Case Studies
St. Coletta of Greater Washington – Financial Management Advice in the Client’s Best Interest
(September 9, 2005)
St. Coletta of Greater Washington is an independent, private, non-sectarian, non-profit 501(C)3 organization that operates a school and adult day support program for children and adults with mental retardation and autism. Students come from the entire metropolitan Washington, DC area, and they range in age from four through twenty-two.
The mission of St. Coletta’s is to serve children and adults with cognitive disabilities and to support their families. St. Coletta’s staff believe in the immeasurable value of the individual human spirit and the right of each individual to live as full and independent a life as possible. They respect the dignity of all persons entrusted to their care, and their goal is to serve them in an atmosphere that encourages their talents, celebrates their successes and builds their self-esteem.
The school and the adult program are licensed by the Commonwealth of Virginia and the City of Alexandria. The school is a member of the Virginia Association of Independent Special Education Facilities (VAISEF), and the adult program has international licensing through CARF, Commission on Accreditation of Rehabilitation Facilities.
The Dual Challenge – Dissatisfaction with Outsourced Accounting; No Internal Accounting Expertise
Before being referred to Steve Halt at Halt, Buzas & Powell, St. Coletta’s had outsourced their accounting services for two years. But the relationship was not working well – in fact, St. Coletta’s management was having a difficult time getting any response from the company. The lack of accurate and timely financial statements prompted some of the school’s advisors to request that the outsourcing function be put out for bid. At the same time, there were no school staff who were experienced accountants.
Although originally asked to bid on an outsourced accounting contract for St. Coletta’s, after reviewing their financials and internal procedures, Steve Halt recommended a different strategy. He advised St. Coletta’s to hire a competent internal accountant who could manage the accounting process.
The Solution
St. Coletta took Steve Halt’s advice, advertised for an internal accountant, and at the same time, interviewed an acquaintance of Steve’s partner Andy Powell. She proved to be the strongest candidate and was hired.
With new staff on board, Halt, Buzas & Powell helped set up an internal accounting system. Today, St. Coletta’s manages their accounting services internally and uses HB&P for its annual audits. The financial management system developed by HB&P has received the highest rating possible for three years.
The End Result: Solid Financial Management Paves the Way for Growth
Today, St. Coletta’s Executive Director knows she can always deliver timely, complete financial statements to her board, who, in turn, can make informed recommendations based on this financial information.
St. Coletta is finalizing plans to open a second school in the greater Washington, DC area. Knowing exactly where they stand financially gives them a solid basis for moving forward with these plans.
About Halt, Buzas & Powell, Ltd.
Halt, Buzas & Powell is more than an accounting firm. Founded in 1969, HB&P is a full-service CPA and management consulting firm located in Alexandria, Virginia. Its partners bring more than 80 years collective experience in financial management to each and every client. Their devotion to service, quality and value has led to HB&P’s being recognized by Washingtonian magazine as one of the Washington area’s top CPA firms for service, and by the Washington Business Journal as one of the Washington area’s top 50 CPA firms for size. For more information call Steve Halt at 703-836-1350 or visit HB&P online at www.cpas4you.com.