Bloomberg Philanthropies recently announced that nearly 400 cities are participating in the Mayors Challenge. Mayors from 394 cities across 47 states have entered for their chance to win one of five prizes - one $5 million award for the winner and four $1 million awards - for coming up with the best solutions to critical issues in their cities.

Both large and small cities are participating in the event, with 77 of the biggest 100 included. According to Bloomberg Philanthropies, the challenge will cover communities in which 71 million Americans live.

In particular, the Challenge is targeting work in social and economic challenges, public engagement, government efficiency, greater transparency and accountability as well as enhanced customer service for community members.

"There's been a tremendous response to the Mayors Challenge," said Michael Bloomberg, philanthropist and Mayor of New York City. "As cities face increasingly complex problems with fewer and fewer resources, the need for public sector innovation is greater than ever."

Philanthropic organizations that are launching large-scale fundraising efforts might benefit from a fund accounting program that streamlines auditing and accounting work.