Altruic Advisors

BACKGROUND

Please describe your company and your position there.

I am the founder of Global Press, a nonprofit journalism company.

OPPORTUNITY / CHALLENGE

For what projects/services did your company hire Altruic Advisors?

We hired Altruic for basic accounting services including payroll, monthly reconciliations etc. None of the services we hired them for were successfully executed. There is nothing unusual about our accounting needs.

What were your goals for this engagement?

Clean, accurate accounting was the goal.

SOLUTION

How did you select this vendor?

We interviewed several firms at the close of 2018 and selected 2018 based on the promises made by staff about the caliber and professionalism of their service.

Describe the engagement in detail.

The engagement was supposed to include monthly accounting services, including processing payroll and delivering timely monthly financials.

Describe their billing or cost structure.

Altruic charges $2500 per month for a basic package, though they delivered on 0% of it.

What was the team composition?

There was supposed to be an account lead and an accountant assigned to our account. Due to high turnover there were three accountants assigned to our account over the year, and no new accountant was assigned for the entire fourth quarter.

RESULTS & FEEDBACK

Can you share any outcomes from the engagement that demonstrate progress or success?

Nothing about this engagement was successful, in fact it was harmful to our business. Altruic is a dangerous company. I caution all nonprofits from using this firm.

In a 12-month engagement, turnover at Altruic was so high that three different accountants were assigned to our account. They missed payroll out of complete negligence. They did not close our books monthly. They have no regard for digital security and pass bank passwords around the firm to assistants and others with careless disregard.

Ryan, who oversaw our account offered us numerous free months and even did our 990s for free because they made so many mistakes. But by the end of the engagement he was rude, hostile and wildly unprofessional. He even refused to turn over work papers to our new accountant.

Working with Altruic was the worst experience we've had in 14 years of doing business. Serious caution to all nonprofits who need accounting services. Altruic will do more harm than good. Wev'e also reported them to the Better Business Bureau.

How effective was the workflow between your team and theirs?

Not at all effective.

What did you find most impressive about this company?

Nothing. Other than their ability to get worse over time.

Are there any areas for improvement?

100% of their service areas require improvement. I am shocked they are still in business. They employ harmful, insecure business practices.