#USA #Nashville #Accounting Services #Nonprofit Suite #Foundation Group

Foundation Group and Nonprofit Suite Join Forces

In an exciting development for the nonprofit sector, Foundation Group, renowned for its nonprofit formation and compliance services, has announced its merger with Nonprofit Suite, a firm known for providing tailored accounting solutions to larger nonprofit organizations. This strategic alliance will now operate under the name Foundation Group Accounting Services, reinforcing its commitment to serve nonprofits of every size.

A New Era for Nonprofit Accounting

The consolidation of Foundation Group's legacy Bookkeeping division with Nonprofit Suite marks a significant expansion of services available to clients. This integration brings together over two decades of expertise from Nonprofit Suite and eight years from Foundation Group’s bookkeeping services. The combination allows for a seamless continuum of accounting capabilities, which will enhance financial management for organizations ranging from small startups to complex entities with extensive operational needs.

Greg McRay, the president and founder of Foundation Group, expressed the strategic vision behind this merger, noting that organizations consistently seek a trustworthy accounting partner rather than a mere transactional vendor. This new initiative aims to evolve with clients as they grow, ensuring that they receive consistent, high-quality service throughout their development.

Core Services Offered

Foundation Group Accounting Services will provide several critical offerings to create a reliable framework for nonprofits:

1. Accurate Bookkeeping: Clients will receive GAAP-compliant bookkeeping, establishing a solid financial base for their operations.
2. Operational Accounting and Reporting: This will equip nonprofit leadership with timely insights, crucial for organizational performance tracking and oversight.
3. Strategic Financial Support: This encompasses budgeting, audit preparation, grant management, and more, tailored to meet the increasingly sophisticated needs of growing nonprofits.

With these foundational services, nonprofits can begin simply with basic bookkeeping and evolve into comprehensive financial management as their complexity and requirements increase.

Leadership and Vision for the Future

Lora J. Lahoda, CPA, CGMA, has been appointed as the Vice President and General Manager for Foundation Group Accounting Services. Lahoda's extensive experience in the nonprofit sector as an auditor, CFO, and consultant positions her well to guide the integration of these teams.

Lahoda stated, “This merger allows us to provide an accounting partnership that evolves alongside our clients’ journeys, whether they require foundational bookkeeping or sophisticated CFO services.” Her emphasis on meeting clients at their current stage while ensuring future growth reflects the overarching goal of the new division: to empower nonprofit leaders with actionable financial insights that can drive their mission forward.

Continuation and Expansion of Services

With this merger, existing clients can expect continuity in the same high level of service they have relied on for eight years, including:

• - Monthly bank account reconciliations
• - Financial statements (Statement of Financial Position, Statement of Activities, Statement of Cash Flow)
• - Access to U.S.-based bookkeepers with extensive nonprofit-specific accounting expertise

Furthermore, the merged entity introduces enhanced services targeting nonprofits with more complex operations:

• - Operational Accounting: Detailed analysis including program cost allocations and monitoring of restricted fund usage.
• - Comprehensive Financial Reporting: This feature includes customized reporting that meets board expectations and budgetary frameworks.
• - Interim CFO Services: Offering strategic insights and financial governance during transitional periods.

The partnership is poised to help organizations navigate the intricate landscape of nonprofit finance smoothly and effectively.

Availability of Services

Foundation Group Accounting Services is now fully operational and ready to assist both new and existing clients. Organizations interested in leveraging these enhanced capabilities can reach out for consultations tailored to their specific size, financial complexity, and needs. More details can be found on Foundation Group’s website.

About Foundation Group

Foundation Group, based in Nashville, provides a comprehensive range of nonprofit services, including formation, tax compliance, and accounting support—having served over 50,000 organizations in its extensive history. The merger with Nonprofit Suite will undoubtedly pave the way for a new, client-focused approach to financial management in the nonprofit arena.