By Donald Cassady, President/CEO, GMS, Inc.

​​How fixed assets are recorded and depreciated are areas that can differ significantly when comparing nonprofit accounting with for-profit accounting. Please be aware that the examples I give in this blog do not represent all possibilities or methods used in tracking fixed assets. You should always seek the advice of your auditor or funding source if you are unsure of how you need to be managing your fixed assets.

​By Marilee Floener, Revolving Loan Servicing Software Director

​1. Incorrect loan terms entered in the software.  Data entry mistakes, such as interest rate, daily vs. amortized interest computation, late fees and other fees to be collected from your client’s payments, can have a serious impact on repayment calculations.

2. Remiss in entering activity on a timely basis.  If loans and their subsequent activity are not entered as they occur, this can affect accuracy of reports submitted to funding sources and Board of Directors, loan balance when a payoff is requested, any fees to be withheld from payments, and credit ratings.

By Donald Cassady, President/CEO, GMS, Inc.

​Those of you in the fiscal department of a not-for-profit organization are aware that in most circumstances an annual or bi-annual independent audit is required as a result of OMB Circulars and/or specific funding sources.
 
Unfortunately the term “Audit” seems to have a negative meaning associated with it. Of course there are times when an audit is required due to things such as misappropriation or bad management; however, those cases represent an incredibly small percentage of audits performed.

By Donald Cassady, President/CEO, GMS, Inc.

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According to studies done by the top four international accounting firms, nonprofit organizations have an error rate approximately 60% higher than that of for-profit entities. However, some good news in these studies is that over 70% of these errors are basic mistakes such as bookkeeping and recording errors.

By Donald Cassady, President/CEO, GMS, Inc.

​Anyone who is involved with a not-for-profit organization is very aware that discretionary or un-tethered money is a valuable commodity. It is one of the most important commodities when you run across necessary expenses that “no-one will pay for”.  
 
You also know that any time there is a change in the administration in Washington D. C. the sanctity of discretionary funds is one of the more popular topics of conversation at both the water cooler as well as Board of Director’s meetings.

By Donald Cassady, President/CEO, GMS, Inc.

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As I write this blog I find myself second guessing the title. Should the word “Practical” be replaced by “Realistic”? Personally, I view “Practical” as meaning more sensible or useful. “Realistic” is pretty literal….. what is actually going on? During budget preparation and management you never want to lose sight of the real world and what is actually happening within your organization’s financial activities. Both practicality and realism play a critical role in your organization’s survival.
 

By Robin Berseth, Events and Technology Director, GMS, Inc.
 
We are happy to share this 3 part blog series as written by Steve Rizzo and featured on success.com. We are delighted that Mr. Rizzo will make a special appearance as the official keynote speaker of the GMS Summit 2017. Registration for the 2017 Summit will open on December 1, 2016. Please visit the summit website HERE to stay up-to-date on the 32nd Annual Premier Financial Management Conference for Nonprofits, taking place in beautiful San Diego, California, May 21 – 24, 2017.

"If You're Not Happy, You're Not Successful - So Enjoy the Journey!"
Steve Rizzo

​Here’s something to consider. Let’s say your goal is to become a vice president of a big company. After many years of intense stress, worry and an avalanche of emotional, mental and physical overload, you finally achieve your goal, along with all the wealth and prestige that comes with it. Is this success?  

By Robin Berseth, Events and Technology Director, GMS, Inc.
 
We are happy to share this 3 part blog series as written by Steve Rizzo and featured on success.com. We are delighted that Mr. Rizzo will make a special appearance as the official keynote speaker of the GMS Summit 2017. Registration for the 2017 Summit will open on December 1, 2016. Please visit the summit website HERE to stay up-to-date on the 32nd Annual Premier Financial Management Conference for Nonprofits, taking place in beautiful San Diego, California, May 21 – 24, 2017.

"If You Want to Change Your Life, Change What You Think"
Steve Rizzo

I sometimes tend to think of life as a battlefield—albeit, a metaphorical one, very different from the horrors of war. Can anyone deny that bloodless battles rage around us every day, often fought against familiar enemies that loom from the past? The cause of these everyday battle wounds vary: a bitter divorce, the loss of a loved one, financial problems, unemployment, health issues, and the list goes on and on. However, one thing is certain; these emotional casualties sustained on the battlefield of everyday life can be as devastating to your long-term well-being.

​By Robin Berseth, Events and Technology Director, GMS, Inc.
 
We are happy to share this 3 part blog series as written by Steve Rizzo and featured on success.com. We are delighted that Mr. Rizzo will make a special appearance as the official keynote speaker of the GMS Summit 2017. Registration for the 2017 Summit will open on December 1, 2016. Please visit the summit website HERE to stay up-to-date on the 32nd Annual Premier Financial Management Conference for Nonprofits, taking place in beautiful San Diego, California, May 21 – 24, 2017.

“What Happy, Successful, Optimistic People Know About Life”
Steve Rizzo
 
The most important lesson I’ve learned from living on this planet is what any happy, successful, optimistic person knows about life: that we will all experience good times and bad times, that we will all have sad days and happy moments, that nothing in life is permanent, and that our success and happiness depends on our ability to ride these waves of change with composure. 

By Marilee Floener, Revolving Loan Servicing Software Director, GMS, Inc.

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Have you recently received a new computer and are now entering Loan Activity in your Grants Management Systems Revolving Loan Software and notice the Paid Thru Date and Next Payment Due Dates are appearing as invalid dates?  This can be easily remedied.  This indicates that your “Short date” is not set correctly within Windows.  Go to your Windows Control Panel and in the Search box enter “Short date”.  This will show you various date options.