Financial Management

Chief Financial Officer Services

C-FACTS performed Outsourced CFO services to a nonprofit organization focused on affordable housing with approximately 40 real estate entities with total assets of over $40M.  In the role of CFO, C-FACTS was responsible for all high-level financial management activities including financial reporting, cash management, audit completion and providing financial support for decision making.  When C-FACTS joined the organization, the financial recordkeeping was incomplete, and management was unable to rely on financial reporting.  In addition, the organization was experiencing severe financial difficulties and in need of making strategic changes in the organization to create financial stability.

Project Accomplishments

  • Led finance department to allow for timely, accurate financial reporting in accordance with GAAP
  • Implemented changes in financial policies and procedures to improve internal controls and create efficiencies
  • Analyzed financial performance by real estate entity, identifying areas for improvement
  • Successfully led organization through consolidated audit process with timely completion and no audit findings
  • Developed cash flow projections and financial reporting to allow for clear presentation of organization’s financial performance on a monthly basis

 

Financial Performance Assessment

C-FACTS provided financial management services to a nonprofit client to assess their financial condition and performance of the organization.  The assessment took stock of the organization’s current capacity, strengths and challenges and compared their performance against industry standards. During the assessment, the organization was undergoing a strategic planning process and was in need of streamlining financial reporting to management and the board of directors.  C-FACTS’ assessment included an analysis of the organization’s financial performance by program.

Project Accomplishments

  • Provided a comprehensive assessment report that provided management and the Board with a clear view of the organization’s current financial health and short- and long-term vulnerabilities
  • Provided recommendations for next steps to allow for financial stability
  • Developed a financial dashboard with key metrics to assist in decision making

 

Cost Allocation and Indirect Cost Rates

C-FACTS has experience working with federal government agencies and grantees to build better financial management systems, strengthen internal controls and develop cost allocation plans and indirect cost rates.

We helped the City of Detroit significantly improve their financial management systems and ability to track funds. During our review, we identified over 1,000 idle projects and over $25M in unspent funds CDBG that were not being properly tracked. This resulted in reprogramming of $20M in CDBG funds and positioned the City to meet the CDBG timeliness test.

In addition, we helped the City revamp indirect cost rate methodologies resulting in a reduction in their rate to better mirror industry norms. Our firm conducted an Indirect Cost Rate training session for the local HUD field office in Detroit for all Michigan HUD grantees.