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.
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.
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.