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Boys & Girls Clubs of Metropolitan Baltimore
Outsourcing for financial stability
$
received in additional funding
Outsourced accounting gave the Boys and Girls Clubs of Metro Baltimore (BGCMB) stability during a time of turnover and change — which helped it secure donors’ confidence and bring in $750,000 in additional funding.
The Challenge
BGCMB was reeling from key staff and leadership changes. The bookkeeper left, the board was almost all brand-new and the nonprofit was searching for a new CEO. The organization needed an outsourced accounting partner to help it complete a prior-year audit, close the books and stay on top of finance and accounting tasks. The board turned to Wipfli to keep its accounting organization running optimally and give donors and grantors confidence.
The Solution
Wipfli’s outsourced accounting team handled everything from entering bills to recording revenue, comparing actuals against budget and forecasting so the board could make critical decisions. Wipfli helped ensure the organization had an accurate accounting of receivables across numerous revenue streams and created templates and processes so BGCMB could take over once new staff members were hired.
Being good stewards of all donations and ensuring accurate accounting is a key step in attracting new and retaining current partners. Wipfli helped us to do that and more. At a critical time in the life of our organization, Wipfli stepped in as a solutions-minded partner without judgment. We are deeply grateful for their partnership.
The results
Because the organization had a trusted team managing its grant and finance operations, the nonprofit brought in $750,000 in additional funding during a critical transition period. The partnership helped ensure that BGCMB met GAAP and nonprofit accounting standards. Wipfli also helped BGCMB close two years of audits. Wipfli helped auditors understand the unique circumstances, resolved issues and led the new CEO through his role in the audit. Because Wipfli took the lead on finance and accounting, BGCBM was able to focus on its future. Wipfli also helped the nonprofit’s new leaders develop a high-level strategic plan and set goals for growth.
