Fund accounting for Nonprofits
Updated August 14, 2020
Fund accounting for Nonprofits
Score 9 out of 10
Vetted Review
Verified User
Overall Satisfaction with MIP Fund Accounting (formerly Abila MIP)
Our company has multiple grant sources and MIP makes it easy for us to track multiple funding sources.
- Track funding sources for grant reporting
- Track overall programs within the organization for FS and 990 preparation
- Prepare multiple P&L's and other reports
- The budgeting functions don't seem as user friendly.
- MIP is a fund accounting system often used by nonprofits who do not look for a return on investment.
- Showing that your company can track all grant expenses makes you more approachable to donors and grantors.
MIP does a great job of managing funds from multiple sources. Every entry can be coded to a funding source, and the program that used the funds. It can also be coded to different locations like branch offices.
I haven't used any other fund accounting software. I have used peachtree, Quickbooks, and PeopleSoft (but not a not for profit version). If you chose a program that does not offer the tracking of funds, you have to do that yourself. This leaves too much room for error or overlapping of funds. Grantors really like to see that we easily and accurately keep track of their funds. It makes grant reporting of expenses much easier. I would hate to have to go through every invoice and enter it into Excel. That would be a total waste of time.
MIP Fund Accounting Feature Ratings
Support from Community Brands
Easily, we just downloaded the software module. You do however have setup the reports yourself. It was fairly easy. You just pick the report type ie Balance sheet and select the GL codes for each category.
I have not done an official community brands training. There are some basic demos on youtube that seem good for training.
The support has worked well with our IT department and assisted with all software upgrades which was helpful.
We utilized the cloud software for a short period of time. Being able to access the software from anywhere is helpful if you work from home or arent in the office that day. We actually switched back to the on-premise which I now have access to at home through a laptop.