Solaris Restores Financial Stability and Leads Year-End Close for Educational Institution
A nonprofit organization in the educational services sector faced severe financial reporting delays and operational stress following the departure of their long-time controller. With year-end just passed and their audit deadline rapidly approaching, the finance team was behind by several months and lacked documentation, processes, and direction. Solaris was engaged to provide interim management support, lead the year-end close, prepare audit schedules, and establish repeatable close procedures to restore stability and accountability in the finance function.
The Challenge: Disorganized Finance Function and Imminent Audit Deadline
When Solaris joined, the finance department was in disarray. Two months of financial data remained unrecorded, bank and balance sheet reconciliations were incomplete, and the replacement controller, soon let go, had not advanced the close process. The organization lacked checklists, process documentation, or clear instructions for recurring entries. Compounding the issue, the CFO was also new to the organization and needed immediate, reliable support to meet the upcoming audit deadline.
The Solution: Taking Ownership of the Year-End Close and Establishing Structure
Solaris quickly assumed full responsibility for the financial close, learning the ERP system independently and collaborating across departments to identify missing transactions and required entries. We completed all open month-end closes, finalized year-end reconciliations, and prepared comprehensive audit support packages. To ensure sustainability, Solaris designed detailed month-end and year-end checklists with step-by-step instructions and ownership assignments. When a new permanent controller was hired, Solaris extended support to train, onboard, and review their work, ensuring a smooth transition and continuity of processes.
“Solaris stepped into an extremely challenging situation and delivered immediate results. They brought order, ownership, and structure when we needed it most.”
The Impact: On-Time Audit and Restored Financial Stability
Despite inheriting significant delays and limited documentation, Solaris completed the year-end close accurately and enabled the audit to proceed on schedule with minimal adjustments. The finance function emerged organized and well-documented, equipped with structured checklists and a trained permanent controller capable of maintaining the new processes. The organization regained confidence in its financial reporting and improved its readiness for future audits.
Solaris provided interim management support to complete a delayed year-end close, prepare for audit, and rebuild structure within a nonprofit’s finance function. The engagement resulted in an on-time audit, new process documentation, and a trained controller ready to sustain the improvements.