Client Success Story

Ministry-Driven. Community-Focused.

Idlewild Recreation is a ministry of Idlewild Baptist Church, offering sports, fitness, and recreational programs designed to strengthen families and build community. As a large and active nonprofit managing numerous programs, departments, and funds, accurate financial reporting and proper fund classification aren’t optional — they’re essential to maintaining donor trust and audit readiness. Palladium partnered with Idlewild to restructure key financial reporting and restore integrity to their fixed asset records.

Restoring Accuracy, From the Statement of Activity to the Balance Sheet

Idlewild’s GAAP Statement of Activity had accumulated inconsistencies that made it difficult for leadership, ministry directors, and auditors to rely on. Restricted and unrestricted funds were inconsistently tagged, departments were categorized incorrectly, and the reporting structure lacked the subtotals needed to analyze ministry-level performance. On the fixed asset side, balances in NetSuite didn’t reconcile to the balance sheet — with Construction-in-Progress discrepancies and duplicate transfer entries compounding the problem.

Palladium rebuilt the Statement of Activity from the ground up — creating a dedicated restricted funds reporting area, adding meaningful subtotals for total expenses, payroll, and ministry-level groupings, and reclassifying departments into their correct categories. Naming conventions and hierarchy structures were standardized for long-term clarity. On the fixed asset side, we analyzed all balances against the balance sheet, identified and addressed duplicate transfer entries and CIP errors, and produced a detailed reconciliation report with recommended next steps to close any remaining variances.

Strengthening families and building community.