Early Learning Ventures (ELV) is a Colorado-based nonprofit organization dedicated to expanding access to quality, affordable childcare. The organization focuses its efforts on improving its early childcare programs offered at the nation’s center and home-based childcare facilities— 85 percent of which are small, independent businesses that lack the infrastructure and resources to invest in quality improvements. ELV is currently serving over 600 childcare businesses and impacting more than 40,000 children.
Through a comprehensive suite of services, ELV equips childcare providers with the tools and support they need to save time and money so they can focus on what they do best: serve children. For a minimal fee, providers gain access to a wealth of childcare resources, a robust web-based record keeping and compliance management system, and a full back-office financial services solution.
Why NFP Partners?
Prior to NFP Partners, ELV partnered with a related entity’s corporate accounting department and tried to manage nonprofit accounting with software designed for commercial, for-profit accounting. While the missions of both organizations aligned, the accounting procedures did not. ELV received a large five-year, $3 million annual Early Head Start grant. Judy Williams, Executive Director of ELV, realized not being able to manage the finances became a major challenge, if not a risk, to the fulfillment of the grant.
“While we are grateful for the support of our corporate accounting department, it became clear after receiving a large federal grant that we needed more visibility to the money being spent and greater ability to track grants through the period of performance, not just the fiscal year,” Judy said.
NFP Partners began providing accounting services and implementing Abila MIP Fund Accounting™ for ELV in June 2017 with a go-live date of August 1, 2017. ELV gained control of their financial system which allowed them to adjust their chart of accounts to include funding source designation as well as program and administrative designation. This greatly improved financial report generation and accountability because it created funding source specific statements of financial position and activities to monitor net assets, revenue, and expenses. ELV was also able to gain better financial insight to track and manage grants because MIP can generate reports across fiscal years which line up with grant period of performances. In addition to the improvement of the financial system, ELV benefited from outsourcing accounting services to NFP which gave them dedicated accounting professionals experienced in nonprofit regulations and compliance.
We are happy to announce the one-year anniversary of this engagement with the satisfaction of problems solved. To learn more about Early Learning Ventures, click here.
Director of Business Development