"Our growth was the first signal that told us we needed a system that could do it all. Sage MIP Fund Accounting offered a package that met our needs and could grow with the foundation"
Sage MIP Fund Accounting Pro helps Community College Foundation thrive
In the 17 years since its inception, the assets of the Okaloosa-Walton College (OWC) Foundation in Niceville, Florida,
have grown from $12,000 to more than $22 million.
"If there is a yardstick for the margin of difference between ordinary and excellent, it can often come down to a
community's philanthropic giving," said James P. Chitwood, executive director of the OWC Foundation. OWC, with a
population of 16,000 students, is a community college that is accredited to award bachelor and associate degrees and
is located adjacent to the Gulf of Mexico in northwest Florida. The OWC Foundation provides the college with scholarships,
endowed teaching chairs, and funding of programs.
"If there is another measurement of the foundation's effectiveness, it can be attributed to the decision to purchase
a Sage MIP Fund Accounting system, which enabled our foundation to meet the multiple challenges of accurate financial
management, requests by sophisticated donors for account information, and keep pace with FASB accounting requirements,"
Chitwood said.
Chitwood said the OWC Foundation was greatly aided by acquiring Sage MIP Fund Accounting at a time when the foundation was
experiencing unprecedented growth in giving. Chitwood said several factors influenced the OWC Foundation's decision to
purchase Sage MIP Fund Accounting.
"Our growth was the first signal that told us we needed a system that could do it all," he said. "Sage MIP
Fund Accounting offered a package that met our needs and could grow with the foundation." Chitwood said another
factor in the decision was that Sage MIP Fund Accounting provided the flexibility to meet the foundation's need for a
general ledger that accommodated state matching funds received for donors' endowment contributions. "In the state
of Florida, community colleges have been fortunate that private endowment gifts are matched by the state on a
$3-to-$2 ratio," explained Chitwood. "Some of these accounts are developed over time, so there was a real
necessity for an accurate system."
The OWC Foundation link with Sage MIP Fund Accounting came shortly before another significant event for a relatively
new foundation. "Just about the time we started with Sage MIP Fund Accounting, the foundation began a $5 million
endowment campaign in support of the college’s new Arts Center. That activity involved selling 1,600 seats in the main
theater at $500 each. It was the first test of Sage MIP Fund Accounting and we succeeded," he said.
Donna Utley is the foundation accountant and a CPA. She said the foundation enjoyed steady growth in its early
years. "We had a modest 65 endowment accounts and another 70 restricted accounts, but it was clear that more was
happening," said Utley. "We were handling the basics but needed a versatile, integrated accounting package
that would allow the tracking of individual scholarships and endowments, state matching funds, and earnings on individual
gifts, as well as unrestricted contributions."
"We have used Sage MIP Fund Accounting for the past ten years. We first used the DOS version. We have been in the
Windows environment since 1996," said Utley. "Sage MIP Fund Accounting has met our every need. It is extremely
user-friendly, which allows for minimal training time."
Chitwood credits Sage MIP Fund Accounting for a measure of the OWC Foundation's success by providing them with the
financial information they need. According to Chitwood, "When you have individuals on your foundation board such
as bankers, brokers, and CPAs, you have got to have the very best financial information. They expect it."
