Evaluate your existing financial solutions with these questions:

1. The USCCB recommended the use of the FASB standard financial presentation. Does your current system facilitate this type of reporting?

2. Catholic schools are being challenged by increased operational costs and an economy in which families are opting to send their children to public schools because of the cost. Have you reviewed the administrative operations of schools and parishes to find potential economies of scale by centralizing functions such as payroll processing?

3. Would centralizing each organization’s fundraising activities and/or providing more detailed information on how funds are managed /spent assist in securing larger contributions from parishioners? Do you have such a centralized system in place?

This concludes our series about how Serenic can save time on financial and accounting tasks for diocese, and help you focus on your core mission.

Access the “Achieving Financial Transparency for Dioceses” FREE whitepaper.

The Serenic Navigator financial software offerings may appear as separate, individual offerings, but are in fact interconnected and interrelated. Guided by our commitment to serve not-for-profit organizations, Serenic Navigator is a family of products designed to grow with you and give you the features and functionality your nonprofit or NGO needs to achieve its mission in a highly efficient and effective manner.

Once you have determined which purchase model you want to follow – license or subscription – you’re ready to determine what fund accounting version is the best fit for the needs of your nonprofit.

• Basic, only available in under the Subscription model, is designed for smaller organizations with very basic processes and needs. It includes all the necessary core functionality as well as some moderately advanced functionality. For example, Purchase Requisitions are not supported in this version, but Purchase Orders and Purchase Invoices are available.

• Business Essentials, or BE, is available under the Subscription and License models and builds off the Basic version by adding functionality, including Purchase Requisitions and Batch Allocations. Also included are two additional modules: AwardVision Basic and BudgetVision.

• Advanced Management, or AM, is available under the Subscription and License models and is our most advanced version. The additional functionality included in this version is designed for larger nonprofits and NGOs with more complex processes and accounting needs, and includes Workflow Management, a transaction approval module, and the advanced BudgetVision features “Calculations & Assumptions” and “Approvals.”

View a list of some of the features and functionality available in the Serenic Navigator family of products. For a full feature comparison, download the full fact sheet on our website.

Contact us if you have further questions about the License vs. Subscription models, and the Basic, BE or AM versions. Lots of options; we’re here to help you navigate through them!

Last week, we took a look at some of the benefits of installing one integrated financial management system across a diocese’s central office, its parishes, and schools. This week, we’re looking at a few more of the benefits that can help increase overall operational efficiency.

Thanks for learning more about how Serenic can save time on financial and accounting tasks, and help you focus on your core mission.

Access the “Achieving Financial Transparency for Dioceses” FREE whitepaper.

When considering nonprofit accounting software, the purchasing model adds another dimension to the decision process.  Which is the best fit for your nonprofit, NGO, or public sector agency?  Last week we discussed the license purchase model.

Another option you have is to move to the cloud by subscribing to the product.  Under this model, Serenic installs and maintains the software on servers belonging to a 3^rd-party provider under contract to our company.  Your data is stored on these servers in a solid-built facility, secured at multiple levels, including locks, video cameras, biometrics, and guards. At all times, our service provider is proactively monitoring the system for problems, with anti-virus technology, backup and disaster recovery, and data privacy protocols in place.

In addition to the relief from the IT requirements, your organization may prefer predictable monthly fees, as compared to a single, initial capital investment.

With Serenic Navigator, you will purchase named users – for example, if you have 20 users needing access to Navigator, each of these users will require a subscription. (If you’ll remember from last week’s article, under the License model you purchase concurrent users.)

To access the program, you will be provided with two implementation options, depending on certain functional requirements of your organization.  In both cases, you’ll install a low-profile application to your computer, or to multiple computers (e.g., office and home computers).

• Option 1, Application Virtualization Client (App-V) – Once App-V is installed, an icon is added to your computer’s desktop and you will open Serenic Navigator Online just as you access programs installed directly to your computer.  You will be able to import and export to your local installations of Word and Excel.
• Option 2, Citrix Receiver – Once the Citrix Receiver is installed, you will open a web site to log into the system and access Serenic Navigator Online.   You will also have access to Word and Excel from this interface.

Under the subscription model, Serenic is responsible for applying all upgrades as part of the service. To support this process, customizations are not allowed.

In our next article, we’ll look at some of the feature differences between the different Serenic Navigator offerings.

Benefits for Dioceses

The right financial management system should support and enhance the unique workflow processes of dioceses to help increase operational efficiency, manage cash flow and investments, and generate detailed financial reports. With one system installed across a diocese’s central offices, its parishes and schools, it can expect to realize these benefits:

Check back next week as we discuss more of the benefits for Dioceses.

Access the “Achieving Financial Transparency for Dioceses” FREE whitepaper.

Serenic offers multiple versions of its award-winning fund accounting software, and multiple ways to purchase our software – in fact, it can be a little overwhelming to determine what combination of offerings is the best fit.   In this article and the next, we’ll explore the two purchase models: License and Subscription.  First up, we’ll explore the benefits of following the License model and how it applies to a purchase of Serenic Navigator.

Under the traditional software model, you purchase a license that provides your organization with the perpetual right to use the software. You then install the product on your organization’s computers and servers.

Some nonprofits are most comfortable with their data stored locally and are willing and able to make a capital investment in the necessary servers.  Additionally, they may prefer to pay their costs upfront, rather than a monthly subscription fee.

An alternative under the traditional model is to purchase a license and contract with a 3^rd party to host the product on their servers and to provide access via the Internet.  Under this option, your nonprofit or NGO is spared the cost of purchasing and maintaining the servers.

With Serenic Navigator, you will purchase concurrent users – for example, if you have 20 users needing access to Navigator, but expect no more than 10 users accessing at any point in time, you would purchase 10 concurrent users.

One benefit to the License model is that should your nonprofit need specialized functionality, you can contract to have the product customized to meet your specific needs.

For example, a client outsources their Payroll to a 3^rd party, which provides a data file in a specific format.  The client would like to import this data into Serenic Navigator.  Without a customization, they would need to modify this file to match the standard import format required by Serenic Navigator.

However, because the client owns a license for Serenic Navigator, they can arrange for a customization to the import process so that the system uses the data layout defined by the 3^rd party Payroll provider.  When they receive a data file from their provider, they can seamlessly import their information with no manual steps by their staff.

With both of these options, maintenance of the financial software – for example, applying upgrades – is under your direction and control.

Next week we’ll discuss the subscription model, providing online accounting software in the cloud.

Financial controls are actually a subset of internal controls and typically refer to segregation of duties. The right financial controls ensure that the person entering invoices to be paid, for example, is not also able to mark the checks for payment or cut the checks without someone else’s involvement in the process. It is important that such processes are in place throughout a diocese, however, this becomes challenging in smaller parishes where there is only a part-time bookkeeper using a manual or moderately automated system. The financial controls need to be documented and monitored, especially if using a manual method. A computerized application through which these “duties” can be limited and the controls enforced with the system security, therefore, is an ideal solution. Dioceses might examine the economies of scale created by centralizing processes and – if possible – provide access for smaller parishes to computerized solutions that they may not be able to afford on their own.

Faced with the ultimate responsibility of the entire diocese, such a financial control system needs to possess certain attributes to ensure fiscal needs are met. Requirements for an enterprise-wide solution include:

• Effective and efficient processes – System should eliminate duplicate entry; automate manual processes; provide economies of scale; provide services from within the diocese finance department to all areas of the diocese (e.g., payroll). Investment is best in an application that can be rolled out and phased in over time to provide a costeffective solution with economies of scale. A vertically focused solution embedded within a leading mid-market application platform adds tremendous value, because it is
designed to be scalable to serve diverse needs while providing a set of industry-specific functionality (e.g. chart of accounts structure and adherence to key financial reporting standards).

• Reliable financial statements and accounting records – Software should provide a strong audit trail and reporting tools that enable easy ad-hoc as well as management-style report generation.

• Safeguard assets – A solution should provide the tools to manage investments and revolving loan funds as well as physical (fixed) assets; offer an audit trail and the ability to enforce financial controls.

• Adherence to management policy and procedures – System should, again, provide an audit trail and financial controls, as well as automated workflow and business rules to help prove that mandated procedures are being followed.

Check back next week as we discuss some of the benefits for Dioceses.

Access the “Achieving Financial Transparency for Dioceses” FREE whitepaper.

Over the past few years especially, reports of financial scandals within the Catholic Church have flooded the media and prompted
new recommendations from church governing bodies. A widely publicized 2006 survey by researchers at Villanova University found
that 85 percent of Roman Catholic dioceses that responded had discovered embezzlement of church money in the last five years, with
11 percent reporting that more than $500,000 had been stolen.

The USCCB Accounting Practices Committee (APC) concluded that “the vast majority of the aforementioned frauds appear to be occurring at the parish level. At the APC meeting in January 2007, this topic was thoroughly studied and several recommendations were made to enhance the financial governance in the 19,000+ parishes.”  The group’s Accounting Report recommended the use of
the Financial Accounting Standards Board (FASB) standard financial presentation.

Previously in 1995, the United States Conference of Catholic Bishops (USCCB) created the Diocesan Internal Controls, making the Bishop
effectively responsible for the entire diocese. The forward stated that “all administrators are to perform their duties with the diligence of a good householder. The bishop can delegate the authority but not the responsibility. He has the duty to ensure that no abuses exist in the administration of church goods within the diocese.”

The Villanova study suggested that whether an organization is a Fortune 500 company or a diocese, the objectives of the internal control structure remain the same (2):
1. Provide reliable financial statements and accounting records
2. Safeguard the entity’s assets
3. Promote operational efficiency and effectiveness
4. Promote adherence to the mission of the Church or organization

Check back next week as we discuss the requirements of a financial management system.

Access the “Achieving Financial Transparency for Dioceses” FREE whitepaper.

For all organizations in the nonprofit sector, financial transparency is synonymous with survival. Dependence on donors necessitates an ongoing demonstration of where money is spent and how funded activities and programs fulfill defined mission statements. While Catholic dioceses are not required by law to be transparent and accountable, there is a definite shift towards the production of financial reports that provide a complete picture of the financial health of the entire diocese from the bishop’s and archbishop’s office down to the parishioner donor level.

Recent events have emphasized the importance of financial transparency. From embezzled funds to extortion, indictments have been handed down within the Catholic Church and a strong case has been built for not only increased scrutiny, but for better safeguarding of a diocese’s assets.

Like any nonprofit group that constantly works to do more with less money and resources, it can be a daunting challenge for dioceses to provide a more holistic financial view of multiple, complex layers of the organizations in their areas of service. From schools and parishes to cemeteries, there exists a strong need for the chancery office to help each operating center succeed without adding a huge burden to its own management responsibilities.

Challenges at the organizational level include Catholic schools facing increased operational costs and a market in which many families cannot afford the expense of private schools. Nonprofits, in general, today are faced with declining donations in an uncertain economy.

Check back next week as we discuss the increased need for financial controls.

Access the “Achieving Financial Transparency for Dioceses” FREE whitepaper.

I’ve been working with Medair for the last couple of months on the requirements gathering, planning, and remote training sessions so we can implement Serenic AwardVision (nonprofit grants management) and Serenic Fixed Assets.  Both are replacing manual processes and providing the NGO with streamlined reporting.

Medair was previously tracking grants in Microsoft Excel or Word documents and entering them as funds into Serenic Navigator.  This process has been a bit challenging for the finance department and the grant writers with respect to reporting and tracking the status of the grants, etc.  In addition to the challenges with reporting, Medair was manually processing the admin booking (indirect costs) and revenue recognition each quarter.  During our onsite visit in Switzerland, we wrapped up setup items and procedures and provided training to the project team, finance staff, grant writers and International Operations.  The team is very enthused to now have the ability to maintain the grants and reporting all in one system, with visibility into the status of expenses, recognized revenue, indirect cost and the many other data tracking methods available.

We also met with the finance staff and logistics department on management of the assets.  This is a manual tracking process (asset master record information, depreciation and disposals) that has been rather cumbersome for the team, especially with getting field office asset changes back to HQ or logistics.  Along with the Medair staff, we set forth the requirements to implement the Serenic Fixed Assets granule in February.

During my onsite visit, I was able tour the beautiful city of Lausanne, the second largest city on Lake Geneva and the location of the headquarters of the International Olympic Committee.  I experienced hot wine, real French crepes, authentic Swiss fondue and, of course, Swiss chocolates!  I probably gained about 5 lbs from over-indulging in the cheese and chocolates J.  Geert from Medair showed me some museums and the beautiful Lausanne Cathedral (originally built in the 12^th century), on his day off…how sweet!  The Medair finance department also invited me to experience a traditional Swiss dinner with raclette cheese, smoked meat and potatoes.   Thomas made a killer tiramisu (I know, this is Italian instead of French, but it was too good to leave out)!  The hospitality of the Medair team was incredible!

Of course, I had to add some excitement to the visit by setting a bowl of potato chips on fire, during apero (sort of like a happy hour/gathering).  Luckily, the Medair staff was well equipped with fire safety training to stomp it out. I was grateful nothing was damaged and nobody was hurt.  The Medair staff got a good laugh and snapped pictures during the fiasco (which I am not posting)!

All in all, it was a great visit and we made some major progress with the project.

Quiana Willard, Senior Application Consultant