BMT Management & Financial Services

BMT provides skilled, specialized financial and management consulting services that continuously change and evolve in order to effectively serve religious institutes in a dynamic economic and cultural environment. Our specialized services include but are not limited to:

• Review of finance office operations
• Institute financial evaluations
• Development of financial systems involving forecasting, budgeting and accounting at the institute and the local community level
• Compensation and benefit surveys
• Legal compliance
• Taxes
• Evaluation of central banking systems
• Accounting software systems installation and support
• Critical thinking and analysis of changes to accounting and tax code/law
• Insurance analysis and review including preparation of insurance specifications and assistance in soliciting insurance brokers

BMT, through its Benefit Eligibility Management team, provides various services to achieve the appropriate level of participation in various government and employment-based benefit programs. Religious institutes may use our services on a short-term consulting basis, or may elect to outsource the management of all benefit enrollments to our expert consultants. Our assistance may include some or all of the following:

• Explanation of various government programs including: Social Security (RSDI) income; Supplemental Security Income (SSI); Medicare A, B and D; Medicaid; Qualified Medicare Beneficiary (QMB); Specified Low-Income Medicare Beneficiary (SLMB); Qualified Individuals (QI-1); and the Low Income Subsidy (LIS or "Extra Help") Program for Medicare D
• Education of leadership or of gatherings of the members to the scope of programs, eligibility factors, and the financial impact of participation
• Exploration of the reasons why it is appropriate and ethical for members of religious institutes to participate in benefit programs
• Evaluation or "audit" of current participation in available government programs and potential eligibility for additional participation
• Analysis of potential financial impact of expanded participation in various benefits for the individual religious and for the institute
• Consultant oversight of institute's in-house Benefit Eligibility Coordinator
• Management of all aspects of the benefit enrollment process for members of the religious institute
• Assistance with enrollment into employment-based insurance, Medicare Supplement programs, and other insurance benefits
• Assistance with obtaining Medical Debit Cards for members of the institute
• Evaluation of the pros and cons of participation in PACE (Program of All-Inclusive Care for the Elderly) Programs (where available)
• Management of medical bill processing
• Telephone support services

For those religious institutes in need of assistance with the management of the daily operations of their institute, BMT has the expertise and experience to help. BMT has worked for many years with religious institutes in the various areas of day-to-day operations and has the skills to undertake these responsibilities.

When asked to provide operational management services, BMT works with religious institute to create a job description for the position of Chief Operating Officer that meets the needs determined by the institute. These responsibilities may be in one or more areas, including:

• Finances
• Property Management
• Human Resources
• Employee Oversight
• Strategic Planning
• Ministry Needs

BMT currently serves as Chief Operating Officer/Provincial Administrator for

• Sisters of Charity of Our Lady Mother of Mercy - East Haven, CT
• Sisters of Jesus Crucified - Brockton, MA
• Daughters of Wisdom - Islip, NY

More than 35 BMT staff is active in the finance offices of religious institutes and their sponsored institutions across the country. This service can either supplement or replace a client's existing staff.

Utilizing BMT personnel allows you to have part-time assistance, as needed or full-time assistance, if desired. We provide individuals with varying levels of experience, from bookkeepers to Chief Financial Officers. These individuals are on BMT's payroll and receive their benefit package through BMT. Your institute benefits by having the depth and breadth of the entire BMT staff augmenting that of the person on site. Our clients appreciate the fact that BMT staff is well educated in their field and in the needs of religious institutes, and knowing that their questions will always be answered promptly by competent consultants.

BMT Provides:

• On-site technical support with day-to-day operations
  • Data Entry
  • Bank reconciliations
  • Investment and payroll journal entries
• High-level financial advisory functions
  • Planning
  • Budgeting
  • Financial Planning
• Chief Financial Officer, Treasurer, Controller and Business Manager Services
• Preparation and explanation of financial statements
• Completion of NRRO applications
• Finance office consolidation precipitated by the joining of two or more religious institutes
• Ministry reviews, including educational institutions, long-term health facilities, retreat centers, residences and day care centers

BMT Human Resource Management services can supplement a religious institute's financial management or office staffing services, or be a stand alone addition to an institute's overall management of operations. Among other tasks, BMT can review a client's existing policies and employment manuals for compliance with federal and state employment regulations and employment law. Also, as staffing needs change, BMT can review, evaluate and make recommendations to the institute regarding the level of resources it may need to move forward into the future with efficiency and effectiveness. Our engagements have included:

• Review of employee policies and guidelines for compliance with applicable laws
• Employee Relations
• Search and recuitment
  • Executive Director, Principal, Head of School, Director of Development, etc...
  • Non-exempt and hourly employee positions
• Creation and/or revision of employee manuals
• Analysis of employee benefits with management of competitive bidding process, if needed
• Development of membership trends to determine appropriate staffing levels for care of members
• Review of institute and/or sponsored ministries staffing needs
• Analysis of central facility services (health care, dietary, maintenance, etc.)
• Recommendations for downsizing/rightsizing staff management, including severance plans
• Undertaking of wage studies
• Background Screening

For smaller religious institutes with only a few employees, BMT can fulfill the role of human resources director, providing the full range of human resources services.

BMT is the investment consultant for over $2.7 billion of domestic assets for religious institutes. We are also the investment consultant to clients internationally, working with a variety of currencies. The value of an individual client's assets entrusted to us ranges from $250,000 to over $200 million.

As an independent firm not affiliated with any investment management firm, brokerage company or bank, we can help ensure the integrity and viability of our client's investments. Our only allegiance is to our clients and to help them meet their objectives. We offer a wide range of investment services, such as:

• Assisting in the development of investment guidelines and policies
• Developing asset allocation models
• Reporting on the relationship of investment assets to their respective liabilities
• Conducting investment manager searches and assisting in the selection of managers that meet established investment and social objectives

Investment consulting services also include ongoing monitoring through:

• Reviewing each manager's service and performance
• Providing quarterly written reports
• Semi-annual audit of each manager's compliance with established SRI objectives
• Presentation of investment performance as requested
• Attending investment meetings
• Annually reviewing program costs

BMT provides industry unique reporting that focuses on absolute and relative performance comparisons for each manager, as well as, for a client's entire investment program. With our extensive knowledge and experience, BMT ensures that clients continue to meet their objectives and control their investment process.

BMT assists religious institutes in addressing their current and future needs through the development of a long-range management plan. BMT works with leadership and membership to understand the institute's current position and future trends. This information is, then, used to develop possible scenarios that can assist the institute in adapting to a changing environment and in reaching the desired future. The result is a plan that is comprehensive, understandable and consistent with the client's mission and operational objectives.

BMT completes its services through review, evaluation and interim reports pertaining to each aspect of the engagement including, but not limited to:

• Membership trends
• "Balance sheet" analysis
• Sponsored ministries
• Congregation departments
• Central facility services (health care, dietary, maintenance, etc.)

The process involves document discussion, interviews, change factor discussions and report presentation to the committee, leadership team and membership. The outcome is a written report to guide the institute into the future. Many of our long term plans lead to discussions and recommendations in the area of rightsizing.

Utilization Studies

• Analysis of current and projected uses
• Provision of a thorough cost analysis
• Identification of change factors
• Research of collaborative possibilities

Renovation Projects

• Development of a planning and bidding process for all phases of the project
• Oversight of hiring architects, engineers and construction managers
• Implementation of fiscal controls throughout the project
• Research and analysis of financing options

Acquisition and Disposition Strategies

• Development of a team approach to attain client objectives
• Integration of economic and environmental goals
• Establishment of a critical path of marketing activities
• Cultivation of prospective purchasers

Reconfiguration planning addresses several areas of the life and work of religious institutes. To ensure a smooth transition from two or more institutes into one, it is important to include analysis and recommendations in the following areas:

• Accounting - systems and charts of accounts
• Banking - cash management and centralized systems
• Budgeting - combination methods
• Development - centralization
• Employees - evaluation of staffing
• Health Care - development of options
• Insurance - consolidation
• Investments - centralization and consolidation, policies and guidelines development
• Legal Documents - review
• Ministry Contracts/Obligations - evaluation
• Buildings and Land - analysis

BMT has experience assisting religious institutes in the full array of reconfiguration services. An example of one BMT reconfiguration project related to the coordination of investments includes:

• Evaluating investment assets versus liabilities
• Developing models for asset allocation and cash flow requirements
• Developing a shared statement of investment policies and objectives
• Evaluating objectively current services and performance (BMT is independent and not tied to any particular investment related firm)
• Facilitating the selection of investment managers from among those currently being used

Social Security reporting is required for all religious institutes who participate in the Social Security system on behalf of their members. Those institutes that participate in the system calculate the fair market value of "wages" for their members and pay both the employee and employer portion of the FICA tax. In this system, reporting is required at regular intervals and there are penalties for not reporting on a timely basis. For those institutes that desire assistance with this reporting requirement, BMT has developed a process for performing this task for them.

BMT can assist with the following:

• Filing W-2 information with the government on behalf of the religious institute
• Completing the W-2 and/or 941 forms and providing them to the religious institute for filing
• Calculating, managing, and/or making direct payments for required taxes

A BMT Sustainability Study is a comprehensive plan that leverages the organization's resources in a way that prevents their depletion and promotes long-term sustainability, perpetuating its ability to fulfill its mission.

Sustainability in the nonprofit context includes the concepts of financial sustainability as well as leadership succession planning, adaptability, and strategic planning.

• Discussion to understand your needs and the services that respond to those needs
• Research and obtain further information as required
• BMT performs the accounting services weekly and updates the general ledger monthly
• BMT generates financial statements on a monthly/ quarterly basis
• Financial statements will compare actual to budget and to prior year
• Information maintained in a confidential manner
• BMT understands your needs – experience is key

Let us do the basics for you:

• Process payment of expenses (Accounts Payable) or checks written on site and data entry done by BMT
• Input monthly financial activity (banks, investments, etc.)
• Reconcile all asset accounts
• Provide monthly financial statements
• Cloud based accounting software

Some of our offsite Accounting Service clients include:

• Dominican Sisters of Oakford – San Leandro, CA
• Missionary Franciscan Sisters of the Immaculate Conception – Rome, IT and Boston, MA
• Oblates of St. Francis de Sales – Rome, IT
• Religious of Christian Education, Anglo-Irish Province – Dublin, IR
• Sisters of St. Joseph – Winslow, ME
• Sisters of the Cross & Passion – North Kingstown, RI