Financial Planning and Analysis

Client: Palisades Emergency Residence Corporation
Faculty: Christine Chisholm
Team: Eleanor Leahy, Dalia Mechanic, Andrew Minck, Tammy Yuan
Year: 2011
Palisades Emergency Residence Corporation (PERC) is an emergency shel­ter and soup kitchen that aims to defeat the cycle of poverty by providing shelter, food, social service referrals, and educa­tion programs. The Capstone team was engaged by PERC's Executive Director to develop and help implement financial tools to create accurate reporting systems. The Capstone team analyzed current pro­grams and grants, previous budgets, cash flow, and internal controls. The team also researched best practices from other organizations. Using this research and analysis, the Capstone team created a comprehensive budget for fiscal year 2011 along with detailed program budgets. In addition, the team created a new chart of accounts that would be more responsive to the organization's budget and more closely aligned with GAAP and nonprofit standards set by the IRS Form 990. Finally, the Capstone team advised PERC on best practices for grant and gift track­ing as well as internal controls.