Search this site

If you’re searching for an effective strategy to increase the value you offer to members, then automating your data collection and reporting presents an excellent starting point. Automation offers tremendous value to you and your members, and today’s automation trends provide a number of simple starting points from which to choose. How Automation Can Help While automation may place many of your current processes behind the scenes, you can reap visible benefits from adopting any one of today’s automation trends in numerous ways. Automating data collection makes you more efficient. The clear benefit of automation is that it eliminates the time spent on manual data entry, calculations, member follow-up, and more. Each added layer of automation should remove some level of human involvement, allowing your staff to devote more time to value-added activities. Plus, once you’ve automated one report, it becomes simpler to replicate these processes and expand your offerings to additional types of reporting. Automation in data collection can reduce the risk of reporting errors. We all know that the more human involvement in your data collection and reporting, the greater the risk of error. However, this reduced risk of error in data collection also provides greater confidence in any step you might need to take with the resulting report. Once your data collection and reporting process has proven effective, there’s no need to triple-check or validate each new piece of information before you use it. Automation makes customized reporting easier than ever. Once you set up your automation process to instantly generate reports, it becomes much easier to make small modifications to formatting. Because this reporting is all done through data modeling, it is possible to change a single parameter and adjust your presentation style within a matter of minutes. This ensures you’re providing the most impactful option for members. Automation allows you greater flexibility. The efficiency you gain in pursuing any of today’s automation trends gives you a better ability to deliver value to members. It ensures that you are able to quickly pivot to provide the timeliest information. And, once you build an automated workflow for data collection and reporting, you’re better prepared to adopt the next iteration of automation that your members expect as soon as it becomes available. Maximizing Automation in Data Collection and Reporting When it comes to data collection and reporting, we’ve seen a progression in the types of processes that can be automated. Where once nonprofits mailed or faxed surveys to members, many have moved toward manually entering collected data into an Excel spreadsheet. More recently, online forms have become simpler to use, allowing members to submit their own data in a consistent format that allows for simpler analysis. Now, automation trends are headed towards processes that allow your members to submit data online where it can be instantly amalgamated within a database to automatically generate a report. Each iteration of this progression reduces the need for manual input. When done right, this increasing level of automation also reduces the number of steps needed to perform a process and creates a more standardized format for information. This standardization opens up tremendous possibilities in reporting. As one case in point, when the Outdoor Power Equipment Institute (OPEI) came to Vault for assistance in updating their Market Statistics Data Portal , they already had in place a website where members could submit sales data through an online form. Data uploaded each month was placed into a standardized data table. With this framework in place, OPEI was ready to increase the amount of data it could provide in each report to provide greater value to members. Vault integrated data on market share, including sales volume for certain products across different regions, with product data, including a break-down of features for each product sold. Members now have access to an information-rich dashboard that allows them to get a far more useful analysis of sales data based on product details. The result is a user-centered platform that grants members insight into where certain product features are most in demand and allows for better comparison across product types.  Pursuing Today’s Automation Trends Can Keep You Competitive Nonprofits seeking to stay competitive know that the greatest value they can offer their members is information. By working with a research expert like Vault, you can maximize the value you offer to members with every step you automate. To learn more about how you can enhance your value with automated data collection and reporting, contact us anytime—we’re here to help!

Nonprofits have a number of tools available to support the growing shift to remote or hybrid work. Artificial intelligence (AI) driven technology is increasingly among these tools. They offer big opportunities to change the way organizations recruit and support their teams. However, leveraging the latest trends in HR technology to their full potential will require HR leaders and team managers to recognize and navigate the potential challenges as well.  Weighing the Pros and Cons of AI in HR HR is discovering, as other industries have before, that AI technology offers a tremendous range of advantages. In HR, these advantages might include:  Automation of routine tasks. AI solutions are leading employees through onboarding by presenting information only after certain requirements have been cleared.  Valuable insight for HR leaders. AI tools can provide insight into candidate quality metrics, such as new-hire turnover and retention rates, to guide adjustments to recruitment and onboarding strategies. A more personalized employee experience. Through the use of advanced analytics, AI solutions can help identify which skill gaps employees might have and recommend appropriate training opportunities or modules.  That said, the risks around this new technology are already becoming clear. Perhaps chief among them are ethical considerations around how AI is used to streamline the hiring process. The latest trends in HR technology include AI-driven algorithms that help HR managers screen resumes for key criteria. When there are hundreds of potential applicants to evaluate, this can be a significant timesaver. However, it can also introduce a risk of discriminatory hiring practices. Because resumés are based on criteria entered by the HR manager, AI solutions draw upon any biases input by the hiring manager to rate an individual’s compatibility for a position. Allegations of bias in AI screening are working their way through the legal system.  In addition, AI tools open organizations up to risks around data privacy. AI can collect and process vast amounts of data. For example, AI tools used to conduct background checks are able to process a much broader range of data – such as social media profiles – than traditional tools. HR managers must be diligent about putting processes in place to prevent unreasonable invasions of privacy. They must also remain abreast of regulatory requirements as they emerge to govern this new technology.  In addition, managers must recognize that AI can’t consider values or evaluate how well a candidate will fit in with company culture. Leaving candidate evaluation to AI alone risks gathering a pool of technically proficient candidates that may not necessarily fit in culturally. Some decisions simply require human involvement. Creating an AI Policy As AI increasingly permeates the workplace, HR managers will find that these tools may not be avoidable – nor should they be avoided. Instead, as with every aspect of the changing workplace environment, it’s important to be clear about what you want to achieve with your AI tools. AI is meant to support teams, not replace them, but a lack of clarity can still create a sense of unease among employees.  A clear AI policy can help put minds at rest. And by aiming for quick wins with your AI investments, HR leaders can further build buy-in among employees. This might include solutions that provide easy productivity gains, demonstrating value and allowing for more strategic applications later on. In navigating the latest trends in HR technology, it will also be important to tread lightly. AI solutions are expanding, and uses of artificial intelligence haven’t been fully vetted through our legal system. It will be important to watch for updates on AI best practices from trusted associations and partners as new use cases emerge. Vault Consulting is supporting nonprofits by watching these updates and providing guidance to help you adapt. Sign up for updates on our news and other resources or contact us with questions any time.

Vault is committed to building a diverse and inclusive workspace where employees are empowered and encouraged to bring their whole self to work.  In honor of Black History Month, we are looking back at the history of the vibrant African American community in Washington, D.C. The community continues to electrify the culture of our federal capital and by extension, the nation. When Washington, D.C. became the capital of the United States, the population of the city was around 30% African American. For the next 70 years, D.C. evolved into a city of contradiction: as both a hub for slavery and slave trade and of abolitionist activism. On April 16, 1862, Congress passed the District of Columbia Emancipation Act, making Washingtonians the first freed in the nation, nine months before President Abraham Lincoln issued the Emancipation Proclamation in January 1863. With this act, 3,100 slaved were free in the District. Washington, D.C. became a nucleus of African American commerce and culture beginning with the Great Migration when the city saw an influx in African American’s moving north from Virginia and the Carolinas. By 1950, D.C.’s population was more than 50% black. The marks of segregation were prevalent, even in a city that was a majority black. Music, art, theatre, and food emerged from the black communities centralized in the neighborhoods of U Street, Shaw, LeDroit Park, and Anacostia. These neighborhoods became refuges where black businesses grew and succeeded in serving the marginalized community. In the northeast region of the city, anchored by Howard University, and extending up the U Street corridor, a cultural mecca of black theatre, art, and music emerged. Before the Harlem Renaissance began, Black culture was thriving in D.C.’s U Street corridor. The area was frequented by icons of the Harlem Renaissance and the jazz age. Jazz musician, Duke Ellington, was born in D.C. and was raised on 13th street near what would become the hopping center of black business and jazz music, today remembered as Black Broadway in D.C. Before his debut and fame in New York City, Ellington was known to frequent clubs along the U Street corridor. Poet Langston lived with his family in several rooms that they rented on S Street beginning in 1924, up until the time that he published his first book of poems in 1926. Hughes went on to become one of the most famous poets of his time and a primary figure in the Harlem Renaissance of the 1920s. America’s biggest stars, Cab Calloway, Pearl Bailey, Louis Armstrong, Sarah Vaughan, Billie Holiday, Nat King Cole, and Ella Fitzgerald also played and sang up and down U Street from the Howard Theatre to the Lincoln Theatre and at jazz houses in-between. Black Broadway was tragically diminished after desegregation. The black community gained access and began to patronize a variety of businesses, many which were white, reducing support for the historically safe black spaces that had been carved out on U-Street. Across the city, the 1970’s saw the emergence of a new musical genre: DC’s go-go music. Its beginnings can be traced to the Edgewood neighborhood in Northeast DC. Go-go integrates jazz, R&B rhythm and gospel call-and-response. It became popular among teenagers out of the strong marching programs across D.C. high schools. The talent of these young musicians extended and morphed into the communal experience of go-go. African American communities in DC continued to grow, peaking in 71% in 1970. By this time, D.C. was the largest community of African American’s outside of Harlem. The population then fell below 50% by 2011 and today stands at 44% black. While D.C. is known today for fine dining establishments and Michelin starred restaurants, soul food was once a prevalent offering that demonstrated the black community’s influence on the city.   The longevity of Ben’s Chili Bowl the U Street neighborhood is the result of not only it’s secret recipe, but also the political role that it played in civil rights. In the wake of Martin Luther King Jr.’s assassination and the race riots that gripped the country, Ben’s Chili Bowl stayed open to serve protesters and first-responders, alike. Co-founder Virginia Ali, who started the restaurant with her husband, still comes in every day. Busboys and Poets, established in 2005, celebrates the American poet Langston Hughes, who worked as a busboy at the Wardman Park Hotel in the 1920s, prior to gaining recognition as a poet. The founder established the restaurant as a community gathering place for activism and social change. They serve up a variety of vegan options and dishes inspired by the African diaspora such as their famous sweet potato pancakes. Today, D.C. is also home to many African immigrants and members of the African diaspora through the Caribbean. The District hosts the second largest community of African immigrants after New York City. In D.C. and the surrounding areas, the largest populations are Nigerians and Ghanaians. “Little Ethiopia” emerged in the center of the District, in the Shaw neighborhood. Ethiopian restaurants and shops are prominent throughout the area. The convergence of soul-food influences and African flavors also produced mumbo sauce, a popular sticky-sweet condiment not only found in soul-food restaurants, but also in fine dining establishments across the city. Experimental music, pioneering theatre, soul-food, and social activism emerged from the resilient community of African Americans in Washington, D.C. The robust community marked the energy of life in D.C., carving out unique communities which brought progress, not only to American politics, but also to American culture. Eyes continue to watch our capital city as it grapples with race relations throughout history, and sets the tone for celebrating black history. Sources https://emancipation.dc.gov/page/ending-slavery-district-columbia https://savingplaces.org/guides/explore-washington-dc-black-broadway https://en.wikipedia.org/wiki/Demographics_of_Washington,_D.C https://blackbroadwayonu.com/ https://washington.org/visit-dc/gogo-music https://time.com/wp-content/uploads/2015/01/bcb-full-history.pdf https://www.busboysandpoets.com/about/ https://www.southernfoodways.org/searching-for-soul-food-in-the-once-chocolate-city/#:~:text=Washington%20attracted%20African%20Americans%20from,restaurants%20of%20the%20nation’s%20capital

Managers have always been key culture-setters. They’re the frontline workers that dictate how employees experience an organization. As a result, it’s essential that managers fully embrace and be trained to lead in a hybrid or remote work approach that will set your organizational culture. As with every aspect of management, it’s essential to be intentional about training both new and current managers to operate in this new work environment. Best practices for managing remote teams will have some distinct differences from in-person management. Where in the past it may have been as simple as having a manager trainee shadow a more experienced leader, these training opportunities must evolve into planned discussions around some of the key changes impacting the remote work experience. Learning to Support More Styles of Work One of the key factors to consider in training managers today is that remote work provides both a much wider pool of applicants and, with that, some notable cross-cultural differences. Employees have long recognized that there are different workstyles on the East Coast versus the West Coast, or in northern versus southern states. Work style and cadence changes with geographic environments from more laid back to high-energy, high pressure work environments. When it comes to managing remote teams, best practices dictate that managersrespect different approaches to work. This can better nurture and retain top performers. For example, when a star applicant based in a remote area of the country was hired by an organization based in the metro D.C. area, the employee became overwhelmed within just a few short weeks. Upon taking a step back, it became clear that the work environment felt frenetic to an employee who was used to a more relaxed pace of work. This acknowledgment of a work culture difference helped bridge the gap in expectations. Delivering New Levels of Wellbeing Support Another area where managers are finding they must make changes is when it comes to addressing employees’ mental health. There’s far more openness about mental health challenges and the need for support today than there has been in the past. The combination of growing awareness of and engagement around social issues and the impact left by the pandemic has made it far more normal for employees to be open about their mental healthchallenges. This is particularly true of Gen Z. One American Psychological Association report found that Gen Z is more likely to report mental health concerns than any other demographic group. As workplaces encourage people to bring their authentic selves, people are becoming more open about their mental health challenges. Managers may find they need some understanding of how to support people actively managing mental health concerns, including connecting them with more appropriate resources. Manager training must adapt, and should include insight into how and when to have these conversations, what areas should be referred to human resources, and how to best support employees with health struggles. While this is relevant for all organizations, nonprofits operating in high-stress environments or with at-risk populations should be especially attuned to this need. Organizations can provide training resources specific to their employee’s needs. Investing in employee well-being also means that organizations must offer support that goes beyond health insurance. Many organizations have offered employee assistance programs (EAPs), which may come with a set number of free sessions. However, four days of support is no longer enough. Consider adding different resources outside of EAP, such as counseling. The KonTerra Group is one example of an organization available to provide counseling and support for employees who work in high-stress environments or relief organizations. In addition, more organizations are offering wellness days specifically geared toward supporting mental health with time off beyond sick and vacation days. Some organizations are evaluating ombudsman services, which support conflict resolution around workforce issues. Help Managers Make the Shift Not all managers have made the mental shift to the new world of work. There can be frustration that comes with being forced to change a familiar method of mentoring and connecting with individuals.  To help managers make the mental shift to managing a hybrid workforce, it’s essential to provide tools, training, and best practices for managing remote teams for managers on how to set up effective one-on-one sessions. The most successful managers will be those who are flexible in how they communicate and who understand that remote workers do need to be managed differently than people reporting in person. It will also be important to remind managers that their perception that their team is ineffective may not be correct. Rather they are using different skill sets. Remote management is still about managing people – which has always been difficult – but simply requires more intentionality around checking in and connecting.  If you’re looking for a partner to help you create this intentionality, Vault Consulting is here to help. Contact us today to discover how we can equip you with the best practices for managing your remote teams.

Accurate, timely, transparent accounting for nonprofits is essential to secure stakeholder trust and the financial contributions that allow nonprofits to drive their mission forward. With strong financial processes and reporting in place, nonprofits are better equipped to reduce risk and plan for the future. Yet many nonprofits today are facing challenges in finding and maintaining the accounting staff needed to keep up with the pace of rapid regulatory change and evolving reporting demands.  These hardships are not unique to accounting for nonprofits. However, nonprofit organizations may find that these added challenges can prevent them from meeting stakeholder expectations and compliance requirements. By understanding these challenges, nonprofits can begin to identify solutions, including lessons learned by other organizations. 1. Worsening Accountant Shortages Nonprofit leaders are often experts when it comes to stretching the extent of their impact with limited resources. However, when it comes to accounting, many nonprofits are increasingly facing a different type of shortage: labor.  As of 2024, data from Bloomberg  puts the national accountant shortage at more than 340,000 positions. Retiring Baby Boomers account for some of those open positions. However, the Society of Human Resources Management reports  that accountants in the 25- to 34-year-old range and mid-career professionals are also leaving the field. The number of new graduates with accounting degrees has decreased for nearly a decade. As Bloomberg  puts it, this accelerating shortage is reaching crisis levels. Experts attribute this shortage to several factors, including the field’s image. The perception of a profession in which graduates can expect to work long hours behind their desks isn’t attracting Gen Z graduates who prioritize flexibility at work. Moreover, many students seem to find the fifth year of higher education required to earn Certified Public Accountant licensure as an unworthwhile investment for a profession that has seen compensation levels stagnate. When it comes to accounting for nonprofits, where tight budgets can make it challenging to offer competitive pay, this may pose a particular challenge.  These staffing shortages have the potential to compound nonprofits’ existing accounting challenges by adding to the strain on the remaining staff. It’s also contributing to a knowledge gap that may be increasingly difficult for nonprofits to bridge.  To maintain timely, accurate reporting, nonprofits may have to think outside the box about how they manage their accounting function. Solutions may consider a remote workforce, outsourced accounting, and technology solutions that enable new levels of efficiency, as we’ll discuss over the next several chapters. 2. More Frequent Regulatory Changes  As Bloomberg  reports, financial errors are a challenge even large public firms face today as a result of the worsening accountant shortage. Nonprofits with limited resources may find the risk of errors becomes even higher when their accounting professionals are tasked with keeping up with increasing regulatory changes.  Over the last decade, the Financial Accounting Standards Board has issued a multitude of new accounting pronouncements. Nonprofits must be able to stay abreast of these changes so that they can interpret and apply relevant pronouncements to their organizations. If your staff isn’t up to speed on the latest updates, nonprofits run the risk of non-compliance with Generally Accepted Accounting Principles.  3. Greater Demands for Reporting Transparency  While all industries are struggling to keep pace with evolving GAAP requirements, nonprofits have added reporting expectations that are also evolving. Nonprofits have always had a responsibility to donors, members, and other stakeholders to ensure that their finances align with their mission. However, reporting transparency has gained more weight as a metric by which to measure nonprofit success.  The public is increasingly holding nonprofits accountable for improper use of funds. As a result, accounting for nonprofits may come under closer scrutiny. For example, the  Federal Trade Commission  now recommends checking an organization’s reviews on an online rating website before donating to any non-governmental organization. In addition, research  indicates that donors are 53% more likely to contribute to a nonprofit that is transparent with its information.  Fortunately, financial transparency can be as simple as ensuring that your board, management, and other key decision-makers can glean essential information about your organization’s financial health through your reporting. Clear, accurate reporting, supported by strong internal controls, enables nonprofits to deliver the transparency their stakeholders expect and deserve. New Solutions Address These Accounting Challenges While these challenges may seem daunting, nonprofit organizations do have solutions at hand. Some organizations are finding that they can fill their knowledge gaps with support from third-party accountants. Others are turning to new technology solutions to boost their efficiency in meeting these growing demands.  To deliver timely, accurate reporting that serves their stakeholders and their mission, nonprofits must think outside the box about how they manage their finances. Working with a third-party consultant may help nonprofits gain the timely expertise they need without investing in additional positions. Discover how a consultant can help you overcome these challenges and modernize your accounting and reporting. Contact Vault today to learn more!

Associations are facing stiffer competition than ever for members’ attention. After all, today’s professionals have access to a greater wealth of free resources and information than ever before. Many associations recognize that they must adapt in order to keep benefits relevant and member engagement strong – but not all are sure how to move forward. Research has long been central to associations’ value proposition. However, research isn’t just valuable as a member benefit. Member research can help organizations pinpoint the reasons behind key challenges, such as declining engagement and membership. With the insight gleaned from member research, associations can develop targeted strategies to enhance value and strengthen member participation. 3 ways Member Research Can Unlock New Value Research has always played an essential role in engaging association members. Well-targeted research can provide value to members in their business roles and foster a sense of community within the association. It’s when that research isn’t appropriately targeted to members’ needs or preferences that associations may be misled or have a false sense of security and find that membership declines. Through member research, associations can better understand members’ motivations, intentions, and behaviors. They can also begin to better tailor their member engagement strategies to deliver benefits like these: 1. Bridge Communication Disconnects As the association landscape continues to evolve, many organizations are finding that their members are looking for different types of content, delivered across different channels, than they may have used in the past. Members have more communication options than ever before. If associations are not reaching out to members across these channels, or using members’ preferred communication channels, engagement may wane. Research can help identify member communication preferences (such as email, text, social media, etc.) and preferred content types (articles, videos, etc.). By conducting regular research on their members’ needs and preferences, associations will find they can connect with members in a more dynamic and personalized way. 2. Unlock Untapped Potential Many associations are finding that members increasingly expect personalized benefits tailored to meet their unique needs. Through member research, associations can uncover their members' true needs and motivations. This valuable data enables associations to tailor benefits, programs, and communications to remain relevant and attract members’ attention. It also allows them to offer more personalized experiences and cater to more diverse member segments. This may range from interactive dashboards  that can personalize reports to smaller cohorts organized around shared member goals. Member research is essential for shaping these personalized experiences. 3. Prioritize Resource Allocation Associations often operate with big goals and limited resources. Member research can help organizations prioritize action on those initiatives that resonate most with members. By collecting data, associations can ensure that their resources are directed toward the programs, activities, and benefits that will most effectively drive member engagement and satisfaction. Tools and strategies to support member research Member research doesn’t have to be complicated. In fact, keeping research brief and frequent may increase your response rate. For example, associations may find that a quick poll  sent via text message or social media is more likely to get a response than a longer emailed survey. Focus groups can also be a good starting point for gathering member insights.  In addition, associations have access to tools today that can simplify the process of member research while unveiling greater value. Artificial intelligence (AI) driven tools offer exciting new possibilities for associations seeking deeper real-time insight into their members’ needs and goals.  Among other things, AI tools can be used to gather a wider range of data to help associations craft survey questions or pose suggestions to members about potential future offerings. Because AI can analyze vast amounts of member data – including website activity, event registrations, and social media interactions – these tools can help identify trends and patterns in real time. This allows associations to pivot quickly to meet member needs and preferences. By analyzing historical data and member behavior, AI tools can also help predict future trends and member needs. This enables associations to proactively develop programs, content, and communication strategies that resonate with their evolving member base. Better yet, emerging AI tools can automate many of the time-consuming tasks associated with traditional research. Associations can reduce their costs while enhancing their value. Because these tools are evolving, it’s important for associations to consider confidentiality and security when they consider how best to apply AI. Many associations may find they are best served by using survey platforms that are equipped with AI-driven tools or by working with a consultant who can help position member research outreach. This is where Vault Consulting can make a difference. If you’re looking for expert support in positioning or leveraging your membership engagement research, contact us today to get started!

Accounting professionals have good reason to be cautious when it comes to implementing new tools. However, many nonprofits may find themselves at a tipping point in which the shift to technology-supported workflows may be necessary to help meet both staffing needs and the demand for greater reporting transparency set by donors and other stakeholders. Fortunately, nonprofits have at their disposal new accounting technology that can help improve workflows, boost efficiency, and strengthen financial reporting.  Below, we describe some of the solutions enhancing modern accounting, as well as the impact these tools are having on today’s accounting workforce.  1. Cloud-based Accounting Systems  Cloud-based systems have become ubiquitous in modern workplaces. Yet many nonprofits continue to use dated server-based systems that are reaching, or past, their end of life and are no longer supported by the software manufacturer. There are numerous reasons for this. The cost, knowledge, and time investment required to move to new cloud-based solutions may prevent some organizations from moving forward. Others may be reluctant to give up the sense of control and security that comes with securing access to financial data on a single server.  However, the advantages of adopting accounting technology on the cloud far outweigh the drawbacks. Chief among these advantages is the security that a cloud-based system can provide. As software manufacturers push their customers to cloud solutions, many are abandoning security updates to server-based software. This will leave organizations clinging to servers at greater risk of cyberattack. By shifting to the cloud, nonprofits can trust their data and their security protocols are always up to date.  Moreover, moving accounting to the cloud allows financial stakeholders real-time access to data when and where they need it. Because many modern cloud systems can be easily and securely integrated across other systems, it becomes easier to track funding data in real time. This also enables stronger collaboration across teams. Finally, the cloud offers the additional benefit of widening the hiring pool for financial professionals – allowing your team to bring on remote or hybrid accountants with the skill sets you need. 2. Automation and Artificial Intelligence Solutions  Artificial intelligence (AI) and machine learning solutions are impacting virtually every industry today, and accounting is no different. These tools can automate routine tasks such as expense management and invoice processing, reducing the risk of human error and delivering new levels of efficiency. AI-supported accounting technology can flag anomalies or identify misuse of funds. By adopting AI technology solutions, nonprofit leaders can gain valuable insight that can improve forecasting and drive strategic decision-making.  While potential use cases for AI are still being explored, all of these uses are meant to help accountants in their jobs, not replace them. These modern tools make it easier to process and track data and perform routine tasks. This gives financial professionals the support they need to focus on more time-intensive tasks, such as data analysis, that add greater value to the organization. 3. New Accounting Technology Demands New Skill Sets  These new technologies are driving changes in the types of skill sets needed by today’s accountants. For example, many organizations are now looking for a hybrid blend of IT and accounting skills. Due to the rise of automated workflows, organizations are increasingly looking for individuals who can think beyond debits and credits. There’s a need for people who can communicate financial information across departments and to public stakeholders, and who can analyze financial data to develop stronger strategies and better navigate revenue trends.  Some of these hybrid skill sets may be more difficult for smaller nonprofits to recruit. As a result, consultative outsourcing is expected to see even greater demand in the future. An outsourced accountant typically offers broader experience, greater bandwidth, and more up-to-date knowledge of best practices than an in-house accountant. In addition, these professionals tend to be more strongly invested in staying up-to-date on systems, regulations, and tools. Outsourced accounting partners have the added benefit of being able to apply best practices gleaned from one organization to other nonprofit clients. If you’re ready to realize these benefits in your organization, contact us today!

Partnering with Vault Consulting on your next benchmarking study provides your members with actionable intelligence to objectively assess their performance compared to industry peers, meaningful metrics to guide strategic business decisions, and comparative measures of success that can be tracked from year to year. With benchmarking studies, your members can access industry data at a regional, national, or international scale on topics such as: Compensation and Salaries Employee Benefit Packages Operational Processes Financial Metrics What Kind of Benchmarking Research does Vault Conduct? Financial & Operational Metrics Benchmarking reports focused on financial and operating costs help associations and member executives: Interpret financial ratios such as liquidity, asset turnover, financial leverage, and profitability Measure an organization’s operating efficiencies Determine a blueprint for the most profitable organizations in their sector Provide critical insight as to how they stack up against industry peers Compensation & Benefits A comprehensive study can give your members a significant advantage in hiring and retaining top/talented employees. Your member companies are in a perpetual staffing struggle and whether times are good or bad, employees are always looking for greener pastures. Additionally, companies that can identify new trends in benefits and implement them into their compensation structure will stand to improve their image to prospective employees and recruits, while simultaneously gaining loyalty points from their current employee base. What is the Process and Partnership Like with Vault on Benchmarking Study Initiatives? Best practices in conducting a benchmarking study with Vault include the following steps: Have a Kick-off meeting to introduce Vault and discuss the project goals Work with staff and select members to identify what insight they want to gain from the results Design the survey questionnaire or modify the current questionnaire to improve data capture while keeping consistency for trending purposes Determine the best timing for reaching members Pre-test the survey on staff and members Define the report content with the user in mind Perform extensive internal reviews at each step in the survey process How Often Should We Conduct Benchmarking Studies? The frequency of surveying is largely dependent on the type of benchmarking study and industry; however, Vault recommends biennially as a healthy standard. Still, there are some industries where conducting an annual survey is practical. Have More Questions? Contact us to learn more about your benchmarking options with Vault Consulting.

The benefits of being a certified public accountant are abundant; yet, the act of obtaining the certification can be described as an arduous journey. Certified public accountants have a little more leverage in the job market, as some tasks impermissible for accountants to complete can be done by CPAs. In other words, the CPA designation is a point of recognition for the hard work accountants undertake to pass the Uniform CPA Exam, and it is a marker of an accountant’s ongoing commitment to the profession by completing required continuing education each year. The CPA exam is issued by the American Institute of Certified Public Accountants (AICPA). Taking the exam right after college is ideal because the content is still fresh in the mind, but if you missed that window, it is not too late! To get the hands-on practical experience required for certification, rather than sitting for the exam, some gain experience working under a CPA first. Since both approaches to the certification requisites are analogous, Vault takes a proactive approach at helping their staff prepare to sit for the four-part exam. Below are some guiding points to make studying for the Uniform CPA Examination the most effective for those balancing work and life alongside test preparation. Build out a Healthy Time Frame to Study for Each Section Candidates should give themselves at least six weeks to get through the material for each of the four sections: Audit and Attestation (AUD), Financial Accounting and Reporting (FAR), Regulation (REG), and Business Environment & Concepts (BEC). In addition to the six weeks for each section, Vault staff Kristen McNulty recommends that full-time employees with other obligations build in an extra two-week-review-period for each section just before taking the exam. She also believes, “looking at the big picture and how much material you have to go through can be overwhelming. Break it down. Commit to ‘x’ number of chapters to get through each week, even if some weeks that is one chapter.” Select Test Dates That Coincide with Your Study Plans AICPA allows candidates to take the test in parts; although, candidates must finish and successfully pass all four parts within an eighteen-month-period. With that in mind, McNulty offers her wisdom, “start with a section you are familiar with. I used to be an auditor, so I started with that section. It makes it easier to relate to something you’ve done in practice.” She also recommends scheduling sections of the exam that full-time candidates are most comfortable with during the busy time of the year, so that when things slow down in the workplace, studying for harder parts of the test can take forefront. AICPA will soon eliminate the testing windows on the first of July 2020 and replace that practice with year-round testing. This re-emphasizes the importance of scheduling parts of the exam during the slow season in the workplace. This way, if a candidate receives a failing score on their initial attempt, they can schedule a re-take for the same section right after, while the content is still top of mind. Be Methodical but Stay Practical As a full-time worker and CPA candidate, McNulty does not sugar coat the dedication and time that goes into studying, “you have to say ‘no’ to a lot of things, which isn’t fun. If you share about the exam with people around you, they’ll understand and hopefully they’ll be able to support you in your commitment.” So, while sharing goals with loved ones and colleagues help promote candidates’ accountability and give them a support system, McNulty also believes in giving herself a grace period. This grace period can be used up when family or work obligations get in the way of study time. Having built-in that extra layer of time will come in handy when candidates lose a day or two on account of life. Everyone Learns, but Not Everyone Learns the Same Way Whether you do better waking early to get an hour of reading done on the elliptical or stay up a little late curled up in bed with a textbook, candidates should really gain a firm understanding about what time of the day they’re most productive and less absorbed in other tasks. Studying somewhere you enjoy is right up there with the time of day candidates choose to study. While some enjoy the lively atmosphere of a coffee shop, others may do better in a quiet corner at the library. Similarly, although some candidates may flourish with independent study, others may need some peer-to-peer interaction. Buddy up with other CPA candidates and work in symbiosis to teach and learn from each other. This is an especially good study method when each study buddy brings a different strong suit to the study table. However, “If you find that you are still not retaining the material or grasping the concepts, a tutor is a good option,” acknowledges McNulty. Eliminate the Surprise Factor & Take the Practice Test Equally important to familiarizing yourself with the functionality of the digital exam is being ready to answer questions posed in various formats: multiple choice questions (MCQ), task-based simulations (TBS), and written communication tasks (WCT). Keep Calm and Study On “Everyone wants to see you succeed,” says the optimistic CPA candidate McNulty. Overall, this journey is not easy, so Vault leaders encourage the CPA candidates on staff to make S.M.A.R.T. goals and hold them accountable while also cheering them on. Helpful Resources: Tool to Help Candidates Start on the Right Path This quiz helps candidates understand the steps, process, and variables essential to be eligible to sit for the exam. CPA Exam Sample Tests and Tutorials Find sample tests in each of the four sections of the Uniform CPA Examination along with tutorial videos on the exam software. Testing Windows to Be Replaced by Year-Round Testing See details concerning the effective date, stipulations, and other information regarding the upcoming transition from testing windows to year-round testing on this webpage.

It’s been observed that the most difficult concept for a fish to understand may be that of water itself. In other words, it’s often difficult to see your organization with enough perspective to truly understand the environment that surrounds and defines you.  While a lack of self-awareness can be limiting for an individual, for an organization, it can be much more significant — and even stand in the way of growth. In this post, we’ll look at four key areas in which gaining additional insight can make a measurable difference in managing growth in nonprofits. 1. Know your revenue situation and tools Some of the most commonly tracked metrics for managing growth in nonprofits include new members, total dues and non-dues revenue, and renewal rates. Non-dues revenue metrics could include sales of any intellectual property your organization creates, such as industry trend reports, benchmarking studies, and custom interactive dashboards.  Fortunately, association management systems (AMS), and accounting systems more broadly, are designed specifically to offer insights into tracked metrics and various revenue streams. If you’re not getting the insights you feel you need, consult with your accounting team to identify ways to improve the information you’re receiving. 2. Know your members and their needs Insight into members and their needs is perhaps the most essential piece of knowledge a member organization can have. But what you know about your members can change over time. For example, what mattered most to your members in 2019 may bear little resemblance to what they care about most as their businesses continue to emerge from the pandemic and associated economic downturn. A good strategy is to update your findings regularly. It’s also important to understand not only what services your members want from your organization, but also how and when they prefer to engage with your organization. Insights into the types of involvement members prefer, and at what age or career points they engage with you, can help you finetune your membership and engagement lifecycle, so that you can remain relevant to members throughout their careers. In addition, there are often meaningful differences in needs between members of one generation and the next, regardless of where an individual may be in their own career.  Last but not least, managing growth in nonprofits relies on having an accurate understanding of how your organization is perceived by both members and non-members. If you haven’t conducted research into such perceptions recently, you may be unaware of changes that could affect your ability to attract and retain members. 3. Your competitive landscape For some association professionals, it may seem odd to think about their organization as having competition. But even if you’re the only association serving professionals in your given field, those professionals still have other options. With the broad success of platforms such as LinkedIn, members may be able to create their own professional network. Still others may find that subscribing to key industry publications, user groups, or news feeds can keep them in touch with important trends and issues.  For this reason, conducting competitive analyses, focus groups, and surveys can help you understand where your organization fits as an option for members — and how to convey your unique value proposition to both members and non-members.  4. Your internal processes and efficiencies — and where they can be improved At a fundamental level, your organization’s growth depends on continually improving core processes — beginning with any functions that constitute a “touch” experienced by your members. It pays to periodically review processes for any disconnects or bottlenecks, and address them before they become issues that affect members’ experience when interacting with you. Improving efficiencies in this way can help your organization significantly reduce error, waste and rework. In addition, it can help free up time for staff, and allow them to do what they do best in responding to member needs and moving the organization’s mission forward. Therefore, at a minimum you need to review any areas where you’re experiencing problems, and look for technology or other solutions that can help you generate better results. The stakes are high — so start addressing your knowledge gaps today By recognizing any areas where your organization’s knowledge comes up short, and acting to gather the missing information, you can make better decisions on behalf of your members and create a better value proposition. At a time when your members may be reevaluating every expense, including their membership fees, following these recommendations can mean the difference between just hanging on, or growing steadily. For more information and insight about growing your nonprofit, contact Vault Consulting today.

One of the fundamental imperative for nonprofits is the need to grow — in spite of the many challenges they face. Often, keeping your organization on a solid growth path requires maintaining a clear-eyed, comprehensive view of your organization’s strengths, weaknesses, opportunities and threats. These insights are crucial to not only overcoming growth obstacles, but also to anticipating where trends are heading, and taking proactive steps at a time when they can be most effective. It’s been observed that the most difficult concept for a fish to understand may be that of water itself. In other words, it’s often difficult to see one’s organization with enough perspective to truly understand the environment that surrounds and defines you. While a lack of self-awareness can be limiting for an individual, for an organization it can be much more significant — and even stand in the way of growth. In this post, I’ll look at four key areas in which gaining additional insight can make a measurable difference in managing growth in nonprofits. 1. Know your revenue situation and tools Some of the most commonly tracked metrics in managing growth in nonprofits include total dues and non-dues revenue, and renewal rates. Additional revenue metrics could include sales of any intellectual property your organization creates, such as industry survey results/analysis, the effectiveness of various marketing messages, and so on. Fortunately, association management systems (AMS), and accounting systems more broadly, are designed specifically to offer these types of insights, in a variety of formats. So if you’re not getting the insights you feel you need, consult with your accounting team to identify ways to improve the information you’re receiving. 2. Know your members and their needs Insight into members and their needs is perhaps the most essential type of knowledge a member organization can have. It’s also one that can change over time, so it’s a good strategy to update your findings regularly. For example, what mattered most to your members in 2019 may bear little resemblance to what they care about most now as their businesses continue to emerge from the recent economic downturn. It’s also important to understand not only what services your members want from your organization, but also how and when they prefer to engage with your organization. Insights into the types of involvement members prefer, and at what age or career points they engage with you, can help you finetune your membership and engagement lifecycle, so that you can remain relevant to members throughout their careers. In addition, there are often meaningful differences in needs between members of one generation and then next, regardless of where an individual may be in their own career. Last but not least, managing growth in nonprofits relies on having an accurate understanding of how your organization is perceived by both members as well as non-members. If you haven’t conducted a survey of such perceptions recently, you may be unaware of changes that could affect your ability to attract and retain members. 3. Your competitive landscape Some association professionals may find it odd to think about their organization as having competition. But even if you’re the only association serving professionals in your given field, those professionals still have other options. With the broad success of platforms such as LinkedIn and others, members may be able to create their own professional network. Still others may find that subscribing to key industry publications, user groups, or news feeds can serve to keep them in touch with important trends and issues. For this reason, conducting competitive analyses, focus groups, and surveys can help you understand where your organization fits as an option for members — and how to convey your unique value proposition to both members and non-members. 4. Your internal processes and efficiencies — and where they can be improved At a more fundamental level, your organization’s growth depends on continually improving core processes — beginning with any functions that constitute a “touch” experienced by your members. It pays to periodically review processes for any disconnects or bottlenecks, and address them before they become issues that affect members’ experiences when interacting with you. Not only does improving efficiencies in this way help you respond better and faster to members, but doing so also helps you reduce error, waste and rework. Therefore, at a minimum you need to review any areas where you’re experiencing problems, and look for technology or other solutions that can help you generate better results. The stakes are high — so start addressing your knowledge gaps today By recognizing any areas where your organization’s knowledge comes up short, and acting to gather the missing information, you can make better decisions on behalf of your members and create a better value proposition. At a time when your members may be reevaluating every expense, including their membership fees, following these recommendations can mean the difference between just hanging on, and staying on a steady path of growth. For more information and insight about growing your nonprofit, feel free to contact  Vault Consulting .

Vault is committed to building a more diverse and inclusive workspace where employees are empowered and encouraged to bring their whole self to work.  In honor of Black History Month, we are highlighting historical figures who pioneered progress in our industry.  Katherine Johnson   Vault provides a range of data analytics and primary market research services to nonprofit organizations and this week we nod to the pioneering work of mathematician and statistician, Katherine Johnson, in the field of data analytics. Johnson defied restrictions of age and barriers implemented by racial prejudice to propel the United States to new heights in space exploration. She is most well-known for calculating the trajectory for launching the first American into outer space and for her manual analysis of navigation for the first orbit of Earth, to verify the work of computers.   Johnson was born in 1818 in West Virginia. She demonstrated her aptitude for numbers at a young age by speeding through high school, beginning college at West Virginia State University at 14, and then graduating with highest honors in Mathematics and French at 18 years old.   She began teaching in Virginia after college until she was personally invited by the president of West Virginia University, an exclusively white institution, to attend a master’s program as part of the integration of colleges in the United States. Johnson never completed her post-graduate education, as she left school to raise her three children.      The Path to Takeoff  In 1953, Johnson and her husband moved to Newport News, Virginia, where Johnson accepted a post in an all-black division of NASA at Langley Research Center. Her brilliance was quickly noted, as was her race. Johnson, along with other black employees in the computing pool were required to work, eat, and use the bathroom in separate facilities from their white co-workers.   None of these circumstances daunted her. While at NASA, Johnson was often referred to as “the computer” for her remarkable computation ability which she used to read and analyze data for flight tests and plane crashes. In 1960 she conducted the trajectory analysis of America’s first human spaceflight. Two years later, Johnson conducted a manual analysis of the trajectory of the first orbital of Earth, in order to verify the work of computers, which were considered too novel of technology to be trusted. In 1969 she calculated the flight trajectory for Apollo 11’s flight to the moon. Her mathematical accuracy transcended racial and gender obstacles to earn her respect and a reputation in data science.   Johnson remained an aerospace technologist for over 30 years, retiring from NASA in 1986. She was recognized late in life with the award of the two highest civilian honors in the United States, the Presidential Medal of Freedom in 2015 and the Congressional Gold Medal in 2019, in appreciation of her contributions to computation and mathematics. She passed away in February 2020, at age 101.   Increasing Diversity in the Data Analytics Profession  Johnson revolutionized the fields of engineering and mathematics as a statistician and made history as a black female in the math industry. While she paved a path towards racial and gender equity with her own achievements, she began work that is far from finished.   Today, women hold only 26% of jobs in data science in the United States. Black data scientists make up only 5.1% of employees in their field. Blacks are disproportionately represented in computer and math industries in the United States, making up 12% of the whole workforce but only 5% of the mathematics field.  Vault is committed to increasing diversity not only in the Data Analytics profession, but the workforce as a whole. Check out our recent  blog post highlighting changes needed to increase diversity in the CPA profession.   Sources Women, Minorities, and Persons with Disabilities in Science and Engineering US Bureau of Labor Statistics