nonprofit trends – Beck & Company

New Mobile App Helps Nonprofits Reach Potential Donors

If you’re like many nonprofits, your mailing list and email list is bulging with inactive accounts. These are people who, for whatever reason, signed up to receive messages from your organization but who haven’t donated in a while. They may still be interested in your cause or your activities, but you can’t be sure. Yet removing them from your lists seems counter-intuitive. After all, you worked hard to attract them in the first place.

A new mobile app, called LetsAllDoGood, promises to change that dynamic and reach inactive list members via their smartphones. According to the Pew Center for Internet Research and Technology, 68% of all adults own a smartphone, and that number is anticipated to climb until smartphones become as ubiquitous as wristwatches. LetsAllDoGood capitalizes on this phenomenon by offering an app that pushes partner notifications out to people who have downloaded the app.

How It Works

The app works on the same principle as Facebook, Twitter and other social media sites. There’s a constant barrage of communications available, and the average person doesn’t read most of their emails. Instead, they scan headlines and top news to find out what is going on. Sites like Facebook offer messenger apps and alerts that push notifications from the system to a user’s desktop, tablet or phone. LetsAllDoGood works by the same principle.

Users installs the app on their smartphone. LetsAllDoGood signs up nonprofits, who then feed messages out from their organization. The app “pushes” these messages out, which pop up on the screen of the smartphone. It instantly cuts through the clutter.

The app bridges the gap between email, social media, and the users. Each helps communicate important updates with your constituents, but may not reach everyone all the time. It would be wonderful if people opened and clicked on emails to read stories, but they don’t. With the app, messages are pushed right onto the screen, making sure that people see them. This makes it easier to click and read more, click and donate, or share with others.

How the App Can Help You Reach Donors

Some of the people on your current list may be receiving your emails and donation requests, but may not open them. Gmail, for example, pushes what it perceives as advertising or promotional emails into a separate folder, thus hiding them from the average user who scrolls through their list of active emails for important messages. Your email messages may be relegated to this or other folders on many systems.

LetsAllDoGood changes this dynamic by enabling pop up messages on phones. Most people are glued to their smartphones anyway, using them for everything from online banking to finding a restaurant. It’s a simple step to make a donation from their phone using the app. A crisis call for funds, a special event and other triggers can be more successful using the app.

Nonprofits and Tech: The Trend Continues

This mobile app is just another in a long string of technology trends affecting nonprofit organizations. Using email marketing, social media, and other web-based applications and systems to generate interest, enthusiasm and awareness for your mission continues the communication in new and exciting ways.

Until then, learn about LetsAllDoGood on the company’s website. It is free for nonprofits to partner with LetsAllDoGood.

The technology works on Apple products only at the moment. It is expected to be available on Google Play soon.

Beck & Company

Beck & Company is an independent certified public accounting firm located in Washington, D.C. Founded in 1987, we specialize in the world of nonprofit institutions, helping them to navigate the complex world of finance and accounting. Our services are always personalized, and cost-effective for your institution. We welcome your inquiry or call. Contact us today or call 703-834-0776 x 8001.

Nonprofit Financial Management Tips [Free Webinar]

Why Nonprofits Need to Learn More About ASC 606 and IRFS 15

Nonprofit financial management includes keeping abreast of FASB changes, and examining your accounting methods to ensure they coincide with the latest recommendations. In May 2014, FASB issued Topic 606: Revenue from Contracts with Customers. In it, plans were unveiled to require all entities, both public and private, to change how they accounted for revenues. Revenues were to be recognized when the entity satisfied the performance obligation with the customer. This usually means that when goods or services are transferred to the customer, the revenue can be recognized.

While much of the work of a nonprofit doesn’t fall under the new ruling, some of it might, which is why you should pay attention to the changes and evaluate your revenues accordingly. Activities typical of a nonprofit that might be considered under the new ruling include membership fees, conferences and seminars, subscriptions, tuition, products and services, advertising, licensing, sponsorships, royalty agreements, and federal and state grants and contracts.

Nonprofits seeking to learn more about the law should sign up for the forthcoming seminar from Intacct: The Impacts of ASC 606 on Subscription Businesses. This webinar will take place on Thursday, November 3^rd at 11 a.m. PST/ 2 p.m. EST.

If you are currently using spreadsheets to manage your accounting, it will be almost impossible to comply with this law and IRFS 15 compliance, the effects of which will begin in December 2016.

The webinar is led by Tony Sondhi, a member of FASB’s Emerging Issues Task Force and an expert on revenue recognition. This is a unique opportunity not only to learn first-hand about 606 and IRFS 15 compliance but to learn from a well-known expert and member of the FASB task force.

At this seminar, you will learn more about the changes begun by these rulings, as well as information on how you can interpret and implement them for your organization. You will also learn more about the financial risks for subscription businesses. Many membership organizations rely upon a subscription model, which is directly impacted by these rulings.

According to the FASB document, “The core principle is that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.”

The AICPA has put together a good paper that outlines the requirements and delineates the steps to take under each. There are five basic steps to comply with the new regulation:

Identify the contract with the customer.
Identify the performance obligation within the contract.
Determine the transaction price.
Allocate the transaction price.
Recognize the revenue when the entity satisfies the transaction.

Typically, step 5 occurs when goods or services are delivered satisfactorily to the customer.

The goal, of course, is to protect customers and to make it simpler and clearer for entities to recognize revenues. Many organizations are already using similar protocols, and for those organizations, making adjustments to satisfy the requirements should be simply. For others, it may take a deeper look at the way they are recognizing revenues, and shifting some of their processes.

Do You Need to Make Adjustments?

All nonprofits should assess their accounting practices and see how their revenue streams compare to the new rules. Organizations should also consider what, if any, impact this may have on their financial statements. It is a wise move as part of nonprofit financial management.

Keeping Abreast of FASB Changes

We have previously shared details of the proposed FASB changes taking effect in 2016. Any changes that impact your business should be noted and researched as soon as possible. Nonprofits, like other business entities, must comply with all requirements. Failing to do so can put your nonprofit at risk for losing its nonprofit status. You also risk falling behind in compliance issues, an important part of accurate nonprofit financial management.

More seminars are available to provide updates on various issues pertaining to accounting and nonprofit accounting and finance. You may view our complete list online.

Beck & Company

Tips for Effective Nonprofit Social Media Programs

Using social media for a nonprofit organization offers untold opportunities to connect with and engage your community. While email and websites are important marketing channels, social media is the area of greatest growth for nonprofits. Facebook and Twitter are the preferred networks while nearly every other type of social media is used in some way by some organization. While most non-profits participate in social media in order to drive donations, there are many other reasons to invest in this area. In fact, last week, we talked about the importance of communicating your vision and mission and social media can be a great avenue to do this.

Social media provides a cheaper, faster and more effective way to get your story out whether that story is going to donors, volunteers or those you seek to serve. It helps your stakeholders to more easily share your story with their friends and acquaintances thereby building your community of supporters. To be successful in your social media program, follow these tips:

Social Media Tips for Success

Be consistent. Your social media should be used consistently year round—not just for a specific event. Social media can be used to build and nurture the relationship throughout the year.
Be visual. People react to visual media whether that is a moving photograph or humorous video. Sometimes it is easier to tell your organization’s story through pictures than with only words. It also emphasizes the importance of having a great design in your materials and website.
Tell your story. Don’t just post great photographs. Use visuals to tell the story of your mission. It is important that your story connects with people and causes them to take action.
Involve your volunteers. Your volunteers may be the most powerful venue for sharing your message. When they share on behalf of your nonprofit, your message goes further. Include this task as part of the volunteer job. In fact, creating volunteer social community managers who get the word out when you have content to share could have an enormous impact.
Be social. There’s a reason it’s called “social” media. Don’t just put out content, but interact with the people. Ask questions and respond to them. Express appreciation and show that you care.
Be balanced. Don’t just shout your message. Social media is about conversation. So besides announcing your own events and asking for donations, share other information as well. Share content from related organizations and recognize your supporters, volunteers and employees.

Many nonprofit software programs include social media in order to increase collaboration both within the organization and without. Beck & Company, Certified Public Accountants and Business Advisors, can help you choose the best technology for your organization. We are an accounting and consulting firm delivering specialized expertise, creative thinking, and unsurpassed service to ensure that our clients’ endeavors flourish. Ultimately we want to see your nonprofit reach its goals and we would love to help you. Contact us to learn more about our specific nonprofit services.

To learn more about collaboration tools to streamline communication and coordination across departments, locations and practice areas and other ways to improve operational efficiency, join our webinar: Transforming Financial Management in Nonprofit Healthcare, Tuesday, May 17, 2016 at 11 AM PT / 2 PM ET. Learn more and register here.