Interim CFO Completes & Recommends Ideas For A Budget

Client: Large Nonprofit
Requirement: Interim Management Services

Business Situation

The client is a nonprofit in Rochester, NY. The client had been without a CFO for a number of weeks, and the CEO currently was acting as CFO. The client was partway through the preparation of its annual budget and was in need of assistance to complete and upload the data into their financial system, as well as maintain productivity until a permanent CFO replacement could be identified.

ProNexus Solution

ProNexus was engaged by the client to provide Interim Management Services, assisting the Accounting Manager and CEO to consolidate and prepare the annual budget the former CFO started, recommending changes as needed. ProNexus assigned a consultant with industry-specific experience with a nonprofit organization at a CFO level, to prepare the budget for review and approval by the Finance Committee and Board Directors. Upon arrival, ProNexus assessed how much of the budget had already been completed by the former CFO and determined what gaps were not captured. Next, ProNexus collaborated with the Accounting Manager and Department Heads to roll-up an initial review for the CEO. Upon review, ProNexus put forth recommendations to balance the budget and worked with the CEO to pull together the presentation for final review by the Finance Committee and Board of Directors. Once the budget was approved, ProNexus assisted the Accounting Manager in loading the budget into the client’s MIP financial system. Once a permanent replacement is identified, ProNexus will train, transition and transfer knowledge to the new hire accordingly.

Post by Kaitlin Alfvin

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