Blackbaud Broadens Nonprofit Financial Management SolutionCompany Release
Charleston, S.C. (November 22, 2004) - Blackbaud, Inc. (Nasdaq: BLKB), the leading provider of software and related services designed specifically for nonprofit organizations, announced today that it has expanded its financial management solution to include Business Intelligence.
Deployed with the new version of The Information Edge™, the first Business Intelligence tool for nonprofit organizations, The Financial Edge provides CFOs with an unparalleled range of reports and analysis tools needed to make sound decisions.
"The rules have changed for nonprofit CFOs. As their organizations continue to grow in complexity, CFOs are recognizing that traditional accounting tools are not enough," said Robert J. Sywolski, chief executive officer of Blackbaud, Inc. "By extending The Financial Edge to include Business Intelligence, Blackbaud is equipping CFOs with information they must have to effectively manage their organizations, deal with increasingly complex audits and comply with new regulations."
In the wake of for-profit scandals in corporate America and the passage of the Sarbanes-Oxley Act of 2002, nonprofits are facing increased scrutiny to ensure they are using ethical accounting practices, appropriately disseminating key financial information and effectively delivering on their missions. The Nonprofit Integrity Act of 2004 in California, which goes into effect on January 1, 2005, is the country's first law aimed at regulating charities' finances. Similar legislation has been proposed in New York and Massachusetts.
The "undisputed market leader," according to the Journal of Accountancy, Blackbaud has been providing practical financial solutions to nonprofits for nearly 25 years and has the largest customer base of any company focused exclusively on the sector. The Financial Edge is designed to meet the operational, accounting and financial reporting needs of a nonprofit. By incorporating the flexibility and analytical depth of The Information Edge, CFOs are able to expand the scope and impact of their reports, providing key stakeholders with Financial Intelligence.
One nonprofit's challenge
Faced with stringent financial reporting standards, VMI Alumni Agencies, needed a quick, reliable way to calculate the value of 21,000 outstanding pledge installments. The organization, a private entity affiliated with the Virginia Military Institute in Lexington, VA, knew it must replace the error-prone spreadsheet used to manage this critical financial data with a professional solution that would provide both speed and accuracy.
"With the Blackbaud solution, we are able to easily calculate an accurate valuation of our pledges, backed by a solid audit trail," David Prasnicki, CFO of VMI Alumni Agencies. "In addition to complying with important new requirements and giving us total confidence in what we were telling our auditors, we now have a powerful tool in place that will help us in many critical organizational areas. This tool is so powerful we have only scratched the surface of the problems it can help us with."
How it works With Blackbaud's expanded financial management solution, nonprofits can combine high volumes of accounting data with key program and fundraising information to get a more accurate picture of activities that support the mission.
Blackbaud's new Financial Intelligence tools enable CFOs to:
Extend transparency to a new level with fast and accurate accountability measures that take into account a complete financial view of all constituent and program activity.
Comply with increasingly complex nonprofit calculations and standards such as the valuation of thousands of long-term pledges, spending policies and more.
Create Mission Performance Dashboards that empower your staff to identify, track and analyze the key performance indicators critical to the long-term viability of the organization.
The West Virginia University Foundation and the U.S. Naval Academy Alumni Association and Foundation have also selected Blackbaud's expanded financial management solution to help their CFOs understand what is happening across their organizations. The Financial Edge, used by a wide variety of nonprofits including Catholic Charities of the Archdiocese of Chicago, Ronald McDonald House Charities of the Heart of America, Inc. and Special Olympics Michigan, Inc., and The Information Edge are two components of Blackbaud's complete nonprofit solution.
About Blackbaud, Inc.
Blackbaud is the leading global provider of software and related services designed specifically for nonprofit organizations. More than 12,500 organizations - including the American Red Cross, Bowdoin College, the Chesapeake Bay Foundation, the Crohn's & Colitis Foundation of America, the Detroit Zoological Society, Episcopal High School, Help the Aged, the Mayo Foundation, the New York Philharmonic and United Way of America - use Blackbaud products and consulting services for fundraising, financial management, business intelligence and school administration. Blackbaud's solutions include The Raiser's Edge(r), The Financial Edge™, The Education Edge™, The Patron Edge™, Blackbaud NetCommunity™, The Information Edge™, WealthPoint™ and ProspectPoint™, as well as a wide range of consulting and educational services.
Founded in 1981, Blackbaud is headquartered in Charleston, South Carolina, and has operations in Toronto, Ontario, Glasgow, Scotland, and Sydney, Australia. For more information, visit www.blackbaud.com. Blackbaud, the Blackbaud logo, The Raiser's Edge, The Financial Edge, The Education Edge, The Patron Edge, Blackbaud NetCommunity, The Information Edge, WealthPoint and ProspectPoint are trademarks or registered trademarks of Blackbaud, Inc.
Except for historical information, all of the statements, expectations and assumptions contained in this news release are forward-looking statements that involve a number of risks and uncertainties. Although Blackbaud attempts to be accurate in making these forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based.
In addition, other important factors that could cause results to differ materially include the following: adoption of our products and services by nonprofits, particularly new offerings; risk associated with successful implementation of multiple integrated software products; lengthy sales and implementation cycles, particularly in larger organizations; uncertainty regarding increased business and renewals from existing customers; continued success in sales growth; risk associated with product concentration; economic conditions and seasonality; competition; risks associated with management of growth; risks associated with acquisitions; technological changes that make our products and services less competitive; the ability to attract and retain key personnel; and the other risk factors set forth from time to time in the SEC filings for Blackbaud, copies of which are available free of charge upon request from Blackbaud's investor relations department.
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SOURCE: Blackbaud, Inc.