Bookkeeping
We manage accounts receivable, accounts payable, bank reconciliation, payroll processing and other essential daily financial transactions.
Community Foundations
At JFW Accounting Services, our dedicated team of CPAs & staff accountants help community foundations with outsourced CFO & accounting services so you can focus on delivering your mission.
A community foundation occupies two roles at once. It is a trusted public charity that local donors turn to with meaningful gifts. It is also a sophisticated grantmaking and investment enterprise managing multiple funds, complex compliance requirements, and long-term financial commitments. That dual identity does not fit neatly inside a standard bookkeeping framework.
Accounting for community foundations is a discipline in its own right. The financial reporting structure, the fund management requirements, and the board transparency expectations are more demanding than most general nonprofit accounting can handle. When those demands are met with basic software and manual spreadsheets, the back office becomes a source of risk rather than confidence.
JFW Accounting Services provides specialized nonprofit accounting services tailored to the operational structure of community foundations.
Donor-Advised Funds and Endowments: Getting the Accounting Right
Donor-advised funds (DAFs) and permanent endowments sit at the financial core of most community foundations. Both require careful, fund-by-fund accounting. Both carry legal and compliance obligations that standard accounting software was not designed to meet. At JFW, we understand fund accounting and the importance of investment allocations, administrative fee calculations and spendable reporting for grants.
JFW recognizes the importance of the accounting structure so that donor-advised funds accounting and endowment fund accounting are handled at the transaction level, with each posting tied directly to the correct fund from the start.
Virtual Controllership and Outsourced CFO Services
Our Virtual Controllership provides the following to your monthly finance cycle:
- Disciplined month-end close with defined timelines and documentation standards
- Comparative financial reporting that lets the board track performance period over period
- Internal control frameworks that protect fund integrity and reduce audit findings
- Grant compliance tracking to confirm that restricted funds are spent according to agreement terms (Grant compliance and reporting is managed by the Grants team, finance assists by providing team with the accurate reporting)
Our assistance keeps your foundation audit-ready year-round. It also provides the board and finance committee with reports they can actually use in governance discussions, not 50-page packets that require an accounting background to interpret. We can also help design Dashboards for monthly summary reporting on key areas.
Outsourced CFO services move from historical record-keeping to forward-looking leadership:
- Long-term financial modeling tied to grantmaking capacity and reserve policy
- Multi-tier budget development that reflects the foundation’s operating funds, program funds, and endowment distributions separately
- Grant capacity modeling to project how much can be distributed while maintaining financial health
- Scenario planning for investment downturns, major gifts, or significant grantmaking initiatives
Together, these two service pillars provide a community foundation’s executive director and board with the financial infrastructure that larger institutions build in-house at a fraction of the cost.
Modernizing Operations with Sage Intacct for Nonprofits
The practical benefits for community foundations are significant:
- Fund-level reporting for every DAF and endowment pulls in seconds, without manual compilation
- Board dashboards display real-time reserve balances, grantmaking activity, and investment performance in a format designed for governance, not accounting
- Multi-entity consolidation across foundation arms happens automatically, with intercompany eliminations handled by the system
- Digital audit trails capture every transaction, every approval, and every document in a cloud-based environment accessible to auditors without physical file preparation
Sage Intacct is the only financial management platform with the AICPA’s preferred provider designation. JFW implements and manages Sage Intacct environments configured specifically for community foundation operations, not adapted from a general nonprofit or business template.
What JFW Delivers for Community Foundations
JFW’s service model for community foundations spans four core areas:
- Reporting & Attestation: General ledger maintenance, cash reconciliation, and financial statements prepared for board review, audit, and regulatory filing
- Business Process Outsourcing: Accounts payable, accounts receivable, cash management, and grant disbursement processing managed on your behalf
- Virtual Controllership: Month-end close management, comparative reporting, budget oversight, and internal control documentation
- Virtual CFO: Financial strategy, long-term modeling, grant capacity planning, and board-level financial leadership
These services can be engaged individually or as a comprehensive package, depending on the foundation’s current staff capacity and financial infrastructure.
Community foundations serve their communities for decades. The accounting and financial management systems behind them need to be built to last. JFW Accounting Services provides that infrastructure, with the expertise and the technology to support a foundation at every stage of growth.
Contact us today to schedule a client assessment.
We help community foundations with:
• Reporting & Attestation: General ledger / Trial Balance, Cash Reconciliation, and Financial Statements
• Business Process Outsourcing: Accounts Payable / Bill Payment, Accounts Receivable / Collections, Cash Management and Reconciliation
• Virtual Controllership: Financial Statements, Comparative Reporting, Budgeting
• Virtual CFO: Financial Strategy, Financial Modeling, Market Analysis
• Upgrading Nonprofit Accounting Software: Are you struggling to manage your nonprofit's finances with outdated systems? Sage Intacct’s cloud-based accounting software streamlines financial management, giving you real-time visibility and accuracy.
Customized for Your Needs
JFW Accounting Services will gain you confidence in your accounting and financial trajectory. Our accessible team of experts is adept at open and transparent communication, resulting in a seamless partnership that consistently performs. We offer many specialized services that can be customized to your needs, strengths and budget.
Client Advisory Services
We kick off every relationship with a Client Assessment – helping us understand your organization’s unique needs.
BOOK A CLIENT ASSESSMENT TODAYGain Complete Confidence in Your Accounting
Your organization’s team should be focusing their time on what matters most – achieving your mission. That’s why we provide nonprofits with accurate data and transparent communication you can trust. With regular meetings to discuss your organization’s financial health, you’ll be confident that your organization is compliant, accountable and strategically utilizing your financial resources.
Individual Approach
We take an individual approach to each and every client, taking the time to thoroughly understand your problems, needs and goals. The result? Customized strategy and solutions that set your organization on a path to success.
Exceptional Customer Service
As an extension of your team, we are available when you need us. Always accurate, professional and on time, we are dedicated to helping everyone harness the power of their numbers to reach their true potential.
Team Of Industry-Leading Professionals
We are a reliable team of experts with decades of experience in business and nonprofit accounting. Our Nonprofit CPA’s are fully certified and regularly pursue professional education opportunities that keep their fingers on the pulse of accounting trends.
Hear From Some of Our Happy Clients
Customer satisfaction is at the heart of everything we do. We’ve proudly partnered with several nonprofits and businesses to enhance their accounting processes, understand their numbers and reach their financial goals.
We look forward to helping you achieve your financial goals!
GET STARTEDNON-PROFIT ORGANIZATION SERVICES
We can help maintain your nonprofit organization’s tax-exempt status by handling all of your monthly and quarterly financial accounting as well as your annual IRS reporting (Form 990) needs. Our team works collaboratively with our nonprofit clients to develop smart accounting systems informed by IRS rules, regulations and classifications.
We offer the following services:
- Accounting System Implementation, including aligning the Chart of Accounts, Program alignment and maintenance
- Monthly/quarterly review and compilation of your financial statements, including the statement of functional expenses and revenue support schedules
- Bi-weekly, semi-monthly and monthly payroll preparation
- Preparation of financial reports for your board of directors
- Grant administration, compliance, budget proposals & financial reports
- Reducing fraud risks and establishing fraud controls
- Implementation of effective budgeting practices
- Customized training for your accounting personnel
- Preparation of schedules for your annual 990 tax filing
- Consultation and review of initial start-up documentation, including incorporation and form 1023/1024
COMPILATIONS & AUDIT PREPARATION
A compilation involves an accountant preparing or assisting in preparing financial statements without expressing any assurances that the statements are accurate, complete, and/or in conformity with Generally Accepted Accounting Principles (GAAP). Unlike a review, few, if any, procedures are performed.
An audit is a formal examination of an organization’s accounts or financial situation. It is the top level of investigation performed on a business’ financial statement. We can help your organization prepare for external financial or regulatory audits. We will work with your internal management team to identify issues and develop and implement appropriate corrective action prior to your audit reviews. We will prepare and perform necessary testing as well as provide supporting documentation and work papers.
PAYROLL SERVICES
Are you considering outsourcing payroll? If so, you are not alone. Managing payroll is a time-consuming burden. Payroll is a necessary function of employing people, but it does not help create revenue or increase sales. Simply, payroll can be a drain on most employers’ resources. Outsourcing payroll helps reduce costs and increase available capacity for more important work.