Challenge:

Infinity was awarded a contract two weeks prior to the end of the organization’s fiscal year. The contract covered management of the operations of a largely volunteer-based, non-profit scientific society and involved an extensive transition process due to timing and other factors. The challenge was to address several immediate deadlines within a short time frame while organizing new systems and processes for the society.

Solution:

Infinity created a transition plan and worked with the previous contractor to ensure a smooth transition. In the span of a few months, we overhauled the client’s entire operations. We:

  • organized and created electronic files for historical data;
  • set up the 800 phone line;
  • created new bank accounts (checking and CDs), worked with the Treasurer to close previous bank accounts in another state;
  • implemented the chart of accounts; updated information with numerous online vendors;
  • transferred and filed for business operations as a foreign corporation operating in a new state;
  • filed for withdrawal from another state;
  • filed annual returns in both the foreign state of incorporation and the previous state of operation;
  • held board elections, which included the election of a new treasurer;
  • initiated the annual membership drive;
  • booked expenses and issued vendor payments;
  • communicated membership information with a scientific journal as part of the membership benefits;
  • and prepared documentation for the 990 tax return.

Infinity merged two sets of books due to the overlap between bank accounts and two management companies through the first month of the fiscal year. In addition to monthly board calls and producing minutes, Infinity held conference calls with the membership and website content committees with the goal of increasing membership. We also reviewed chapter records that were not entirely clear and offered a successful resolution to the treasurer and the chapter.

After addressing the immediate needs, Infinity instituted a first-ever timeline of annual deadlines and is in the process of creating an Accounting Policies and Procedures Operations Manual. Infinity also reviewed the previous chart of accounts and made several improvements to streamline the reporting process to make the tax preparation and other financial reporting more efficient.

Results:

Infinity successfully streamlined the clients entire business infrastructure The tax accountant appreciated the improved chart of accounts and recommended it to another society. The timeline of annual deadlines provides a planning tool for both the society members and Infinity staff to proactively manage operations. In the midst of an intense transition, Infinity ensured uninterrupted membership operations that included answering calls; sending email blasts; and responding to member inquiries, as well as posting job announcements to the society’s website.