With three separate and unique not-for-profit entities and a for-profit all housed under one umbrella, the National Wood Flooring Association has a number of complexities to consider in their financial planning – and managing each of them without compromising any tax-protected status is critical to the continued support of their members.
So, as CEO Michael Martin first began searching for an accountant and advisor several years ago, he knew they needed the expertise to help navigate the intricacies of association planning and the service-oriented approach to do everything with an eye for member engagement and retention. That’s what lead him to Anders CPAs + Advisors.
When the Association needed guidance on restructuring in a way that would allow them to streamline processes, gain a full financial overview of every branch, and preserve the Association’s tax status, Anders performed a full audit and created a comprehensive report detailing where improvements could be made. In addition, Anders defined what an in-house CFO role would look like and ultimately helped Martin realize that the most cost-effective solution was an outsourced Controller and CFO. They then helped the Association vet several potential partners to find the right fit.
But this was only the start of a beautiful relationship. Over the years, Martin and his team have turned to Anders for guidance on everything from tax planning to reporting – plus, Anders has helped the Association provide even more value to their own members. In 2018, after the landmark South Dakota vs. Wayfair decision that impacted how sales tax is collected in ecommerce transactions, Anders provided the NWFA with several resources to help their members understand how the decision could impact their businesses.
In 2020, Anders partnership was critical to helping the Association recover from financial losses and deliver valuable information to members in the wake of a global pandemic. In addition to helping the Association identify and pursue potential funding opportunities for themselves, Anders helped build several custom webinars to educate Association members on how to secure PPP Loan Funding – and extended invitations to NWFA members to attend Anders own webinars throughout the course of the pandemic. At every turn, according to Martin, “Anders provides value that goes above and beyond.”
With Anders continuous guidance, the Association’s accounting services are shored up and strategic, and they’ve seen cost savings, a better use of internal resources, and increased member retention. Thanks to their restructuring, the association’s auditing and reporting processes are both less complicated and less expensive, and they have the peace of mind of knowing that Anders will always proactively update them on anything that impacts their financial planning.
Whether helping with compliance and reporting, member engagement, or day-to-day accounting functions, it’s the Anders commitment to proactive communication and education that continues to make them an invaluable resource for the National Wood Flooring Association and their members: “We’ve never had a question that they didn’t find an answer for,” says Martin, “It’s a partnership built on longevity and trust.”All Insights