Nonprofit Fund Accounting: Blog Series

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Why Do Nonprofits Need Fund Accounting?

Why Do Nonprofits Need Fund 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. In order to fully understand nonprofit fund...

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New FASB Rules for Nonprofits: Are You Ready?

New FASB Rules for Nonprofits: Are You Ready?

New FASB rules for nonprofits are scheduled to take effect in December 2017. Is your nonprofit ready? The Financial Accounting Standards Board (FASB) issued new rules for nonprofits on August 18, 2016. This is the first major set of changes to nonprofit financial...

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Nonprofit Form 990: Essential Information For Preparation

Nonprofit Form 990: Essential Information For Preparation

When preparing your nonprofit IRS Form 990, key reporting elements must be included for proper preparation. In our last blog we outlined the requirements for filing Form 990 with the IRS for nonprofit organizations and which form you need to file, depending on your...

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Nonprofit Form 990: Important Facts Necessary for Filing

Nonprofit Form 990: Important Facts Necessary for Filing

All nonprofit organizations are required to file IRS Form 990. Filing the Nonprofit Form 990 ensures that charitable organizations are accountable to funding sources. Since the 990 is available to the public, it is an easy way for donors and other funding sources to...

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Nonprofit Audit Standards: How It Impacts Nonprofits

Nonprofit Audit Standards: How It Impacts Nonprofits

Nonprofit audit standards make it management’s responsibility, not the auditor, to establish and maintain proper internal controls. Nonprofit Audit Standards Pinpoint Internal Control Deficiencies When the American Institute of Certified Public Accountants...

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What Makes the Chart of Accounts for Nonprofits Unique

What Makes the Chart of Accounts for Nonprofits Unique

The proper setup up of the chart of accounts for nonprofits is the critical first step in getting started with your nonprofit fund accounting system. Benefits of Chart of Accounts for Nonprofits In all accounting systems, the primary purpose is to make reporting...

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Common Nonprofit Fund Accounting Mistakes To Avoid

Common Nonprofit Fund Accounting Mistakes To Avoid

Common nonprofit fund accounting mistakes involve the practice of making separate funds for each program activity, or grant received by your organization. In Episode 3 of our Nonprofit Financial Management Video Series, we cover common misconceptions of fund...

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