CLIENT PROFILE
As one of 11 not-for-profit organizations in Wisconsin with a focus specifically on workforce issues, Fox Valley Workforce Development Board (FVWDB) administers WIOA programs, operates career centers and provides business services to employers. Its goal is to facilitate accessible, high-quality, efficient and affordable training or employment opportunities to residents of six Wisconsin counties.
THE SITUATION
FVWDB previously had a full-time controller position that turned over frequently due to the complexity of the work. Each new hire either inherited or developed their own accounting processes, including a complex chart of accounts and system of allocation. Without sufficient training on this unique system, new individuals stepping into the controller role were overwhelmed and lacked the experience necessary to close the gap.
FVWDB is funded primarily through federal and state grants. These grants not only need to be handled in accordance with OMB guidelines but also are significantly monitored by the state, which highlighted a number of issues FVWDB needed to fix immediately or risk future grant opportunities. FVWDB recognized that it needed external resources to accomplish this task.
Lastly, FVWDB desired better financial dashboards and key performance indicators (KPIs) so it could communicate to and collaborate with its board on setting goals and priorities.
THE STRATEGY
The most immediate need was tackling the issues identified by the state of Wisconsin. Wipfli got started by assessing FVWDB’s chart of accounts and cost allocation plan and how well it was adhering to the provisions set forth in its grants. Once we determined the state of affairs, we worked with FVWDB to correct issues (including inaccurate numbers), follow proper procedures and develop new, more efficient accounting processes.
Through our remote outsourced accounting solution, the Wipfli team took over accounts payable, payroll, financial statement preparation, grant management and general CFO services. Aligning this work with individuals who specialize in it and leveraging an entire team instead of one person have created peace of mind for FVWDB.
WHAT WERE THE RESULTS?
Wipfli has restored FVWDB’s confidence in its financial data. We provide assurance that day-to-day tasks are being completed with integrity, and our advisory services are impactful to the ongoing success of FVWDB.
To give FVWDB key reporting, the Wipfli team utilizes Sage Intacct software. Now the FVWDB team has real-time access to reporting and financial dashboards, where information is presented in digestible ways and easily can be made actionable when presenting to the board, resulting in more informed decisions on FVWDB’s future.
Now that FVWDB is satisfying its current grant requirements, the organization continues to leverage Wipfli as its outsourced accounting partner so that it is best positioned for the changing landscape of funding in the workforce development industry.
