Blog

Summer is a great time for nonprofit organizations, associations, and not-for-profits to review and cut down on administrative costs. At OTUS, we are diligently going through administrative costs line by line to find areas where…

In today’s economic environment, with government grants shrinking and corporate sponsorships becoming smaller, fundraising activities are more important than ever for nonprofits. These activities are crucial for sustaining programs, supporting community initiatives, and ensuring the…

  In a rapidly changing world, nonprofit management and leadership are becoming increasingly complex. However, these challenges also present new opportunities for growth and innovation in nonprofit management. For the past five years, OTUS Financial…

As CFOs for nonprofits, we often rely on both budgets and forecasts to guide the financial health and strategic direction of our organizations. While these tools are fundamental to financial planning, they serve distinct purposes…

In the ever-evolving world of nonprofit management, finding innovative ways to boost revenue is crucial for sustainability and growth. Whether you're facing financial challenges or looking to expand your impact, understanding, and strategically enhancing your…

As many of you know, OTUS Financial Solutions specializes in comprehensive financial solutions tailored for non-profits and associations. Each year, we conduct the OTUS Association Exchange survey to gain insights into industry operations, sharing the…

Back in 2014, my husband, friends, clients, and I embarked on a heartwarming journey with the Hamilton Basket Brigade. What began as a simple act of pooling resources to provide food baskets for those in…

Introduction: Exploring sponsorship as a crucial non-dues revenue for associations, this blog post delves into the necessity of providing more than just standard packages to attract and retain sponsors. It's about understanding their needs and…

Introduction: Financial management is a crucial aspect of running any association or non-profit. Effective financial policies not only safeguard assets but also ensure compliance, transparency, and the efficient use of resources. This blog post outlines…

In these times, as our workspaces have dramatically shifted from traditional offices to the corners of our living rooms or home studies, there’s a topic that’s been at the forefront for many leaders in not-for-profit…

Not long ago, my team at the accounting firm faced a challenge that's all too common in the business world. Right before our busiest season, one of our accountants, who had been underperforming throughout the…

As a professional accountant, I’m deeply involved in analyses, flow charts, and reports for decision-making, all intricately crafted in good old Microsoft Excel. However, despite my reliance on Excel, I've become acutely aware of its…

With over two decades at Otus Group, working with more than 200 non-profit organizations, I've witnessed firsthand the vital role of financial reserves. They're not just a buffer; they're a strategic tool for financial agility…

an In the realm of brand integration and brand building, few possess the depth of insight and experience akin to Tony Lyons,  Owner and CEO of Alphabet Creative. Lyons, with his profound expertise, offered us…

As the year draws to a close, it’s a prime opportunity to take stock of your organization's financial health and set the stage for a prosperous year ahead. By implementing a few strategic financial actions…

In today's fast-paced world, we know association leaders constantly seek innovative ways to enhance operational efficiency, especially in managing finances. The integration of Artificial Intelligence (AI) has emerged as a game-changer, offering new opportunities for…

In the ever-evolving world of Human Resources (HR), staying on top of the latest trends is pivotal to thriving in today's workplace environment. Recently, OTUS Group CEO Cherry Chan had a conversation with Karen Brownrigg,…

In the world of associations and non-profit organizations, financial management is crucial for ensuring sustainability and achieving the mission. A strong finance team is the backbone of any successful organization, and it's essential for the…

Economic uncertainty and inflation are two significant challenges that association leaders must contend with in today's dynamic landscape. Our recent OTUS Association Exchange (OAX) survey sheds light on the extent to which uncertainty is impacting…

In the ever-evolving landscape of associations, financial stability is the North Star that guides every decision, every initiative, and every leap forward. As association leaders, it's crucial to chart a course that not only addresses…

A General accountant is the quarterback of your accounting function. Four indicators that you need general accounting services: It takes too long to get financial reports – financial information is not timely. I can’t understand…

Membership fees often represent a significant share of an association’s total revenue. This article highlights a few specific strategies you can apply to help maximize this important revenue stream. Review Membership Fees Annually According to our 2020…

On Tuesday October 5th, along with the Ottawa Business Journal, we were pleased to have our sponsors and many association representatives from across Canada join us for the launch of the 2021 OTUS Association Exchange (OAX) report. OAX…

On Tuesday October 5th, along with the Ottawa Business Journal, we were pleased to have our sponsors and many association representatives from across Canada join us for the launch of the 2021 OTUS Association Exchange (OAX) report. OAX…

In June I was kindly invited by Doug Nelson at the Discovery Group to participate in the Discovery Group Podcast – The Discovery Pod. Doug and I discussed many aspects of risk management, including how…

We are pleased to welcome Shyamal Addanki as an associate at OTUS Group. We are pleased to share these insights from Shyamal that you can use to facilitate change in your organization. Start your Digital…

In November 2020, CBC News highlighted a common situation Canada-wide - individuals in positions of trust stealing or allegedly stealing money from  youth sports organizations.   An investigation by CBC Sports revealed that in the…

In November 2020 OTUS Group hosted a webinar to explore membership retention strategies. Our guests included Dana Cooper from AMCES, Randy St. Louis from the Canadian Association of Occupational Therapists and Tony Lyons from Alphabet Creative…

Discover for yourself what our Virtual CFO (VCFO) clients already know. Here are four reasons why organizations engage our VCFO services: Less spending – Many of our VCFO clients are achieving sustainable cost savings exceeding…

We see risk management as a key contributor to success. The following questions can help your team identify risks that could impact your organization’s objectives: What are you trying to do? (your objectives) What might…

Your strategic planning process should include the following steps: Who you are (beliefs, vision/mission) Where you stand (SWOT analysis) Where you want to go (strategic goals) How you will meet your goals (actions, tasks and…

No matter our role, we all need a sounding board from time to time—especially if you might be too close to a problem to see every angle. Our executive advisory services will help you achieve…

This blog was originally posted on www.TheNPOGroup.com Membership fees often represent a significant share of an association’s total revenue.   This article highlights a few specific strategies you can apply to help maximize this important revenue…

Many associations are planning to hold their Annual General Meeting (AGM) in the coming months, and due to health risks are now faced with the prospect of either postponing those meetings or holding them virtually…

An unprecedented number of events have been cancelled or postponed in recent weeks due to COVID-19.   If your organization is considering cancelling an event, it is important to ensure the cancellation is handled in a…

Associations require reserve funds to maintain sufficient liquidity to meet obligations as they come due, and to continue as a going concern.   The appropriate size of a reserve fund depends on the major business risks…

Cheque usage poses a serious risk to businesses.   While many have eliminated paper cheques, others still use this out-dated payment method and are likely unaware of the risks: An employee of Teva Canada, a Toronto-based…

Cash has been described as the life-blood of an organization and running out of cash can mean the death of a business.  It is therefore important to have access to a reliable source of funds…

Processing payroll in-house can be expensive and time-consuming.  It requires on-going recruitment and training of payroll specialists, buying and maintaining payroll software, and safely storing and managing payroll records.   Whether it be the federal government’s…

Organizations often go for many years with the same auditor, without considering if it may be time for a change. In my experience, organizations typically raise two common objections when it is suggested that they…

Many not-for-profit organizations engaged in advocacy and policy work often struggle with a common challenge:  how do they measure the effectiveness of their work?  Stakeholders, such as funders and members, seek assurance that grants and memberships…

Financial ratios use data from your financial statements to provide indicators of financial performance, helping you to understand financial results and flagging trends or patterns.  They can serve as useful early warning indicators of potentially…

You’ve been tasked with finding a new external auditor for your organization.   You have identified several auditors that have been recommended by other organizations similar to yours, and you are now wondering how to go…