Case Study

How a Large Foundation Overcame Compliance Hurdles and Achieved 30-50% Less Prep Work

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BY Scott Turner
December 19

CASE STUDY:

How a Large Foundation Overcame Compliance Hurdles and Achieved 30-50% Less Prep Work

Nonprofit organizations, particularly large foundations, grapple with the unique complexities of
maintaining tax-exempt compliance. This process is traditionally riddled with manual tasks and
inefficient workflows.

This case study delves into how a prominent large foundation overcame these challenges by implementing K1x’s C-TRAC, a revolutionary IRS-approved compliance solution.

The Compliance Challene in Large Foundations

Maintaining tax-exempt status requires meticulous handling of the IRS Form 990, a task that
large foundations find particularly daunting. Our client faced considerable difficulties with their
traditional approach. Their process entailed manual editing of 990s, relying on an enterprise solution that proved cumbersome, particularly in obtaining necessary signatures. Additionally, they had to resort to using Adobe Editor to ensure the proper editing and formatting of returns. This approach was not only time-consuming but also fraught with opportunities for errors, turning compliance into a significant operational burden.

The Turning Point:
Choosing C-TRAC

In their search for a solution, the foundation’s management, known for their openness to
innovation, conducted thorough research, including seeking network referrals and
recommendations. This led them to K1x’s C-TRAC. Renowned as THE standard for nonprofit/ tax exempt reporting, C-TRAC stood out for its ability to streamline information gathering, manage multiple aspects of tax-exempt compliance, and automate IRS approved e-filing of completed forms. Coupled with its reputation for ensuring easy, accurate, and timely filing, CTRAC was an attractive choice for the foundation.

All we do is hit refresh on our browser and the new tax year information can be entered. It’s a fantastic product. Does exactly what we need

Implementing C-TRAC:
A Game-Changer

Upon adopting C-TRAC, the foundation experienced a dramatic shift in how they managed tax compliance. The client was effusive in their praise, noting the ease of use and efficiency of the system. “C-TRAC is very user friendly, easily navigable. Support is great. We get quick
answers,” they remarked. The client was particularly impressed with the solution’s effectiveness for nonprofits. “No doubt, this would be a solid solution for any nonprofit. The team is great. Set up every year is quick, often within the day. All we do is hit refresh on our browser and the new tax year information can be entered. It’s a fantastic product. Does exactly what we need”, they added.

Time-Saving Impacts

The most tangible outcome was the reduction in prep work, with time savings ranging from
33% to 50% or more. C-TRAC’s feature to upload information directly facilitated quicker and
more efficient processing of 990 forms.

33-50%
Time Savings

 

Enhancing Accuracy and Reliability

C-TRAC’s integration with existing accounting systems further streamlined the compliance process. The solution’s ability to update and cross-verify information across forms ensured high levels of accuracy, a critical factor in compliance. “Before C-TRAC I used to have to update and double-check my information in multiple places to make sure the math came out right on my forms,” the client shared. “Now I make the entry once and it applies everywhere. I know my
statement front page will agree with the supporting schedule information.”

Improving Quality of Work Life

A notable benefit of C-TRAC was the reduction in tedious, repetitive tasks. Staff could now
focus on more strategic aspects of their work, improving job satisfaction and overall
productivity.

Partner with K1x

For large foundations struggling with the complexities of tax compliance, K1x’s C-TRAC has proven to be a pivotal solution. By addressing the unique challenges these organizations face, C-TRAC has not only streamlined compliance processes but also brought about significant time
savings, accuracy, and improvements in staff well-being.

Learn more about how C-TRAC can help you achieve easy, accurate, and timely filing.

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