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WHAT IS A NON-PROFIT?

A non-profit organization is a group, company, or organization formed to achieve a specific mission or goal beneficial to the public.


Contrary to the name, non-profit organizations can generate revenue. Instead of distributing it to share-holders, non-profits utilizes it's revenue to drive it's mission, pay employee salaries, overhead costs and administrative expenses. The Internal Revenue Service (IRS) recognizes over 25 categories of organizations as exempt from federal income tax.


Anyone can incorporate as a non-profit, but only those willing to abide by stringent government standards can achieve 501(c)(3) tax-exempt status.



OVERVIEW AND INTRODUCTION TO THE UNIFORM GRANT GUIDANCE



Topic: Accounting



Learn about the basics of Uniform Grant Guidance (“UGG”). In this session, you can gain an understanding of the various subparts of the UGG as it relates to both industry professionals as well as practitioners. Attendees will also learn about the consequences of noncompliance with the UGG.





INTRODUCTION TO THE AUDITING OF FEDERAL AWARDS AND MAJOR PROGRAM DETERMINATION



Topic: Accounting



Learn about the auditing of federal awards as it relates to the Schedule of Expenditures of Federal Awards. Attendees will also learn how to select the major program(s) to be audited while performing audits under the Uniform Grant Guidance.





Business plan



Preparing the Business Plan



The written plan helps the company coordinate its activities, measure performance, establish a framework for making decisions, and educate its personnel. It may also be useful when trying to obtain financing. Potential lenders or venture capitalists typically request most of the information that is contained in the business plan, and preparation of the plan can save time and effort in preparing the financing proposal. A written business plan also presents a good image of the company, showing that it is serious about its mission and that it has realistic and sound plans.



Plan Contents



The contents for any individual plan document should be based on the nature of the engagement and fee constraints. However, a business plan typically includes the following elements:

• Transmittal letter.

• Plan summary, including the mission statement.

• Goals for each major functional area.

• Specific implementation actions and monitoring plans.

• Prospective financial information.


The written plan may be formal or informal. In some cases the engagement is informal and a written business plan is not requested. In that case, a short closing letter referring to oral presentations and materials previously given to the client may suffice. In other cases, such as when the plan is to be sent to outside parties, a formal, comprehensive plan document makes the best impression. Such a document might also include supporting schedules. It should be bound, have a title page and table of contents, and have tabs for each section of the plan. It is also a best practice to include a last-revised date on the plan.


When preparing a written plan, keep in mind that it is easy to let the writing and polishing get out of hand. The time (and money) spent on a formal, comprehensive plan can grow quickly. Accordingly, unless it is to be given to third parties, it may be best to keep the plan document informal. For example, the consultant might condense or eliminate much of the plan summary if the presentation is for internal use. As a rule of thumb, the plan should be no more than 20 pages. Also, the client can assist in writing certain areas of the business plan while the consultant serves as an adviser and editor.



Plan Summary



The plan summary may include the following information:


• History of the company, including identification of founders and current owners, growth history, and historical financial statements or financial highlights. Include a history of the industry, especially if the company has had a role as an industry leader.

• Mission statement.

• Description of the company's operating facilities.

• Personnel, including number and types of employees, description of departments, names and responsibilities of officers and significant employees, etc.

• Description of the business, including products manufactured or sold, services rendered, markets served, etc.

• General discussion of competition and list of specific competitors.

• Strengths, weaknesses, opportunities, and threats identified (SWOTs).

• Reasons for developing the plan.

• Marketing plan, including the target market and basic selling strategies.

• Executive summary of the goals and planned actions.


References, which could include customers, suppliers, investors, industry experts, testimonials, or relevant articles supporting the company or its products.


If the information is voluminous, the summary may include only the highlights and be explained more fully in a separate section or in supporting exhibits, etc.


The mission statement may be presented separately or as part of the plan summary. It should be included in the plan even if, in an informal plan, the plan summary is not presented.


It is essential that all critical areas are addressed somewhere in the business planning process. Sensitive areas should be discussed as comprehensively as less sensitive areas. Sometimes critical information is omitted from a formal business plan due to confidentiality or other concerns. For example, to the extent the client feels comfortable, incorporating a section on competition in the executive summary or the business plan helps focus necessary energies in this critical area. However, sometimes the client may be uncomfortable including information about competitive strategies and specific competitors in the company's formal business plan. In this case, an affiliated, more confidential document can be prepared separately.



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