KCG was engaged to perform an audit of the Organization. The Organization had never been audited before despite a long existence. When we asked to see the Organization’s accounting records, we were provided with numerous excel spreadsheets. We determined that even though the Organization had grown steadily and evolved over the past 40 years, their accounting records and internal procedures had not.
- Conduct an audit of their financial system
- Establish a reporting system to create transparency for the board and donors
- Review cash balances and recommend an action plan to use those resources
- Actively manage investments to take advantage of returns
- Work with the bookkeeper to consolidate spreadsheets creating a general ledger
- Recommend for improvements to internal controls and operations to the Board of Trustees
- Implement an accounting system
- Quarterly strategic planning meeting
As a result of going beyond the audit, the Organization today is thriving. The key difference is that now they actually know they are thriving, as they have financial reports to prove it. KCG not only set up certain reports for management to review on a regular basis, but we spent time with management and the volunteer treasurer to explain the purpose of each report. Whenever an issue arises, they turn to KCG as a trusted advisor and business partner. Their accounting records and internal controls are now appropriate for the size of their Organization.