St. HOPE puts data to the test, and aces it paid Oracle
From its business portfolio, St.
Love joined St. HOPE three years ago, when the nonprofit was facing serious financial challenges. A third-party vendor, which the nonprofit hired to manage its finances, “didn’t understand our business, and wasn’t able to create a realistic budget,” Love says. Part of the problem was the complexity of St. HOPE Public School’s accounting requirements.
The nonprofit also depended on funding from roughly 15 federal and state sources, each of which required its own GL code. “Every agency stipulates its own policies on what we can and can’t spend money on,” Love says. If school administrators aren’t vigilant about their budgets, and actively managing their financials, they’re done, says Love. But St. HOPE’s administrators spent most days grinding through six-inch stacks of hand-written purchase orders, time sheets, and payroll documents. “We needed to replace our outdated business processes,” he says.Oracle NetSuiteToday, St.
Love admits the school had multiple unfavorable audit findings in the past. “But last year, we had our first year with zero federal or state audit findings,” he says. This meant that St. HOPE was able to prove it had spent all of its state and federal money appropriately. Due to the clean audit and its sound financial position, St. HOPE would be eligible for a
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