#USA #New York #Nonprofits #Ramp #Sales Tax Recovery

Ramp Introduces Ramp for Nonprofits

In a move aimed at supporting nonprofit organizations, Ramp has launched an innovative platform called Ramp for Nonprofits. This new solution is designed to help finance teams tackle two significant challenges: recovering sales tax that should not have been paid and ensuring that expenditures align with grant requirements and the intent of donors.

The keenly anticipated platform enhances financial transparency and efficiency by integrating various controls and documentation into the spending process, all while maintaining the integrity of each organization's accounting systems. Within this framework, nonprofits can manage their various transactions—ranging from card purchases to invoice processing—more seamlessly than ever.

Features Enhancing Financial Management

Ramp for Nonprofits includes several features that make it an indispensable tool for organizations looking to manage their finances better:

• - Sales Tax Reclamation: Nonprofits can easily flag sales tax on both card transactions and accounts payable purchases. The platform helps users compile a claim packet, which can then be submitted to merchants or state authorities for review.

• - Sales Tax Exemption: With a built-in feature for storing exemption certificates, staff can access these documents conveniently through the Ramp app at the point of sale in states where such exemptions are applicable.

• - Grant Budgeting: Each grant can have a dedicated budget, with teams able to monitor actual spending against this budget in real-time, enabling better financial oversight.

• - Approval Routing for Grant Managers: The system sends approvals for expenses directly to designated grant managers within the organization’s accounting framework.

• - Grant Policy Compliance: The platform checks expenditures against established rules for each grant, flagging any non-compliant items for further review before approval.

The implementation of these features has not only streamlined operations but also allowed nonprofit staff to redirect their time toward missions rather than mundane financial tasks.

Time Savings for Mission-Centric Work

According to Ramp, clients have reported impressive time savings. For instance:

• - The Boys & Girls Clubs of America saves over 50 hours each month, which can be repurposed into activities supporting local clubs and enhancing outreach to over 3 million young people.
• - Nevada Partnership for Homeless Youth reduced the time taken for purchase-order approvals by a remarkable 90%, freeing up six hours per month for its team to focus on supporting at-risk teens.
• - The Jewish Fertility Foundation reclaimed nearly 11 weeks of work within the first year of using Ramp, allowing its staff of 17 to better assist families dealing with infertility issues.
• - Girl Scouts of the Green and White Mountains transformed one member's accounting tasks from a daunting 20-30 hours per month down to just 1.5 hours, enabling their team to support thousands of girls in New Hampshire and Vermont.

A Commitment to Accountability and Transparency

“Every dollar a nonprofit spends carries a promise to a donor or a community. Ramp for Nonprofits aids finance teams in reclaiming improperly paid sales taxes, maintaining alignment with grant and restricted funds, and ensuring thorough documentation from purchase to final reporting,” remarks Kelly Horton, Senior Director of Public Sector Sales at Ramp.

The platform is now available, and organizations keen on learning more can visit the Ramp website or attend a live demonstration scheduled for November 10.

About Ramp

Founded in 2019, Ramp has quickly become a vital financial infrastructure for organizations of all types, supporting them in optimizing their expenses and streamlining operations. Currently, over 85,000 clients count on Ramp, which processes a staggering $275 billion in purchases annually. For more details about Ramp, visit www.ramp.com.

With Ramp for Nonprofits, organizations can focus less on complicated financial hurdles and more on impactful missions, reshaping the nonprofit landscape for the better.