Background
One of the nation’s largest nonprofit organizations failed to close their books for more than a year following a change in their accounting system in July 2022. After the departure of key financial personnel, including the controller and CFO, the organization was left without completed financial statements and was at risk of losing critical funding.
Challenge
The organization needed immediate intervention to close their books, complete their FY2023 audit, and maintain compliance with regulatory requirements — including single audit compliance standards. With no trial balance available and basic accounting processes like bank reconciliations left undone, MGO was engaged to help restore order to their financial operations.
Approach
MGO’s team developed a comprehensive roadmap to address the crisis. The team began by creating detailed account-by-account action plans with specific deadlines to guide the recovery process. Working systematically, they reconstructed financial records while establishing new accounting procedures and controls.
Throughout the engagement, MGO’s professionals served as audit liaison while simultaneously closing the books, providing technical support and documentation for auditors. The team also assisted in interviewing and hiring a new accounting team to support long-term stability.
Value to Client
The team successfully closed FY2023 books and secured an unqualified audit opinion with no adjusting entries — a remarkable achievement given the complexity of the situation. By meeting regulatory reporting requirements, the organization maintained its essential funding and preserved crucial relationships.
The establishment of proper accounting procedures and a qualified accounting team positioned the organization for future success. With MGO providing continued consulting support, the organization now has a strong foundation for sustainable financial management.
Protect Your Organization’s Financial Future
Whether you’re struggling with system transitions, personnel changes, or compliance concerns, our experienced professionals can help restore stability and confidence to your operations. Reach out to our team today to learn how we can help you get back on track.