Family CFO Case Study: Nonprofit Organization

Plumb Family CFO & Trusted Advisors

Plumb does not manage money or do taxes. We work in partnership with our client’s trusted advisors to ensure the highest quality data, financial reporting and maintain a comprehensive view of family wealth. Plumb Family CFO’s goal is to become an integrated part of our Client’s Family Office.


A registered 501(c)(3) nonprofit organization with an internal accounting department that was experiencing high staff turn-over and a lapse in overall accounting retention.
Annual Revenues: $1-2MM

During the height of tax season, the Client’s CPA recommended Plumb Family CFO as a resource to fill in the Organization’s accounting/financial needs.
The Client hired Plumb Family CFO with a goal to improve accounting processes and systems in order to attain financial transparency and drive best practices.

Plumb Family CFO’s ongoing engagement includes the following:

• Performed year-end close and provided accurate information for the CPA to prepare tax returns.
• Collaborated with management and staff in the development of accounting/financial policies, procedures and practices and ensured that internal control activities meet overall objectives and required standards.
• Established procedures to ensure functional allocation of expenses and fund accounting are successfully implemented.
• Managed cash flow, monitored restricted and/or designated funds and provided cash forecast to help management’s decision making.
• Assisted with budgeting and budget-to actual variance analysis.
• Integrated donor database with general ledger system eliminating duplicate input and improving efficiency by 40%.
• Helped streamline information from the fundraising database into the financial system.
• Performed timely recording and managed the operating cycle of donation receipts and accounts payable.
• Reviewed tax letters to donors to ensure compliance with rules and regulations.
• Prepared and presented periodic financial and budget reports for management and board.
• Assisted the marketing department with grant applications and donation proposals.
• Researched and resolved tax and accounting issues in accordance with GAAP.

The nonprofit division of Plumb Family CFO continues to be an outsourced accounting/financial solution for the Client. Accomplishments include ongoing timely filing of the tax returns without extensions and cost savings as a direct result of improved productivity. The Organization achieved financial transparency and its executive management gained confidence in terms of compliance, which propels its fundraising objectives forward by widening the list of prospective grantors to approach.