Financial and Accounting

At Millstone Group Partners, we understand that strong financial management is the backbone of every nonprofit and NGO. Clear financial reporting, robust accounting practices, and well-defined governance frameworks not only ensure compliance but also build the trust of donors, funders, and your community.

Our team brings decades of nonprofit expertise to help organizations of all sizes strengthen their back-office operations, align with regulatory standards, and confidently plan for growth.

Governance Frameworks for Leadership and Boards

We design financial and accounting governance frameworks tailored to your organization’s size, funding sources, and Board structure. This includes:

  • Clarifying financial roles and responsibilities for Boards, executive leadership, and management.

  • Establishing approval processes for budgets, expenditures, and reporting.

  • Developing policies that align with GAAP, OMB Uniform Guidance, and state regulations.

  • Creating Board-friendly dashboards and financial reports to enhance oversight.

Accounting Practices & Internal Controls

Nonprofits face unique accounting challenges such as grant tracking, fund restrictions, and multi-program cost allocations. We help organizations:

  • Review existing accounting practices for efficiency and compliance.

  • Implement internal controls to prevent errors, misstatements, and fraud.

  • Design accounting procedures tailored to restricted and unrestricted funds.

  • Develop checklists and workflows for month-end and year-end close processes.

Financial Reporting
and Statements

Clarity in financial reporting is critical—not just for auditors and Boards, but for funders and the public. Millstone Group specializes in:

  • Producing clear, accurate financial statements that communicate true organizational health.

  • Aligning reporting with grantor requirements, including Smart Start, NC DHHS, federal programs, and private foundations.

  • Preparing financial reports for Board meetings and funder updates that are concise, transparent, and easy to interpret.

  • Creating financial analysis tools that support long-term decision-making and forecasting.

Grant Compliance and Funder Reporting

Managing multiple funding streams often means navigating a complex web of rules and requirements. We provide:

  • Frameworks for grant compliance tracking across federal, state, and private sources.

  • Support with Audit and Single Audit preparation and audit readiness.

  • Customized reporting schedules to meet funder requirements without overburdening staff.

  • Integration of programmatic outcomes with financial reporting for stronger impact statements.

Hands-On Finance and Accounting Support

Sometimes nonprofits simply need extra capacity. Our consultants can step in to:

  • Support bookkeeping, reconciliations, and payroll functions.

  • Help migrate to nonprofit-focused fund accounting systems (e.g., MIP, Sage Intacct, Blackbaud).

  • Identify and correct financial data issues that may affect compliance or reporting accuracy.

  • Provide interim or fractional CFO, Finance Director, or Controller support when staffing transitions occur.

Why It Matters

Financial stability and transparency are more than back-office functions—they are strategic assets. By improving your financial practices, Millstone Group helps your organization:

  • Strengthen trust with donors, funders, and grant agencies.

  • Reduce audit findings and compliance risks.

  • Improve Board and leadership decision-making through timely, clear data.

  • Position your nonprofit for long-term sustainability and fundraising success.