Total Software Solution for Nonprofits
Hiring a nonprofit accountant is critical to a nonprofit’s success in fulfilling its mission. Selecting an accountant with the proper skills and understanding can be a daunting task. Before you hire your next nonprofit accountant, be sure they have the knowledge...
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 have changed extensively since 2016. In order to avoid unintentionally misappropriating funds, it is important to understand the practical management of restricted funding. Nonprofit Restricted Assets: Backstory Beginning in 2016, the...
Proper nonprofit audit preparation and compliance is important for building donor trust, financial transparency and accountability. During an independent audit, all aspects of a charitable nonprofit get examined by an auditor, including the following: Financial...
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 Sheet)...
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 detailed...
The new FASB rules have re-defined the classification of funds known as net assets, altering the way nonprofits present their financial statements. New FASB Rules Change Nonprofit Fund Classifications The job of most accountants is to monitor revenue and expenses to...
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. Success is not measured in terms of profits, but in how your nonprofit...