Total Software Solution for Nonprofits
Financials for nonprofits require an in-depth understanding of the sector as well as exposure to some of the challenges that make it so unique. As an accounting professional, you may have exposure to financials of a wide range of sectors, which helps fine tune your...
Understanding what is nonprofit fund accounting ensures proper stewardship of funds. By applying basic principles of fund accounting, your nonprofit can take control of its finances. Thereby, raising more money and achieving its mission. Let’s take a deep dive...
Nonprofit financial transparency is essential, both legally and ethically, for building trust and accountability to funding sources. Nonprofits are required to publicly disclose current tax forms and financial information. But, nonprofit accountability goes beyond...
Nonprofits sometimes get caught up with donor restrictions imposed on donations and how to use these funds to pay expenses. What is the best way to pay expenses using donor restricted funds and remain compliant? How to Pay Expenses Using Donor Restricted Donations In...
Nonprofit Form 990 red flags impact donor trust and reveal lack of due diligence. The 990 is a snapshot of how well an organization has complied with government regulations and what activities it has carried out to ensure it is upholding its mission. Who Files Form...
Nonprofit restricted assets refers to the management of net assets: net assets with donor restrictions and net assets without donor restrictions. In order to avoid unintentionally misappropriate funds, it is important to understand the practical management of...
Proper nonprofit audit preparation and compliance is important for building donor trust, financial transparency and accountability. Financial records.Accounts and transactions.Accounting practices.Nonprofit internal controls What is a nonprofit audit? An audit...
What is a nonprofit statement of financial position report and how can it determine if a nonprofit is healthy financially? In a previous blog we explained what Net Assets are on a nonprofit’s statement of financial position (commonly referred to a Balance...
As a nonprofit organization, you are required by the IRS to file an annual financial information return called the IRS Form 990. IRS Form 990 The information in the IRS Form 990 gives the IRS an overview of your organization’s activities, governance and...
One of the key differences between for profit vs nonprofit accounting is the presentation of net assets on the balance sheet. In the nonprofit world, it is not called a balance sheet. It is called a Statement of Financial Position. Presentation of Net Assets...