The ROM Governors play a crucial role in supporting the Royal Ontario Museum’s capital initiatives by managing donations and ensuring the financial health of projects that contribute to the museum’s mission. Prior to implementing Blackbaud software, the organization faced challenges with outdated systems, duplication of efforts, and delayed reporting which hindered their ability to manage funds effectively.

The decision to implement Financial Edge NXT was driven by Executive Vice President of Operations Sandy Wilson who has extensive experience with Blackbaud products. With over 20 years of experience with Blackbaud products, she knew firsthand the benefits it could bring to ROM Governors.

“The driving factor for choosing Financial Edge NXT was its reliability and flexibility,” said Wilson. “I needed a system that could keep our financials separate but allow consolidation when necessary, especially given my previous experiences with amalgamating foundations. The software’s ability to manage complex fund classifications, such as undesignated, restricted, and endowed funds, was critical for our operations.”

Before Financial Edge NXT, the organization relied on a third-party team for essential accounting functions. However, their system lacked the tools for effective fund accounting, donor tracking, and project management.

“Maintaining donor information and tracking in Excel was simply not sustainable. The tedious task of manually entering data and correcting errors caused by incorrect opening balances was a clear signal that change was overdue,” Wilson added. “It was time to bring our operations into the 21st century with Financial Edge NXT, a true nonprofit fund accounting product I knew could meet our needs.”

ROM Governors, in its ongoing efforts to enhance operational efficiency and transparency, has adopted a strategic approach to user access within Financial Edge NXT. “We’ve implemented view-only access for key members of our team, ensuring they can easily access the financial information necessary for their roles and with appropriate security controls,” said Wilson. “With real-time access to financial data, team members involved in fundraising and project management can independently retrieve up-to-date information on donations, fund allocations, and budget tracking.”

Integrating Software for Campaign Success

ROM Governors has successfully integrated Financial Edge NXT and Raiser’s Edge NXT, leading nonprofit fundraising and CRM software, creating a fully aligned system that streamlines its fundraising and financial operations with the ability to maintain real-time financial oversight.

Upon setting up new funds and appeals within Raiser’s Edge NXT that are automatically aligned with Financial Edge NXT, “Gifts are now posted daily from Raiser’s Edge NXT into Financial Edge NXT, ensuring that every program and fund is accurately tracked,” said Wilson.

The alignment has proven especially valuable as ROM Governors enters a major campaign phase, allowing for precise tracking of annual donors, patron circles, major gifts, and leadership contributions—something that was previously challenging due to the limitations of their old system. With integrated software, ROM Governors has the tools needed to track donations and manage complex financial operations with greater accuracy and efficiency, setting the stage for successful fundraising initiatives.

“In the past, we were primarily focused on revenue tracking, which wasn’t sufficient for our needs,” Wilson added. “With the updated systems, we can now track program success with precise reporting, giving us a clearer picture of our fundraising efforts and enabling more strategic decision-making.”

Using the integrated software, ROM Governors can track every dollar as it comes in, keep a close eye on pledge schedules, and oversee grant distributions efficiently. This capability is crucial for ensuring that financial obligations are met on time and that the museum’s projects receive the necessary funding.

“Our foundation is responsible for cash flow, while the museum relies on us for funding capital initiatives,” Wilson explained. “Having up-to-date information on donations and cash in the door is essential for managing these responsibilities effectively.”

Comprehensive Fund Reporting and Flexible Presentation

One of the standout features of Financial Edge NXT is the ability to produce detailed and comprehensive fund statements across various fund types, while also offering the flexibility to customize these reports to meet the unique requirements of different stakeholders.

“Using Financial Edge NXT I can easily run full fund statements across our fund classifications,” said Wilson. “But I also need the ability to consolidate these statements into formats that are specifically tailored for our audit committee and the board, and with Blackbaud’s software, I can easily accomplish both.”

The ability to use tools like the Chart Organizer within Financial Edge NXT enables Wilson and her team to create customized views efficiently. The flexibility extends to providing real-time access to key stakeholders ensuring they can review up-to-date financial data without waiting for quarterly meetings.

Looking Ahead at Continued Innovation and Efficiency

ROM Governors will continue to explore new features and capabilities within Financial Edge NXT and Raiser’s Edge NXT to further enhance operations. Wilson also tapped into Blackbaud’s robust partner network and retained a JMG Solutions consultant to ensure they maximize the benefits of the latest advancements, particularly in areas like expense management and project tracking.

“We’re committed to leveraging the most advanced features of Blackbaud’s software,” said Wilson. “Our goal is to maximize its potential for efficiency and effectiveness. Additionally, we’re aligning our financial systems with the museum’s ERP transition, enabling better future integration decisions and operational strategies.”

With the implementation of Financial Edge NXT and Raiser’s Edge NXT, ROM Governors is well-positioned to meet its financial and strategic goals, enabling the foundation to better support the Royal Ontario Museum’s mission of cultural preservation and education.