 Welcome. Thanks to all of you that have joined us live or watching one of our recordings. We're so grateful that you're here tuned into the national broadcast, the only national broadcast for the nonprofit sector, the nonprofit show. And we have back with us today, Jennifer Aliva, which is a CPA, she is a CPA and managing partner at your part time controller and Jennifer you're going to talk to us about getting ready for the new year. The new year we're talking about is 22. I cannot believe it around the corner, the corner, and we have, you know, a lot to share with you today. Thank you to Julia Patrick CEO of the American nonprofit Academy for having this two week journey mapped out two years ago and we're still going strong and we are looking ourselves into next year. I'm Jared ransom, your nonprofit nerd and we are also so extremely grateful to have the support from our presenting sponsors your part time controller and Jennifer being one of those. We are so grateful for these corporate sponsors these investments in these episodes and truly the sector at large, because these companies these individuals these leaders continue to demonstrate the investment into the sector at large. We are so grateful to have their continued support. So we can have a conversation with Jennifer and so many others, each and every weekday to talk about how you can prepare for 2022. Jennifer, welcome back and thank you for saying yes. Thank you guys for having me again. It's such a pleasure to be on the nonprofit show as well as be a sponsor. We are really happy to be part of the whole programming, the whole program that you're doing and your whole mission to bring more information to nonprofits every single day that they need and can use its practical right away in their work. Thank you. That is what you just said is exactly what Jared and I really formulated this two years ago I mean we really said this is what we want to be doing and it's really exciting that you have shared that vision with us and in our part, such a big part and, and I have to give a shout out to your team because you know, you get to come on and look great and be smart and fun, but you have a great team behind you that does a lot of work to get this already. We really do. We have an amazing team, our marketing group, Erica Blair I need to give Erica a shout out, and our strategic partnerships manager Gerald and Dressler who I know you guys know very well. Thank you to all the great team members that we have at your part time controller that have been guests, and about various subjects that they are, you know, certainly subject matter experts in. Yeah, it's been great it's been a lot of fun. But the truth of it is, is that we are at the cusp of a new year, and it's been a hell of a year we thought that it would be a lot easier maybe then it was but we're moving into 2022. We joined us for the chitty chat chat, we were talking briefly about that. So we thought maybe we could ask you about the lessons so it's, it's what we can what can we take, and help us move forward in a positive and empowered way. That's a heavy left question for the ages. We did think, you know it coming out of 2020 with the dawn of the vaccination vaccines, we're going to be like, Oh, 2021 is going to be the year it's everything's going to be so much better than the terrible 2020 year that we had, but we still had a lot of challenges in 2021 we had the Delta variant come and hit us right after all the vaccinations came out and people started to get vaccinated and things started to go back to normal. Then we had Delta, and then we had to realign our strategies and our plans at that time so flexibility resiliency, all of those words that we're using in 2020 we're still a thing for 2021 and we'll continue to be for sure. So think about that and think about flexibility what you know from an accounting standpoint from a finance standpoint from even just a just general planning standpoint from an organization. I think of scenario planning the flexibility that you need, you're going to have to put down on paper, and say you know what what happens if this, if we have more funding what happens if we have less funding, what if we have to dip into our reserves. So think about that in a written plan with different scenarios and different, you know, both from a long term outlook, maybe a year, two years out, and even a short term outlook looking at like this particular month, are we going to have to make payroll because this thing, this funding source went down significantly in a very short term. So we always preach to our clients have long term and short term plans that you can update regularly and communicate to your board and to your staff. And helps you shift and helps you communicate any shifts and strategy that you might have to have along the way. Jennifer I was going to add that that is such the reality I have heard it all too often with organizations and CEOs saying, we really do need to look at this scenario planning. I want to share with you one of my clients has almost tripled in operating budget at they've really just seen an influx and financial resources, which has been wonderful. And I worry about the continued sustainability and scalability for this particular agency, and to have the opposite spectrum where literally six months prior. What was, are we going to make payroll, and that is truly the pendulum, it is swinging both directions pretty severe for so many organizations. Yeah, and I would say, you know this shifting strategy you have to shift your strategies especially as it relates to revenue sources. Because you might be as you said, Jack, we might be coming off of the year that we received a ton of pandemic related funding, maybe the PPP loans or ERC the employee retention credit, or if we are performing arts organization got the shuttered venue and now what and many organizations had a lot more donations, because the general public said, oh we really need to support these organizations more in this terrible crisis. And now we have to plan for okay, we had all of this potentially extra funding. And now what we do about that, when that funding decreases. And you some of our clients are looking really for different funding strategies different funding sources, ways to raise money we have this one client. They're called ballet x, they are one of the premier ballets in the world, and they're actually here in Philadelphia near me. And they went to a subscription model of during the pandemic, they couldn't perform and right and and have their incoming performance revenue. So they went to, they started taping all of their shows in outdoor locations, and then have subscribers pay to view their material and their performances so I think that is one example of an excellent change and shift that many organizations made throughout the pandemic. We have seen so much innovation and I feel like it continues and to have that unbridled creativity has really been awe inspiring to watch. I'm curious Jennifer if you can tell us a little bit about what we might see on the horizon when it comes to new trends and I'm curious how you and your national team have seen this, and you know really as we, as we are starting to wrap up as I keep referring to it as the final miles of the marathon. What do we look for for the start line of next year. I look at things that are continually in the news that we have to really pay attention to, you know, certainly be prepared to change on a dime we have omicron as a potential risk for for people right now. So what are we going to be able to do with that in person event that we had planned to have or we have to have some kind of hybrid mix of events and that goes back to that flexibility that need that is not going to change in 2022 we're going to be able to turn on a dime for these changes and these new variants that might come up unfortunately. Also inflation, you keep hearing about inflation, the Fed tightening that is pretty much in the cards. So if you read, you know read any of the business pages or watch any of the business shows that interest rates are going to rise how is that going to affect your donors are they going to not have enough disposable income or have less disposable income to give and how we're going to reach donors in that way, foundations are going to have different investment strategies as it relates to inflation and also the Fed, you know, changing interest rates, and then the way nonprofits spend, we might have less money less, or the prices are going up for our rent and all the supplies and certainly the big number, which is salaries, and we have to be prepared for that in the future and that really that salary increase goes into the next big trend that's happening right now, but that will continue in 2022, which I call the instead of the great resignation, we're calling the great reevaluation. People have, you know, looked at their work life during the pandemic and said, Is this all worth it, or it's what I'm doing, meaningful and fulfilling. And also, you know, with all of these of the available opportunities there's just less people in the workforce, am I going to get paid more, have a better experience somewhere else. It's an important thing and I think it's a really big opportunity for nonprofits that people are reevaluating, reevaluating their values and what they want to do with their work hours. Nonprofits have a great opportunity to connect people that really want to work in a mission based organization, and what their mission is, try to find those people that are interested in their mission to work for them. But really, we have to invest in people in 2022. We have to really make our places a best place to work. We have to continue to build our culture be a place where people want to be provide leadership opportunities for our staff, and really, really focus on retention of our teams. You know, I agree with you and I just read an article in the Wall Street Journal, probably within the last three days and it was about the great resignation but I love the great reevaluation. And it said, if you think it's bad now, wait and tell about January 15, because a lot of people want to end the year so they get their bonuses and then when they're redoing their, like personal goals and everything, a lot of times a job change factors into that. And so, then the push is, Okay, now I'm going to start working on this in January. So we think it's tough now but there could be this another wave of to your point Jennifer people that are like, Is this all there is my life I need to connect with something that's more meaningful. You know, for us at your part time controller we're always looking for ways to make work life balance better, but also ways to connect with our staff because we are a mission based organization I mean we are for profit company we do accounting for nonprofits but because we have that connection to nonprofits. And we are able to draw accountants that really want to have meaning and value in the work that they do every day as accountants and we love accounting to don't get me wrong we love to do the numbers but having that meaning and supporting missions is super important but I also think relationship is key. And I think something we're also focusing on building relationships and maintaining those strong relationships with staffer is going to be really, really important having those stay interviews, having social gatherings, being transparent about what's happening in the organization communicating. So just making the staff feel valued overall is going to be important. Yeah, listening to talk about this and and maybe other viewers their their brains are thinking, this sounds more like HR what does this have to do with their finances right. And it's really so intertwined as to retaining as I like to call our rockstar talent and how that affects our bottom line how it affects our mission how it affects the impact that we're able to achieve, you know throughout our communities. I love love love Jennifer that you said those stay interviews because we've heard that before. It's not that exit interview it's really to your rockstar staff and having a stay interview to really acquire from them. What is it that you love with your job how can we, you know, make your job environment systems processes, a little bit more efficient to help you achieve your goals here, you know, within the role of the organization so I love hearing that your part time is doing that. Yeah, and employee survey so important and then acting on them. And so you know, if we can, if I can, you know, let people know what we're doing as a firm and we that we feel is successful and share that information that's part of our mission of what we do at your part time controller. So good. Yeah, so good. What about you know you mentioned coven strategies we mentioned, you know, also navigating through Delta variant and now the Omnicron variant. What are some of these continued coven strategies that we might want to keep our finger on the pulse, you know, because it's still very much a thought process as we move forward and I'm thinking, you know, three to five long term, you know, years looking at these long term goals, we still need to have this in our conversation. So, having all this continued uncertainty with coded still lurking out there. I think, you know, first and foremost, and you know this is a financial, you know, conversation but it's also important to, you know, think about what we're doing with our staff, again, you know, keeping them staff and keeping them safe, you know, should we be together. Should we not that's also going to affect your financial future to because are we going to need space for to bring to bring our staff back are we going to need to send staff computers and technology to help them work from home better especially for hiring new staff. That was definitely a trend in 2021. A lot of setting up of home offices that will continue to be in 2022 and still have to be flexible about it depending on the different variances. And that being prepared to change, having that plan be having those scenarios, and then also continuing to go digital to all of your information should be easily accessible by those that need it. And we refer to that as our digital nervous system, all of the different systems that you have that will give you the important information that your organization and those in it need to run your business. And we are having upcoming. I'm going to pitch a webinar that we just did in November, and I think you guys are going to love the name. It was called let's get digital. You know, so you know that song. Oh, yes. So in that webinar, and, and you can see it, you can get on our website. We talked all about, you know, all the different electronic systems that are in play right now including electronic, or cloud based accounting systems, electronic bill pay system, electronic expense reporting, electronic invoicing, and then the how you can group all that information from all of those various sources in from your digital nervous system into dashboards and other technologies that are going to give you a bird's eye view of your key performance indicators, and what you need to manage those things that you need to manage on a regular daily weekly monthly basis, and to get that information to all the key people in your organizations and your board that need to see it regularly. It's extremely relevant. All of the key performance indicators the KPIs so important. I'm curious and this is definitely a curveball I wanted to ask it. Let's get with the new trends question but it also, I think we have seen due to coven due to a lot of the changes in increase in giving by way of cryptocurrency. I know for giving Tuesday there was a huge dollar amount raised through crypto. And again, I'm coupling these together because perhaps it's a new trend, and perhaps it's a new trend because of coven and strategies of giving and reaching, you know, givers in different markets. How has your part time controller approach this topic. It's a great question and not necessarily a curveball because we've been talking about it at your part time controller for a while and we've been, you know, we're certainly not cryptocurrency experts where we don't necessarily endorse you know investments in cryptocurrency that it's really still very speculative. But we're seeing more of a trend in donors giving cryptocurrency to nonprofits. And so our recommendation is that you have a cryptocurrency acceptance policy just like you have any other gift acceptance policy. And our recommendation is that you divest immediately just like you would divest in some stock because it is speculative. And you want to make sure that you are not going to have to deal with the ups and downs of crypto I mean even Bitcoin this past week went, you know, really down and back up. And they continue to be extremely volatile. So we have two organizations that organizations can look to to get more information about gifts of cryptocurrency and how they can convert them into cash, regular, you know, pretty quickly is the giving block, and also every dot org. So those are two words that were companies that we've been speaking to about how nonprofits can and I'm sure there's many others out there. How nonprofits can convert that crypto into cash pretty quickly. We've had the giving block, one of the founders on yeah. I agree with you. I love that you started out with you need to have a policy. Yes, I think that's absolutely stellar stellar advice because you're right. You know, you're out just like you would stocks and bonds real estate. I mean, you know, you're not a holding company. Yes, no, yeah, holding company. Yes, you want to, you don't have that volatility in any kind of nonprofits portfolio. Yeah, that would just be too risky for your donor's money in our opinion. Thank you for addressing that because that is something that's been, you know, stirring around in my mind. Again, I know that I saw a huge increase of that. Thanks to the giving block with cryptocurrency for giving Tuesday. And I just feel it's here to stay at some level, you know, and whether it's a trend, or it's because of cove it really considering that as part of our conversation. That's something, you know, really important. You've given us so much to think about and I know that many of us again, you know, Julie and I have talked about this before, we cannot believe that it is almost mid December. And so talking about the end of the year. And again that the finish line is near, but that start line for 22 is literally right around the corner. I can see it. You know, I would say, you know, fundraising strategies to we haven't had a chance to discuss it are going to be really important for nonprofits in 2022 digitally based fundraising strategies, use of mobile phones for fundraising use of QR codes of artificial intelligence. All of those are going to be trends in continued trends in 2022 because many nonprofits are already using but many nonprofits are slow to adapt to these to these upcoming trends so can I pitch another something from your part time controller so this podcast Kimberly O'Donnell she's a vice president at the network for good, and she talks all about these, these trends and how nonprofits can use digital sources, phones, AI, all of these new trends to raise more money and she's a big component of all nonprofits getting on board to newer fundraising strategies. Good, good. Yeah, I think that that's one of those things I mean, Jared in the very beginning of the nonprofit show back way back when said you know, our directors do for a major shakeup, we have not been forced to reconcile some of these new technologies that everybody else is doing. And so it's really going to impact how we work with our donors and and obviously our clients as well those who we serve. So I agree with you I think this is an excellent time for us to reevaluate what's out there and what we can be doing because it is the future. And those that are not going to jump on board are going to miss out and we hope that we can help our clients and others and educate with you know our podcast or mission business podcast mission business podcast or webinars about these trends and developments that nonprofits need to know just like you guys do every single day so I appreciate our partnership in that way. That's great hey I've got another question. And this actually has come into one of our asking at answered episodes and I'm going to put you in the hot seat. And we've had this question before and I'm wondering what your part time controller is seeing and that revolves around the issue of stipends or funding for people and you mentioned it earlier. To have some sort of fund that helps them get their work from home space technology, you know, pivoted to where they can work. Being that 2022 is still going to see us working from home, and many people want to work from home. I wonder kind of like what it is you're seeing that maybe you could give us some some guidelines on that definitely see a trend towards technology support or giving computers to staff members to work from home I think it's really important from a cyber security standpoint as well, you know protecting your donor data and your staff data that you're not just staff aren't just using their regular home computers that their kids are using for homework and such. So having dedicated hardware for them. And then we're definitely seeing a trend of stipends nonprofits and others. And we do it at your part time controller provide an annual stipend for those things that Stephanie for anything from home what via paper via a new chair new lighting. And so I think it's definitely important for nonprofits to evaluate the importance of that because that also can relate to the retention of your staff, making them happy and comfortable in the work that they do. And I, and, and not to take away just like the, the heavy mental toll that work from home and the whole pandemic has, has, you know, really weighed on everyone. So, important to focus on that too and just having the right materials for working is just one step in that right direction. Right, right insight. Jennifer again, you know you have been along with Julie and I on this journey for the last two weeks, two years really. It's always been such a joy to have you and your team at your part time time controller be a part of this. I have been privileged to see some of your professionals at work in the community doing the great work of your part time and I'm so grateful to know that these experts exist and they're right here, you know, in my community and they're, they're across the nation so make sure you reach out to Jennifer if you're interested, Jennifer serves as a managing partner for your part time controller and phenomenal to work with so thank you again for sharing your valuable time and expertise with us today. It's always fun to be with both of you. Thanks. It's a lot of fun and I think one of the things is you make things more concrete less frightening, more structured, and I love how you're able to weave in things that impact finance and revenue and the process of accounting, but that really dovetail to all those other things like our donors our clients, our staff the HR components and so that's what I think is really valuable. When we get to talk to you because it certainly is more holistic and as Jared said, you've been part of our go to team from the get go so we are very very, very honored that you would share with us. And we want to thank all of our sponsors who are here with us day in and day out as we finish up this year strong with a lot of exciting opportunities coming in the new year, and probably some big challenges as well. The nonprofit sector does that best so I think it's a it's a great marriage. Hey, again. Wow, Jared, lots to think about lots of great ideas. Super, super exciting to have this discussion. Yeah, I took some notes and I know that I am going to watch this episode again because I am already seeing how this takes root into the next 12 months so thank you it's been it's been great. Thanks to all of you that have joined us today, whether live or auto recording you can see this episode, many more times as many times as you wish, as well as all of our other almost 450 episodes now so again thank you for joining us here today. Come back tomorrow we have another wonderful show set up for you and everyone tomorrow, and we always end the show by asking you to please stay well, so you can do well. Thanks so much Jennifer.