OpenCape Corporation

Need: An Innovative Accounting Solution
Service: Outsourced Part-Time Accounting
Industry: Nonprofit
“The team from AMS is an asset to our organization. Their insightful questions, attention to detail, and hard work had and continues to have a profound impact.”
– CEO, OpenCape Corporation

Situation

The OpenCape Corporation, originally formed to address the lack of broadband access on Cape Cod, had recently secured $40 million in funding through multiple federal and state grants. The nonprofit organization needed to quickly establish an accounting function and was looking for an innovative solution that would allow them to quickly get up to speed.

Response

The OpenCape Corporation engaged AMS, who provided two consultants on a part-time basis to serve as the organization’s accounting and finance department. A senior consultant, serving as OpenCape’s senior financial manager, worked alongside a consultant, who acted as the accounting manager. Both individuals quickly set to work, designing a customized QuickBooks chart of accounts, developing policies and procedures, preparing federal and state grant reports, and implementing a paper-less electronic records filing system on a remote basis. After developing a robust financial foundation with proper internal controls, the consultants streamlined preparations for the organization’s audits.

Results

The organization’s solid financial operations, specifically the paper-less electronic records filing system, proved instrumental in making the organization’s A-133 audits a success. The two AMS consultants continue to serve as the organization’s finance and accounting department, managing day-to-day financial operations on a part-time basis.