Today in the U.S., we write about 40 percent of the number of checks we wrote in 2000. In 2000, roughly one-third of those checks were written by businesses, compared with about 45 percent today. This statistic suggests that consumers are moving to electronic payments faster than businesses are. Of course, businesses are on the receiving end of most of those consumer electronic payments, so your business may want to make separate decisions when selecting incoming and outgoing payment options. Our economy is long past the days when most payments were made in cash or even checks. One of the earliest responsibilities of the Federal Reserve System, enacted in 1913, was to create a national system for clearing checks as prerequisite to ensuring a nationwide economy.   Herewith is a tour of those options. Wire Transfers Wire transfers are fast and, once initiated by the sending bank, irreversible.   Generally, it’s not efficient to use wire transfers to pay bil...

Michele moderating a panel at the NFP Summit 5-18 I like to say that for effective programming, management has to “get everyone on board.”   That is, in a successful organization all members (employees & volunteers) know their roles and understand how they contribute.   This particularly applies to effective risk management, as risks are everywhere… as are opportunities to help the organization successfully meet its mission.   On May 7, 2018, the Manhattanville School of Business asked a panel of experts at the NFP Leadership Summit to share their thoughts on “Risk Management Hot Topics for Nonprofit Board Members and Executives” with a room full of not-for-profit executives. The panelists highlighted a number of current issues and on-going topics that should be discussed with nonprofit board members at least annually.   Nancy May, President and CEO of Board Bench Companies, LLC, emphasized the importance of being clear about the roles and purview of...

Around the corner from where I live is a small gym that I drive by every morning on my way to work.   Located at a busy intersection, there’s always a good amount of traffic surrounding the site, but of late, I’ve noticed even more people driving in and out of that parking lot than usual.   This should come as no surprise, as 2018 is still in its infancy, and many people remain solid in their resolve to stick to their New Year’s Resolution. Regarding those resolutions, topping the list is of course usually something regarding physical fitness and getting in-shape.   Others choose to focus on their mental well-being or even relationships.   But having worked in higher education for quite some time, I’ve noticed another sort of resolution for adult learners: to go back to school and earn a degree.    It makes sense if you think about it.   How many times in late-December or even early-January do we see or hear the phrase ‘New Year/New You?’...