Nonprofit doubles cash reserves with outsourced CFO support

By Jesse Sanchez. 

Fox & Partners helped modernize financial systems, strengthen fundraising and establish a clearer long-term vision. 

"Hurley has been a huge help to me! He helped me with planning personal finances to business planning and finances. He thinks outside the box to solve problem pertaining to business growth which is very crucial for any size business. He also holds you accountable to put plans in motion and not procrastinate which can be a huge set back for business owners. I highly recommend working with Hurley on your journey as a entrepreneur." 

-Kelvin Hamlett 

A nonprofit organization doubled its cash reserves in two years after working with Fox & Partners to improve its financial reporting, banking systems and fundraising strategy. Fox and Partners provided the financial presence the organization needed at monthly board meetings, helping clearly communicate its financial position. At the time, the nonprofit was using outdated bookkeeping software, had scattered bank accounts and maintained limited investments. The organization also lacked a defined goal structure and needed support with fundraising, financial education and long-term planning. 

Fox & Partners began by consolidating the organization’s funds at one bank that offered modern banking capabilities. The firm then updated the nonprofit’s bookkeeping software, reconciled its accounts and developed monthly and annual reports designed to give board members a clearer understanding of both detailed and broader financial conditions. 

With improved reporting in place, the organization established a structured set of goals. Fox & Partners also enabled online donations and created resources to help donors better understand the nonprofit’s financial position. The engagement expanded to include work with donors and board members to establish an investment fund. Fox & Partners also supported the organization’s largest fundraiser to date and began preparing for future capital campaigns. 

In addition to bookkeeping, financial reporting and participation in board meetings, the firm provided support for updated financial and operational systems, fundraising, a new website and long-term vision building. 

According to the case study, the nonprofit increased its fundraising efforts, strengthened its online presence, educated donors, established an investment portfolio and created a clearer framework for future growth. 

Learn more about Fox & Partners’ outsourced chief financial officer services and approach to financial, operational and strategic support!