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Help with the New 990 Available Online
The IRS wants every tax-exempt organization to get the information they need to file completely, accurately, and on-time. To help with the transition, the IRS created tools and resources that are available at www.IRS.gov/charities and www.stayexempt.org
FMA is a member of the the National Association of Nonprofit Accountants & Consultants (NPAC) , a nationwide association of CPA firms that provide specialized accounting, tax, and consulting services to government and nonprofit organizations.
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With offices in New York City and Chicago, Fiscal Management Associates (FMA) offers a range of fiscal management, accounting, organizational, and technology consulting services customized to the specific needs of each of our clients in the nonprofit sector.
To learn more about our services, please click here.
To find more information on our case studies, our clients, what people are saying about us, and our funding partners, please click here.
MBAF AND FMA, AN ERE AFFILIATE, JOIN FORCES
FMA expands product offerings enabling nonprofits to reduce costs and risks, and improve efficiencies.
Download and read the press release here.
Watch a video here.
New CNAP Video
FMA is pleased to present a new video on the Certified Not-for-profit Accounting Professional (CNAP) training series. Please click here to watch the short video and read more about CNAP.
Lessons in Financial Management Pay Off for Chicago Charities
FMA's work with the Wallace Foundation is featured in The Chronicle of Philanthropy. Read more about FMA and The Wallace Foundation and how they are strengthening and improving the quality of afterschool groups in the Chicago area.
Lessons in Financial Management Pay Off for Chicago Charities
In a related article, read how Big Brothers Big Sisters of Metropolitan Chicago, a participant in the Wallace Foundation's nonprofit financial management program and client of FMA, has utilized greater openness about their financials.
Greater Openness about Financials
Fiscal Fitness for Nonprofits
The Wallace Foundation has just published "Stories From the Field" that describe their effort to provide financial trainings to executives of high-performing organizations. FMAs work in Chicago with After School Programs is recognized.
Please view more information here.
We are Worth it! Framing the Case for Full Cost of Programming
The Annual Nonprofit Program held in June
MBAF ERE and Fiscal Management Associates were included in CPA Magazine for recently hosting the annual nonprofit program "We are Worth it! Framing the Case for Full Cost of Programming," at Baruch College's Vertical Campus in New York.
Please click here to view it online: CPA Magazine.
Building a Common Vision for Shared Services
Nonprofits Sharing Resources
Amy Gudgeon, Manager of the Midwest FMA office, served on the panel event, “Building a Common Vision for Shared Services” at Dominican University in early May. The panel included discussions on the benefits of sharing technical expertise and resources among the nonprofit community. An article and photos are featured in the Oak Park Online Journal.
To read more about the event click here.
The Huffington Post:
Mr. Mayor: Don't Ignore the Crisis in Nonprofits
Hilda suggests how Mayor-Elect Emanuel can strengthen the Chicago Nonprofit Community.
Prior to becoming Chief of Staff for President Obama, Rahm Emanuel famously said: "You never want a serious crisis to go to waste." With acute financial problems affecting both the City of Chicago and its large nonprofit sector, Mayor-Elect Emanuel has an opportunity to reshape not just the City's budget, but also the way nonprofits conduct business. Let's hope that he doesn't let this crisis go to waste.
To read the complete article, please click here.
To read Hilda’s Huffington Post profile or add her to your RSS feed, please click here.
Success Stories of Nonprofit Mergers & Collaborations
Fiscal Management Associates, LLC and the Wallace Foundation presented a special morning in Chicago focused on exploring Success Stories of Nonprofit Mergers & Collaborations. A diverse panel of participants explored the national trends in the nonprofit industry, the various approaches to effecting a merger, and key steps for a successful nonprofit collaboration. Watch a 5 minute clip of the event highlights below or click here to learn more about the event.
Fiscal Management Associates, LLC - Success Stories of Nonprofit Mergers and Collaborations
FMA Manager Quoted in The New York Times
Amy K. Gudgeon, leads the FMA Midwest office and is responsible for recommending and implementing improvements to organizations' financial management infrastructure, facilitating management decision making on strategic financial issues. She was recently quoted in an article from The New York Times titled "Howard Brown Center Tries to Mend Finances and Reputation" by Jessica Reaves.
Amy has worked as Director of Grants Management with the City of Chicago's Office of Emergency Management and Communications, where she managed all Homeland Security grant programs and served as the department's Contracts Director. She has also held the role of Deputy Director of External Affairs at the Perspectives Charter School of Chicago. While there, she oversaw the fundraising of all grant and individual requests to support an annual operating budget of over $3 million, and managed all educational policy initiatives surrounding the Perspectives Replication initiative in collaboration with the Bill & Melinda Gates Foundation, Renaissance 2010 and Chicago Public Schools. Amy has also worked on the start-up team to build the first Children's Museum in downtown Atlanta as Director of Special Projects.
She is on the board of Tuesday's Child and serves as a Community Volunteer with Waters and Ravenswood Elementary Schools and the National Council for Jewish Women.
To read the article and see Ms. Gudgeon’s comment on the second page please click here.
Citi Nonprofit Day
In Chicago on October 28th, FMAs Managing Director, Hilda H. Polanco, CPA, addressed the Citi Nonprofit Day conference entitled Securing your organization’s future: It’s more than Money. The event was presented by Citi Illinois in partnership with Donors Forum and the Alliance for Nonprofit Management. Hilda shared with the Chicago area leaders some FMA lessons learned related to how nonprofits are adapting to the “new normal.”
To read more about the event or download the event materials click here.
Accessing Working Capital
In the Summer of 2010, FMA hosted the Speakers' Series, Accessing Working Capital, at the Chicago Cultural Center. Over 100 nonprofit executives attended the event, which focused on the best practices of building reserves, conversations with board members about accessing reserves, and the changing role of bankers and lines of credit. The panelists for the speakers’ series included Harry Wells, CEO from Chicago Youth Center, Denis Hurley, CFO from Metropolitan Family Services, David Crossett, a Board Member at Gads Hill Center, and Clare Golla from Shore Bank.
To read more about the event or download the event materials click here.
FMA and ERE Nonprofit Survey Report: Maximizing Nonprofit Resources in a Challenging Economy
 FMA and our affiliated public accounting firm, ERE LLP, are proud to present our second annual survey of nonprofit fiscal operations and guide to best practices. The report, based on a survey of nearly 290 nonprofit organizations throughout the New York metropolitan area, serves as a guide to help nonprofits understand critical decisions around fiscal infrastructure and governance, and for their stakeholders to gain a broader understanding of the needs within the sector.
In addition to the survey statistics, the report also includes analysis, tips, examples, advice by FMA and ERE on best practices in nonprofit financial management.
To read more or download the report click here.
The Wallace Report
 FMA recently partnered with The Wallace Foundation to conduct a study of the administrative
management capacity of organizations providing out-of-school time (OST) services. Based on a
sample of 16 high-performing programs in New York City and Chicago, the report concludes that
many OST providers need additional investment in administrative management capacity in order
to most effectively support, develop and expand their programs. While the study focuses
specifically on organizations providing OST programs and services, the report’s lessons
and observations should be relevant and useful to the broader nonprofit sector as well.
Please click here to download the full report.
Please click here to download the executive summary.
Watch FMA Videos here.
Fiscal Management Associates
"We have been fortunate to work with FMA for close to a
year. Their expert guidance has helped us through the
unprecedented merger of 7 councils and the difficult task
of standing up our financial function...They are a top notch
team dedicated to supporting our Mission by building a
strong operational infrastructure, processes and systems.
We value them as a trusted partner."
- Maria Wynne, CEO, Girl Scouts of Greater
Chicago & Northwest Indiana
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