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Minnesota Medical Foundation Minnesota Medical Foundation Uses The Financial Edge™ To Simplify Its Complex Reporting Needs
Founded in 1939, the Minnesota Medical Foundation raises millions of dollars each year for health-related education and research at the University of Minnesota. These gifts fund thousands of accounts related to research on public health, infectious diseases, and such critical illnesses as cancer, heart disease, and diabetes.
The Challenge:
As the Foundation grew over the years and garnered more and more donations, the network of funds and accounts they had developed to keep track of the organization’s work became overly complex, hampering the Foundation’s ability to conduct financial analyses and resulting in unnecessary challenges and inefficiencies during the Foundation’s annual audit. Additionally, the Foundation was spending about 10 weeks each year to produce one printed report per account per quarter for each of its thousands of accounts.
The Solution:
A Blackbaud consultant worked on site with the team to help them analyze their needs, develop a plan and implement both a streamlined chart of accounts and a new financial information system, The Financial Edge.
The Results:
The Foundation reduced its funds from 27 to 7 and general ledger accounts from nearly 15,000 to 1,400. With a dramatically simplified chart of accounts in place, the Foundation can produce reports more quickly and efficiently for the board and other key stakeholders, saving more than two months of financial staff time each year. Staff members can easily perform the checks and balances necessary to ensure all data are accurate and money is allocated properly.
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