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Accountant Mike Pocrnich Expounds on Budgeting and Financial Planning for Nonprofits

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6 months ago

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Michigan , US, 17th May 2024, ZEX PR WIRE, Effective financial planning and budgeting are critical for sustaining operations and fulfilling mission-driven goals in the world of nonprofit management. Mike Pocrnich, a seasoned accountant with over twenty years of expertise in nonprofit accounting, audit preparation, and financial analysis, recently shared his insights on the best practices and techniques for mastering these challenges. He emphasizes the importance of a proactive approach to financial management to ensure that nonprofits can navigate fluctuating funding streams and regulatory environments effectively, while also maintaining the ability to quickly adapt to changing economic conditions and opportunities.

In order to successfully forecast and plan a budget for a nonprofit organization, it is necessary to have a clear understanding of the unique challenges they face. Nonprofits often operate under financial constraints and funding variability that differ significantly from for-profit businesses. Funding for nonprofits is often project-specific, derived from grants, donations, or government allocations, which can be highly unpredictable. Mike Pocrnich emphasized that “the key to successful nonprofit budgeting is flexibility and foresight. Organizations must be able to adapt their financial strategies to accommodate fluctuating resources without compromising their services. They need to anticipate potential financial challenges and opportunities, preparing for both expected and unexpected changes that can affect their funding and expenditures.”

Mike Pocrnich went on to outline several best practices that nonprofits should consider to ensure robust financial planning, including developing a comprehensive budgeting framework, implementing rolling budgets, forecasting with accuracy, engaging in scenario planning, and ongoing monitoring. Regarding a comprehensive budgeting framework, he stated: “A detailed budget acts as a roadmap for nonprofits. It should outline all expected income and expenditures, incorporating flexibility to adjust for unforeseen changes in funding. This includes having a clear understanding of the costs of projects and operational expenses. Additionally, it’s crucial to ensure that this financial roadmap is accessible and comprehensible to stakeholders across the organization, enhancing transparency and collaborative decision-making.”

Pocrnich advocated for implementing rolling budgets as a dynamic budgeting approach that extends beyond the traditional annual budget cycle. This method allows for continuous updates based on the actual financial performance and new financial projections, providing a more responsive financial planning tool. Allowing for a more dynamic budget will in turn assist accountants to generate forecasts with greater accuracy, which is crucial for effective budget management. “Nonprofits need to develop a robust forecasting model that factors in historical data and current market conditions,” Pocrnich advised. “This model should account for potential fluctuations in funding and expenses, enabling better preparedness for future financial scenarios. It’s essential for nonprofits to not only react to these changes but also to proactively adjust their strategies to maintain financial health and mission effectiveness.”

Scenario planning is another technique that Pocrnich highlighted. It involves preparing multiple financial outcomes based on different funding scenarios. “This strategy ensures that nonprofits are not caught off guard by changes in their financial landscape. It helps organizations plan for the best, worst, and most likely scenarios, ensuring readiness for any financial situation. By simulating various financial conditions and outcomes, nonprofits can develop actionable strategies that mitigate risks and capitalize on opportunities, thereby maintaining stability and advancing their objectives even in uncertain times,” he noted.

To conclude his remarks, he discussed the need for continuous monitoring of the budget versus actuals. “Regular financial reviews allow for timely adjustments and informed decision-making. Nonprofits should establish regular intervals for reviewing financial reports to track progress and identify areas that require attention.” Pocrnich’s extensive background, particularly his early career as a Senior Auditor and later roles involving significant financial management responsibilities, has equipped him with a deep understanding of the financial intricacies of nonprofit organizations. His advice provides a valuable foundation for nonprofits aiming to enhance their financial stability and ensure long-term sustainability. Nonprofits that adopt these practices not only navigate their financial challenges more effectively but also position themselves to better serve their communities and achieve their mission-critical objectives.

About Mike Pocrnich

Mike Pocrnich is an accounting professional with over 20 years of experience, primarily in non-profit accounting, auditing, and financial analysis. Based in the Minneapolis area, he holds a BA in Accounting from St. John’s University. In his early career as a Senior Auditor at CliftonLarsonAllen, Mike managed non-profit audits, developed internal controls, trained junior staff, and presented financial reports to leadership. He is known for his financial forecasting, reporting, and analytical skills, as well as his proficiency in various ERP and CRM software, including the Microsoft suite. Currently, as a Finance Manager at Element Financial Advisory, Mike Pocrnich provides CFO and Controller services for a range of clients, from government and non-profit organizations to entities with revenues exceeding $20 million. He specializes in financial forecasting and manages all aspects of state and federal grant administration. His prior role as Controller at Beltz, Kes, Darling & Associates (now BerganKDV) involved similar duties and the leadership of annual audits and client financial facilitation. Mike’s professional skill set includes staff management, client relations, and a high emotional IQ, making him a strong communicator and customer service expert. He efficiently oversees accounts payable, payroll, and financial compliance, leading his team effectively. Mike Pocrnich’s extensive use of accounting principles like GAAP, FASB, and GASB throughout his career demonstrates his commitment to financial accuracy and strategic leadership. His experience and approach position him as a key resource for organizations looking to strengthen their financial practices and oversight. 

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Press Release

Hola Prime Sets New Industry Standard as the World’s Top Transparent Prop Trading Firm

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6 hours ago

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November 25, 2024

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New York, NY – 25/11/2024 – (SeaPRwire) – Hola Prime is proud to unveil its solutions for Prop trading. The prop trading industry has long faced issues that erode trust and hinder traders’ growth. Problems such as delayed payouts, hidden trading rules, unexpected account breaches, and unreliable price feeds have created a challenging environment, leaving many traders feeling disillusioned and unsupported. Hola Prime, however, is transforming the industry by prioritizing transparency and trader support.

In a market where delayed and denied payouts have become an unfortunate norm, Hola Prime distinguishes itself with fast, reliable, and secure payment processes. Traders at Hola Prime can choose from multiple payment methods to receive their payouts within just one hour, ensuring that their earnings are accessible when needed. Furthermore, unlike several other prop firms, Hola Prime does not charge any fee on the payouts. This prompt and no-fee payment system reflects Hola Prime‘s commitment to fairness and reliability, addressing one of the industry’s most pressing concerns. As Ashutosh Sharma, Head of Risk and Compliance, explains, “Even though we are not obliged to follow any capital market regulations, we chose to operate in a disciplinary way as it is healthy for business. Our Payout Funds Segregation policy allows us to ensure we always have funds readily available to process our trader’s payouts.” To this, he further added, “We have maintained a 99.9% payout completion rate within one hour since launch.”

Hola Prime’s commitment to transparency goes beyond efficient payouts. In an unprecedented move, the firm publishes a Price Transparency Report, a comprehensive tick-by-tick data report, comparing the price ticks on their trading platforms with the market prices advertised on TradingView to ensure complete transparency. Hola Prime’s CFO, Ms. Sumedha explains, “In a decentralized forex market, we are the first and only prop firm to provide this level of price transparency for our traders.”

One of the biggest frustrations traders face is denied payouts and the sudden closure of accounts due to hidden rules and unexpected breaches. Unlike other firms that may use these tactics to withhold payments or deny payouts, Hola Prime takes a different approach. The firm clearly outlines all trading conditions on its website, leaving no room for ambiguity.

Additionally, if a trader’s behaviour indicates that they may end up breaching certain prohibited trading rules, they receive risk alerts, enabling them to take immediate corrective action and avoid potential violations. This proactive approach underscores Hola Prime’s belief that the firm’s success is intrinsically linked to the success of its traders.

Besides this, Hola Prime has implemented a unique support system for traders who do not pass their initial challenges. Instead of being left without guidance, traders receive personalized lesson videos that review their performance and offer guidance for improvement. These detailed analyses empower traders to learn from their mistakes, refine their strategies, and better prepare for future opportunities.

Hola Prime’s commitment to transparency is further evident in its open communication practices. The firm shares detailed performance analyses with traders on their dashboard, providing insights into what worked well and what needs adjustment. This level of support helps traders closely monitor their performance and achieve success.

By addressing long-standing issues in the industry and prioritizing transparency, Hola Prime is setting a new benchmark for the industry.

Hola Prime’s CEO, Mr. Somesh Kapuria states, ” Since the launch, Hola Prime has experienced a remarkable surge in trader onboarding, with a 140% increase in new sign-ups in the first month alone.” This early momentum speaks to the trust traders are placing in Hola Prime’s transparent practices and supportive ecosystem. With its innovative solutions, Hola Prime is not just being there in the prop industry – it is revitalizing it and fostering an environment where trust and mutual success are paramount.

About Hola Prime

Hola Prime is a global proprietary trading firm renowned for its commitment to transparency. Serving prop traders across 175+ countries with access to over 50 trading instruments, Hola Prime provides a reliable and efficient trading environment. With a presence in key locations worldwide and a selection of multiple trading platforms, the firm is bringing a breath of freshness to the prop trading industry.

Social Media

Facebook: https://www.facebook.com/profile.php?id=61565158992654

Instagram: https://www.instagram.com/holaprime_global/

YouTube: https://www.youtube.com/channel/UCtVEJa1Ml132Be7tnk-DjeQ

LinkedIn: https://www.linkedin.com/company/hola-prime/?viewAsMember=true

X: https://x.com/HolaPrimeGlobal

Discord: https://discord.gg/TJ7TcHPXBf

Quora: https://www.quora.com/profile/HolaPrime/

Reddit: https://www.reddit.com/user/HolaPrime/

Medium: https://medium.com/@social_46267

Media contact

Brand: Hola Prime

Contact: Media team

Email: marketing@holaprime.com

Website: https://holaprime.com/

 

The article is provided by a third-party content provider. SeaPRwire ( https://www.seaprwire.com/ ) makes no warranties or representations in connection therewith.

Sectors: Top Story, Corporate News

SeaPRwire provides real time press release distribution for companies and organizations to 6,500+ media outlets & 3.5 million professional desktops in 90 regions. It distributes press releases in different languages, including: IndonesiaFolk, IndoNewswire, SEATribune, IDNewsZone, LiveBerita, DailyBerita, TaiwanPR, SinchewBusiness, AsiaEase, BuzzHongKong, SingapuraNow, TIHongKong, TaipeiCool, TWZip, AsiaFeatured, dePresseNow, THNewson, KULPR, VNFeatured, MENAEntry, HunaTimes, DubaiLite, ArabicDir, BeritaDaring, TekanAsia, JamKopi …

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Press Release

Promotional Product Experts: One-Stop Destination for High-Quality Branded Business Products Across Australia

Published

7 hours ago

on

November 25, 2024

By

Australia, 25th Nov 2024 – Promotional Product Experts, a leading provider of custom-branded business promotional products, is redefining how companies across Australia promote their brands. Offering a diverse range of items with professional printing and embroidery services, the company ensures businesses can create impactful and cost-effective promotional campaigns.

Whether you’re looking for a simple ballpoint pen or a large golf umbrella, Promotional Product Experts guarantees value, quality, and precision across all items. The company also offers a wide variety of branded corporate promotional materials, including keyrings, clothing and apparel, coffee mugs, bags, satchels, and more. Businesses in major cities such as Brisbane, Melbourne, Sydney, Perth, and Adelaide can benefit from these top-tier services.

A Seamless Experience for Your Brand’s Promotional Needs

Promotional Product Experts understands the importance of delivering exceptional service. The website is designed for ease of use, allowing customers to browse a comprehensive catalog of products and request quotes effortlessly. The team provides accurate artwork specifications tailored to individual items, ensuring the final product exceeds expectations.

“We pride ourselves on providing not only high-quality promotional products but also a seamless and efficient experience for our clients,” said Gavin Sekler, spokesperson for Promotional Product Experts. “From concept to delivery, we’re committed to proactive customer service and timely delivery for complete peace of mind.”

Innovative Product Offerings for Every Need

The company specializes in a variety of promotional products, including:

  • Corporate Cheese Sets: Add a touch of sophistication to your branding with promotional cheese boards. Explore options at Corporate Cheese Sets.
  • Corporate Umbrellas: Make a lasting impression with high-quality branded umbrellas. Learn more at Corporate Umbrellas.

These products are carefully curated to enhance a brand’s visibility while maintaining a professional image.

Reliable Delivery and Expert Support

Promotional Product Experts is committed to delivering a hassle-free experience. With a proactive customer support team just a phone call away, the company ensures businesses can navigate the entire process smoothly. Whether it’s addressing queries or assisting with artwork, the team is dedicated to providing unparalleled support.

Why Choose Promotional Product Experts?

  • High-quality corporate promotional merchandise.
  • Affordable and effective branding solutions for businesses.
  • Proactive customer service and reliable delivery across Australia.
  • Easy-to-navigate website for convenient browsing and quoting.

Businesses seeking impactful promotional products can trust Promotional Product Experts to deliver excellence at every step.

Get Started Today

Join the many Australian companies that have enhanced their brand visibility with Promotional Product Experts. Visit www.promotionalproductexperts.com.au to explore the range of promotional business products and request your quote today.

About Promotional Product Experts

Promotional Product Experts is a trusted provider of high-quality promotional merchandise, specializing in professionally branded business items to meet the marketing needs of companies across Australia. With years of experience in the industry, the company has established itself as a leader by offering a diverse range of products combined with exceptional customer service. Whether for corporate events, employee giveaways, or marketing campaigns, Promotional Product Experts delivers innovative solutions that leave a lasting impression.

Media Contact

Organization: Promotional Product Experts

Contact Person: Gavin Sekler

Website: https://www.promotionalproductexperts.com.au/

Email: Send Email

Country: Australia

Release Id: 25112420419

The post Promotional Product Experts: One-Stop Destination for High-Quality Branded Business Products Across Australia appeared on King Newswire. It is provided by a third-party content provider. King Newswire makes no warranties or representations in connection with it.

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Press Release

DuckChain Mainnet Launch: Bridging Web2 and Web3 with ISO Innovation

Published

7 hours ago

on

November 25, 2024

By

Last year, Paradigm’s CTO Georgios Konstantopoulos pointed out the inefficiencies in how crypto chains and assets work together via one of his tweets. His thoughts highlighted a major issue in Web3 adoption: complexity.

This native model has become a big hurdle in mass adoption of web3. Even completing one single transaction at times requires too many complex steps Just to make a transaction on a new Layer 1 or Layer 2, a user needs to create an account, securely store the private key or seed phrase, buy gas tokens via a centralized exchange, or bridge assets from another chain-just to start interacting with the new ecosystem.

This process can overwhelm traditional users used to simple “plug-and-play”systems. Thankfully, Web3 builders are introducing “execution-free” solutions to make onboarding easier.

DuckChain: Bridging Web2 and Web3 with ISO

DuckChain is leading the way of this evolution. As the first consumer-grade Layer solution on The Open Network (TON), DuckChain introduced the innovative concept of ISO (Initial Star Offering). This allows users to convert Telegram Stars into on-chain Star assets, bridging Web2 and Web3 seamlessly.

This unique feature makes DuckChain the key to onboarding millions of Telegram users into Web3. It also connects TON with EVM and Bitcoin ecosystems, boosting liquidity and bringing developers to TON.

The market has also recognized DuckChain’s narrative and growth potential.

DuckChain’s Testnet Achievements

DuckChain’s testnet was a massive success:

  • Daily Active Users: Over 2 Million on MiniApps
  • Total Transactions: 29 million
  • User Deposits: $2 million from Web2 users
  • Paying Users: 1 Million
  • Partners: Supported by 20+ partners like Arbitrum and OKX

With the mainnet launch, DuckChain is all set to accelerate Telegram’s evolution into a super app and open a portal connecting the Web2 and Web3 worlds.

ISO: Introducing Telegram Stars as Unified Gas for Chain Transactions

DuckChain, the first TON-based Layer solution built on Arbitrum Orbit, positions itself as a consumer layer. Its mission is to onboard nearly a billion Telegram users to blockchain infrastructure.

Today, most blockchains use their native tokens as gas fees which means users need different tokens for various ecosystems, which makes cross-chain transactions complicated. DuckChain solves this by creating a unified gas system through ISO (Initial Star Offering). With ISO, Telegram Stars can easily be turned into on-chain assets to pay gas fees.

DuckChain’s new mainnet supports assets for on-chain activities. Future updates will also add features like account and chain abstraction to make transactions even easier.

Telegram Star, the native token for the Telegram ecosystem, simplifies payments for services and goods. It can be purchased directly with Apple Pay or Google Pay without needing third-party platforms. Both Web2 and Web3 users can use Telegram Stars within DuckChain, making transactions simple and accessible.

This system not only connects Web2 and Web3 users but also opens doors for wider use of decentralized finance (DeFi) within Telegram’s ecosystem.

DuckChain: Enabling Telegram’s Super App Ambitions

Telegram has integrated with TON and launched MiniApps, aiming to become a Web3 super app.

However, building a mature Web3 ecosystem requires three essentials: user traffic, liquidity, and a thriving ecosystem.

Currently, the Telegram ecosystem faces 3 key challenges:

  1. A predominantly off-chain user base of nearly 1 billion.
  2. A TVL of $300M concentrated in TON and stablecoins, indicating liquidity shortages.
  3. Complex development frameworks which slows developer participation.

DuckChain addresses these challenges through ISO, liquidity hubs, and modular development tools.

TON’s Liquidity Hub

EVM-compatible chains currently hold 80% of the total $100 billion in DeFi, while Bitcoin assets represent a large, untapped $1.8 trillion market. TON’s ecosystem, however, faces liquidity shortages. DuckChain, built on Arbitrum Orbit, connects TON with EVM-compatible ecosystems for seamless interoperability.

Moreover, it integrates deeply with Bitcoin L2 solutions, such as Babylon, making it a crucial bridge for TON’s liquidity and value exchange.

DuckChain’s mainnet introduces solutions like multi-chain and liquidity abstraction, enabling users to pay gas fees using various tokens, including TON and Telegram Star. It also incentivizes TON staking through DuckChain, offering annual yields and facilitating liquidity flow between ecosystems.

Modular Tools for Developers

To overcome TON’s development complexity, DuckChain collaborates with Arbitrum to provide an EVM-compatible framework, simplifying the creation, deployment, and migration of applications. Developers can leverage staking, marketplaces, DID systems, and other modular tools to build scalable dApps, seamlessly integrated with Telegram MiniApps.

DuckChain has already attracted over 50 ecosystem projects, fueling early-stage growth in TON’s application layer.

Soda Lee

https://duckchain.io/

info@duckchain.io

SOURCE: DuckChain

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