Motivating Teens with Tact
Our client MYF is arguably one of the most important organizations for the future success of St. Eustatius! Founded by Dion Humphreys (aka. Mega D) in 2014, MYF provides afterschool programs to kids and teens on the island. The organization sets itself apart by combining creativity, motivation, learning and care to deliver stimulating activities and events to its students. As a result, MYF is considered by many parents to be “the flagship afterschool program” on St. Eustatius.
Technology Stack
From January 2019 Tact has been supporting MYF with its accounting and advisory needs. As a non-profit entity MYF receives public funding from both the local island and Dutch central governments. Additionally the MYF has a supervisory board that is ultimately responsible for key decisions made by its management team. With this in consideration, we determined that MYF would need an accounting system that allows for transparency, separation of duties and financial accountability to its key stakeholders.
With the above requirements in mind we began setting up MYF’s accounting system. Tact worked with MCB to set up an online banking account which allowed for multiple users. Each user could be assigned various rights including to view payments, create payments and approve payments. We ensured that the rights provided to users were in line with their job function, MYF’s statues and the organization’s needs.
The final setup of the accounting system allows for invoices and receipts from suppliers to be easily processed and sent to the accounting application. Additionally we implemented a tool called Tactly (developed by our sister company) to ensure that MCB bank payments would be sent directly to the accounting application. This would eliminate the need for manual data entry, reduce errors and allow MYF to spend more time on its core mission!
Accounting & Advice
Aside from upkeeping MYF’s accounting system, we provide the organization with a full range of services including accounting, payroll, tax filing, budgeting and advice. Every month we complete bookkeeping and provide MYF with an income statement, balance sheet and budget vs actuals report. Throughout the year we handle all tax filings to the Belastingdienst including ABB and loonbelasting. At the end of each year, we automatically prepare and file the annual statements to the Belastingdienst.
Budget planning and reporting are important for the ongoing financial management of MYF. Tact plays a pivotal role in helping MYF formulate its annual budget plan. This process involves in-depth discussions and gathering feedback from key stakeholders including MYF’s board, management team and government representatives. Details such as policy changes, tax rate adjustments and the personnel needs of MYF must all be factored into the annual budget plan.
During the course of the year Tact assists MYF in monitoring its financial performance against its budget. With this the organisation can maintain financial control and identify areas where extra funds may be needed to support the organisation.
Looking Forward
At the start of 2023, MYF launched its Boombastic program. This special program provides teens with the opportunity of developing their entrepreneurial, social and market skills. With guidance from coaches and professionals teens develop these skills by running real life businesses including a cafe, salon and dance studio. We look forward to continuing our support of MYF as the organization continues to serve the children of St. Eustatius.
