations about becoming a proactive, rather than reactive organization? At Blue Fox, we believe that you can break the cycle with deep financial knowledge that empowers you to truly leverage your resources and create accurate strategic and financial forecasts.  If you’re stuck in this rut, call us to help!
• Let Actionable Financial Data Lead Decision Making
  • Picture this: you’re called into an impromptu brainstorming meeting with your team to discuss a new partnership program. What do you bring? A pen? A pad? What else? Anything?  How about your financial statements? And, maybe your latest program profit and loss statement. At Blue Fox, we deliver actionable financial data to our clients because we believe that the topic of finance is critical to decision making if organizations are to be sustainable in the long-term. 
• Can you say Operating Reserves Policy?
  • Rainy day fund. Emergency fund. Hurricane fund as we say in Florida (ha-ha). Call your operating reserves what you will, but plan for its funding and use too. How much should you allocate per year? Are any of the funds restricted? What constitutes a withdrawal? Answering these questions in advance is a must! If you don’t have an operating reserves policy, round up your team and start writing. Find additional information and samples by Propel Nonprofits.

Our team at Blue Fox 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 full-blown 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 [email protected], and visit www.YourBlueFox.com.
​
Author:  Founder & CEO, the Original Blue Fox, Chantal Sheehan, MS, CFP(r)
​
Resources:
BoardSource, 10 Common Benefits of Dashboard Reports
National Council of Nonprofits, Nonprofit Sustainability
Propel Nonprofits, Operating Reserves with Nonprofit Policy Examples
Stanford Social Innovation Review, Building Financially Resilient Nonprofits: Lessons From the Field