SUMMARY
Because of the efforts of Wipfli’s outsourced accounting team, Boys & Girls Clubs of Metro Baltimore (BGCMB) was able to receive $750,000 in additional funding. Wipfli helped BGCMB set a foundation for a more streamlined and accurate accounting of revenue, as well as develop a high-level strategic plan to set the organization up for further success.
SITUATION
BGCMB had undergone significant changes. It not only had a nearly brand-new board but also was in the middle of searching for a new CEO to lead the organization. What’s more, its bookkeeper had departed suddenly — delaying the completion of BGCMB’s FY17 audit.
BGCMB turned to Wipfli to get its finance and accounting caught up and in order, and both its FY17 and FY18 audits closed.
Considering the organization is largely funded through contributions and grants, having accurate, timely reporting was also crucial.
STRATEGY
The Wipfli team’s first step was to assess the situation, report back to the board and begin stabilizing the organization’s accounting. Wipfli’s outsourced accounting team — which acts as an organization’s accounting department — was brought in to pick up where the former bookkeeper left off. This meant doing everything from entering bills into the system, to getting revenue recorded and compared to the budget, to forecasting so that the board could make critical decisions.
It also meant preparing BGCMB to take over for the Wipfli team with a true and thorough understanding of its accounting situation and needs. And, once Jeff Breslin was hired as CEO, it meant helping him get a running start in his role. With the budget template the Wipfli team created specifically for the organization, Jeff is well prepared to help his team budget future years.
RESULTS
Because BGCMB is an organization with numerous revenue streams, it made a significant difference to them to have Wipfli’s support in ensuring an accurate accounting of receivables while helping them sort through related requirements.
The partnership allowed BGCMB to ensure its organization was not only meeting GAAP and related nonprofit accounting standards but also — and more importantly — sharing with partners that it had a trusted team of individuals supporting its grant and finance operation during a critical transitional period. In fact, because of Wipfli’s impact, BGCMB was able to receive $750,000 in additional funding.
Perhaps just as significantly, the Wipfli team helped BGCMB close its FY17 audit, which was taking a lot longer than usual because of the situation the organization had been in. With their audit background, Wipfli team members helped auditors understand that situation, assisted with resolving issues and helped BGCMB’s new CEO through his role in the audit. With Wipfli, closing the FY17 and FY18 audits took just nine months.
Lastly, by taking on the finance and accounting, Wipfli was able to give BGCMB and its board the time they needed to focus on the future of their organization. They had to make difficult decisions about their programming, find a CEO and help him get started in his new role, and strategize internally.
But in this realm, Wipfli could also lend assistance. The team worked with BGCMB to develop a high-level strategic plan that helped them visualize their future and set goals to help them grow.
CLIENT PROFILE
Boys & Girls Clubs of Metropolitan Baltimore serve over 600 young people. Their mission is to enable all young people to reach their full potential as productive, caring, responsible citizens.
