The pace of the business world is probably the fastest it has ever been. This is largely due to an increasingly technological world. With technology comes constant change, improvements, additions, and updates. This is true for important nonprofit technology tools that many of us use. For those who use or are interested in using AccuFund as an accounting solution for your nonprofit, it is important to be up-to-date on all that is currently happening within the system and updates that are being made. RBP Methods is passionate about not only supplying solutions but also keeping you current on using the solutions so no feature goes unnoticed or underutilized. Let’s take a look at one such additional feature and an exciting confirmation that AccuFund software is meeting needs and is a great solution for nonprofit accounting.
Endowment Accounting Added as a Specialty Use
For several years, AccuFund has been working with large nonprofits and foundations that require endowment accounting capabilities. The Allocation Management module was developed in the process. It serves two specific purposes: allocating indirect costs for grant-funded organizations and nonprofits with endowments that need to allocate income and expenses to named funds. As AccuFund added a number of endowment organizations including both foundations and other nonprofits with endowments, they decided that endowment accounting should be a focused market for AccuFund. Now, endowment accounting has been added as a specialty use of the software and is an excellent solution that includes solutions for special endowment management needs as well as a full accounting suite to run entire foundations.
AccuFund Endowment Accounting gives foundations and other nonprofits with endowments a complete financial solution for tracking, accounting, and reporting named and combined endowment funds. It provides the needed controls and reporting to meet UPMIFA (Uniform Prudent Management of Institutional Funds Act) requirements. With the solution, a foundation can track the original corpus of a named fund, gains and losses, market and book value on the investment, spending policies, management fees, actual donations and expenditures.
Endowment Accounting takes care of a foundation’s accounting details so managers can focus on managing the combined portfolio and working with donors and constituents. Two modules are included: Allocation Management and Fund/Grant Management. Allocation Management provides allocations of all income and expenses to every named fund. In addition, it calculates a spending plan for each fund based on foundation and fund requirements. The Fund/Grant Management module provides data tracking and image storage functionalities.
AccuFund Accounting Suite an Overall Winner!
This year, AccuFund Accounting Suite received five out of five stars in the all categories reviewed by the Certified Public Accountant (CPA) Practice Advisor including: Basic System Functions; Core NFP/Fund Accounting Capabilities; Management Features; Financial Statements and Reports; Integration/ Import/ Export; and Help/Support. The report that published the CPA Practice Advisor review concluded that AccuFund Accounting Suite for Nonprofits is an easily navigable, scalable nonprofit software product. It delivers excellent budgeting capabilities along with a product that can grow with each nonprofit organization’s needs.
Considering that the key to nonprofit accounting lies in managing restricted, temporarily restricted, and unrestricted funds, AccuFund is an easy-to-use and productive system that is also robust and flexible. Its financial reporting capabilities are huge time savers, too. This five star review is just another reminder that AccuFund Accounting is an ever-advancing and extremely efficient solution.
RBP Methods would be happy to share more information with you or help you in using all of AccuFund’s software solutions whether you need to start using Endowment Accounting or need a new and award-winning accounting solution. You can learn more about AccuFund Accounting Suite here, but also please feel free to contact us here at RBP Methods to learn more.