Nonprofit Fund Accounting Series
Proper nonprofit audit preparation and compliance is important for building donor trust, financial transparency and accountability.
The nonprofit Statement of Activities is one of the main financial statements of a nonprofit organization.
What is a nonprofit statement of financial position report and how can it determine if a nonprofit is healthy financially?
As a nonprofit organization you are required by the IRS to file an annual financial information return called the IRS Form 990.
The new FASB rules have re-defined the classification of funds known as net assets, altering the way nonprofits present their financial statements.
It all comes down to the measurement of success. Regardless of a for profit’s mission statement, the number one goal is to make money. But, to a nonprofit organization, the answer is not so simple.
While you might think that all accounting is the same – debits and credits – there are vast differences between Nonprofit Accounting and Commercial For-Profit Accounting.
What makes fund accounting unique to nonprofits? In a word — accountability. Nonprofits and government agencies must track all income to a specific purpose. It is a system of grouping unrestricted and restricted funds.
New FASB rules for nonprofits are scheduled to take effect in December 2017. Is your nonprofit ready?
When preparing your nonprofit IRS Form 990, key reporting elements must be included for proper preparation.