Our hospital foundation is a separate entity, but the hospital's finance department manages all of our finances. We work in close partnership with them to track and deliver reporting. However, 100% of the financial reporting comes out of the finance department, and it continues to not be what we need in terms of showing us cash on hand, pledges vs. cash, investments, endowments, etc. We have worked for several years on trying to remedy this and made many improvements, but continue to have several hurdles with our finance team as they want to treat us as they do all of their other hospital cost centers - but we are different. We had a thought to bring in a third party to audit our financial processes, hoping our finance team would listen to an outside expert on what our financials should look like, endowment processes, etc.
Wondering if anyone has experienced issues like this with their finance team, and how did you remedy it? And, has anyone worked with a third party person on their accounting/finance practices - are we looking for an accountant, or a nonprofit consultant?
Appreciate any guidance or advice you can share! Thank you :)
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Jocelyn Koenig, CFRE
Tampa General Hospital Foundation
jkoenig@tgh.org------------------------------