CFR Is Due, ProNexus Steps In To Make Sure It Is Done On Time

Client: Not-for-Profit Agency
Requirement: Project Consulting Services: CFR Preparation

Business Situation

The client is a not-for-profit agency in Olean, NY whose mission is to affect change for a healthy community. In order to meet the requirements of an OASAS audit, the client organization needed assistance in review and potential restatement of prior NYS Consolidated Fiscal Reports as well as in an interim Chief Financial Officer capacity while their search was underway. After the unfortunate loss of their long-term CEO, the client wanted to ensure their financial stability as they worked to identify the new CEO who could take the organization into the future which includes a transition to managed care.

ProNexus Solution

ProNexus was engaged by the client to assess the 2012 and 2013 Consolidated Fiscal Reporting for the purpose of responding to New York State inquiries and amending the reports where necessary. The need was expanded to include part-time interim CFO services. While ProNexus was reviewing the 12 and 13 CFRs, the client received a letter regarding the 2014 year end final claim which included the potential of significant funds owed back to OASAS. At that time, ProNexus did an analysis of the agency’s OASAS funding over a four year period to include 2015. ProNexus responded to the NYS inquiries and was able to satisfy the state that there was in fact no CFR restatement necessary for 2013. The 2012 CFR was restated, submitted, and accepted as revised. ProNexus began a review of 2014 and 2015 and prepared budget modification requests to ensure the client would have the best possible outcome for those fiscal years.

ProNexus also aided in the recruitment and training of the agency’s new CFO as well as assisted with the administrative and financial knowledge base of the newly appointed CEO. Along with the restatement of prior years, ProNexus assisted with the review of the current financial policies, processes and procedures and recommended changes as needed. The client is now fully staffed with a strong executive administrative and finance team and well on the way to being properly positioned for their bright future.

Post by Kaitlin Alfvin

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