If you are part of a small grantmaking team, you likely have systems for your systems. You know the importance of organization, reminders, and transparent documentation to make sure everything gets done. Your grantmaking just moves smoother when everyone knows what to expect and when to expect it.

During a webinar with Rachel DeMatteo, Director at Your Part-Time Controller, LLC, she discussed the financial fundamentals every grantmaking organization should know. And one of the key takeaways was the importance of a financial calendar.

Creating and using a financial calendar is the easiest way to keep your grantmaking finance team organized and make sure everyone is aware of important deadlines. Whether you have a financial calendar or want to create one, here are five tips for getting the most out of your grantmaking organization’s financial calendar.

1. Schedule Your Meeting Dates

Many of your important meetings are scheduled well in advance, such as your board meetings and finance committee meetings. But schedule your other important finance meetings early in the year so everyone knows when to expect them. This includes your budget review meetings, when you’ll do your annual policy and internal control review, and your 990 or 990-PF review. Work with your auditor to get your prep meetings, official audit dates, and your audit review on the calendar as soon as possible.

2. Include Your Regular Fiscal Events

Make sure you include all the deadlines that make your finance team run, like your payroll dates, when you run your bank and credit card reconciliation, and your month-end close deadlines. Mark when certain financial reports need to be run and when you should be completing your budget, both preliminary and final. As soon as you know the specifics, include your application cycle so you have your payout dates clearly communicated. Having these specifics outlined on your financial calendar adds transparency so if there is a transition on your team, these processes won’t fall through the cracks.

3. Document Your Regulatory Responsibilities

Many of your regulatory responsibilities align with year-end and tax time, but it’s important to have them documented so everyone understands when they are approaching. This includes your business registration, payroll tax and 401k remittance if applicable, sending W-2s to employees and 1099s to contractors, and your 990 filing deadlines. The nice thing is you’ll know these deadlines well in advance. But they can sneak up on you if you don’t have them clearly documented.

4. Highlight Dates Important to Your Grantmaking Organization

In many grantmaking organizations, financial leadership takes on other responsibilities, like HR and IT. Even if you don’t wear those hats, it can be helpful to know when certain deadlines are, so you can adjust other priorities appropriately. Your financial calendar can be a good place to include when to renew your insurance plans, like medical, business liability, and Directors & Officers policies, as well as your charitable registration. Just so everyone is aware, you might include an annual reminder to review and update your Candid listing.

5. Find a System that Your Team Will Use

Your financial calendar doesn’t have to be housed in Outlook or Google Calendar. The best tool is the one that will get used. You might find an Excel spreadsheet works best or a project management tool like Asana.

Are you ready for a fund accounting system that streamlines your accounting processes instead of requiring workarounds? Check out our on-demand product tour to see how Blackbaud Grantmaking and Blackbaud Financial Edge NXT work together to create a powerful system for your grantmaking organization.

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