MIP Fund Accounting review

MIP is a long-standing fund accounting system for nonprofits, schools and government bodies, and it ranks just behind Financial Edge NXT on overall score. The core covers the general ledger, fund accounting, budgeting, grant reporting, accounts payable and accounts receivable, built on a multidimensional chart of accounts that can track unlimited funds. Reports follow FASB and GASB rules, and MIP Cloud lists more than 340 out-of-the-box reports plus configurable dashboards. Requisition and purchase order workflows support approvals, and integrated payroll and HR management mean salaries can post straight into grant and program costs. The cloud version adds redundant offsite storage, encrypted data and SOC compliance. MIP sells in modules and does not publish prices, so expect a demo and a quote. For an organization juggling foundations, government grants and individual donors with different fiscal years, it is one of the most capable options here.

Who it is for

Established nonprofits with many grants and funders that need a multidimensional chart of accounts and integrated payroll.

Price

See vendor pricing (USD check pending).

US price check pending. See the vendor pricing page.

Key features

• General ledger, fund accounting, budgeting, grant reporting, AP and AR in the core
• Multidimensional chart of accounts and tracking of unlimited funds
• FASB and GASB compliant reports, with more than 340 standard reports in MIP Cloud
• Requisition and purchase order workflows and automation
• Integrated payroll and HR management connected to accounting

Strengths and weaknesses

• Strength: Built for organizations with many funding sources and fiscal years
• Strength: Payroll and HR can run in the same system
• Strength: Available as cloud or on-premise
• Weakness: No published prices
• Weakness: Modules are added separately as needs grow
• Weakness: Heavier than small nonprofits need

Key facts

• Pricing: Quote on request
• Deployment: MIP Cloud or on-premise
• Standard reports: 340+ in MIP Cloud
• Parent company: Momentive Software

Where it ranks

MIP Fund Accounting is No. 4 in our Best Accounting Software for Nonprofits verdict.