OVERVIEW
CLIENT PROFILE
As one of 11 not-for-profit organizations in Wisconsin with a focus specifically on workforce issues, Fox Valley Workforce Development Board (FVWDB) administers WIOA programs, operates career centers and provides business services to employers. Its goal is to facilitate accessible, high-quality, efficient and affordable training or employment opportunities to residents of six Wisconsin counties.
THE CHALLENGE
FVWDB previously had a full-time controller position that turned over multiple times. The constant turnover led to inconsistent and incomplete recordkeeping. The organization lost confidence in its financial data and was at risk of failing to satisfy current grant requirements. Because of this, the organization decided to outsource its accounting functions to Wipfli.
THE APPROACH
The most immediate need was tackling the issues identified by the state of Wisconsin. Wipfli got started by assessing FVWDB's chart of accounts and cost allocation plan and how well it was adhering to the provisions set forth in its grants. Once we determined the state of affairs, we worked with FVWDB to correct issues (including inaccurate numbers), follow proper procedures and develop new, more efficient accounting processes.
Through our remote outsourced accounting solution, the Wipfli team took over accounts payable, payroll, financial statement preparation, grant management and general CFO services. Aligning this work with individuals who specialize in it and leveraging an entire team instead of one person have created peace of mind for FVWDB.
We have been very impressed by Wipfli's accessibility, experience in the nonprofit space and knowledge in a variety of areas, not just accounting. Sometimes we feel like we're the only ones going through certain issues, but Wipfli has seen it all before and always has the ideal solutions to keep us moving forward. We know we're getting timely, accurate data we can leverage to build our future.
THE RESULTS?
Wipfli has restored FVWDB’s confidence in its financial data. We provide assurance that day-to-day tasks are being completed with integrity, and our advisory services are impactful to the ongoing success of FVWDB.
To give FVWDB key reporting, the Wipfli team utilizes Sage Intacct software. Now the FVWDB team has real-time access to reporting and financial dashboards, where information is presented in digestible ways and easily can be made actionable when presenting to the board, resulting in more informed decisions on FVWDB’s future.
Now that FVWDB is satisfying its current grant requirements, the organization continues to leverage Wipfli as its outsourced accounting partner so that it is best positioned for the changing landscape of funding in the workforce development industry.