Summer Small Shop Roundtable-Recording

Video Transcription

Video Summary

The roundtable, hosted by CASE, featured Cheryl Lindsay sharing results from a survey of Virginia higher education foundation CFOs and controllers. Topics included accounting practices, fee structures, donor restrictions, risk management, and AI use. Key findings: month-end close times varied widely, from seven business days to five weeks, and most foundations do not rely heavily on estimates. Many small shops still use manual or partly manual accounts payable processes, while software choices ranged from Blackbaud and Abila MIP to QuickBooks and Banner.<br /><br />On fees, endowment administration fees were typically around 1%, but gift fees varied significantly; some foundations charge none, while others charge 5–7%. Most respondents reviewed fees annually. Most did not allow donors to convert endowment funds into current-use scholarships without board or legal approval. Precious metal gifts were generally acceptable under standard gift procedures. Athletic travel and donor hospitality were usually not paid with foundation funds unless IRS benefit rules were followed.<br /><br />In risk management, most small foundations lacked formal internal audit functions, ERP systems, and AI policies, though many were using AI for emails, minutes, drafting, and analysis. The discussion highlighted the importance of checking institutional IT rules before using AI tools. The session closed with concerns about staffing shortages and the value of writing SOPs and desk procedures to support continuity in small organizations.

Keywords

Virginia higher education foundations

CFO survey

month-end close

gift fees

endowment administration fees

donor restrictions

risk management

AI policies

manual accounts payable