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Accounting Principles

CFO

Nonprofit

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When Does Your Nonprofit Need an Audit?

The Charity CFO

DECEMBER 30, 2021

Contrary to what many people envision, a nonprofit audit doesn’t usually start with a letter from the IRS. Instead, an independent nonprofit audit is something you choose to build trust in your nonprofit organization. An audit can be a critical step for a growing nonprofit that needs to raise increasing amounts of funds.

Nonprofit Auditing GAAP Accounting Principles

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Nonprofit Audit Checklist (+ Free PDF Download)

The Charity CFO

APRIL 29, 2022

Many nonprofit organizations both large and small need to undergo a financial statement audit every year. Preparing for a nonprofit audit can be overwhelming and anxiety-filled, especially if it’s your first audit or you don’t have a strong and experienced financial team. How to prepare for your nonprofit audit: Step 1: The Roadmap.

Nonprofit Auditing General Ledger Reconciliations

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The Basics of Nonprofit Bookkeeping

The Charity CFO

FEBRUARY 4, 2022

Do a Google search on nonprofit bookkeeping, and you’ll find page after page of articles on nonprofit accounting. Because while nonprofit bookkeeping and accounting are related, they’re not the same thing. A bookkeeper records and organizes financial data; an accountant interprets and presents that data. .

Nonprofit Invoicing General Ledger GAAP

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Fund Accounting for Nonprofits & Charities

The Charity CFO

JANUARY 21, 2022

Nonprofits often receive donations or grants designated for a specific purpose–like a donation to a specific program or grant you have to spend within a calendar year. And the issue of restricted funds presents unique bookkeeping and accounting challenges for a nonprofit that a for-profit company doesn’t face.

Nonprofit Accounting GAAP Accounting Principles

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Statement of Activities: Reading a Nonprofit Income Statement

The Charity CFO

JANUARY 31, 2022

The Statement of Activities is the Income Statement of a nonprofit organization. As a nonprofit, you call the difference between revenue and expenses the change in net assets. . NOTE: For a nonprofit organization, revenue also includes non-cash gifts, like in-kind donations of goods or services. Or profit. .

Nonprofit Profit and Loss GAAP Accounting Principles

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Do Nonprofits Use Cash or Accrual Accounting?

The Charity CFO

APRIL 5, 2022

If you’re like many people, you probably think that there is a single set of accounting rules that every company must follow. . But that’s not quite true—nonprofits face a decision between 2 different accounting methods for tracking their financial activity: cash accounting vs. accrual accounting. Accounts payable.

Nonprofit Accounting GAAP Auditing

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Nonprofit Accounting Basics for Founders, Board Members & Executives

The Charity CFO

JANUARY 17, 2022

If you’re like most nonprofit leaders, you’re not researching nonprofit accounting basics to satisfy your curiosity. with this overview of nonprofit accounting basics. . What is nonprofit accounting? That’s really all that accounting is, so don’t let the terminology intimidate you. .

Nonprofit Accounting Profit and Loss Accounts Payable

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Understanding Functional Expenses for Nonprofits

The Charity CFO

JANUARY 5, 2022

Functional expense reporting confuses many first-time nonprofit bookkeepers and executives. But it is need-to-know-information in the nonprofit world. Because you’re required to report functional expenses to complete your IRS 990 and maintain nonprofit status. Don't hire the wrong accountant for your nonprofit!

Nonprofit Auditing Accounting GAAP

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Set Up a Nonprofit Chart of Accounts (Free Template)

The Charity CFO

FEBRUARY 25, 2022

If you’re brand new to nonprofit accounting, the Chart of Accounts might be the best place to start. Because even if you only have one bank account, bill, investment, or expense, you’ll need one. What is a Chart of Accounts? How to Organize a Nonprofit Chart of Accounts . Assets-1000s.

Nonprofit Accounting Accounts Payable GAAP

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Accounting for In-Kind Donations to Nonprofits

The Charity CFO

JANUARY 13, 2022

In-kind donations help your nonprofit get the resources you need to carry out your programs without asking for more cash. But accounting for in-kind donations presents its own unique challenges. Accounting for in-kind donations isn’t just important; it’s required for many nonprofit organizations. .

Nonprofit Accounting GAAP Accounting Principles

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Revenue Recognition for Nonprofits: 4 Mistakes to Avoid

The Charity CFO

JANUARY 11, 2023

Revenue recognition for nonprofits may seem fairly straightforward, but has unique complexities with important compliance consequences. Nonprofits rely on a mix of sources for their income, from fundraising, grants, and investments to earned income and individual contributions. Nonprofits that do not have set programs.

Nonprofit GAAP Accounting Principles Auditing

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CFO Leadership Council Highlights Our First 10 DEI Ascend Honorees

CFO Leadership

AUGUST 12, 2021

The CFO Leadership Council proudly highlights our very first ten Diversity, Equity, and Inclusion Ascend Honorees! The Ascend program is an opportunity for Senior Finance Executives from underrepresented groups to join The CFO Leadership Council. Fisher Senior VP & CFO American Hospital Association. Christina Y. Christina Y.

Leadership CFO Financial Planning and Analysis (FP&A) Finance

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The Difference between a Bookkeeper, an Accountant, and a CFO

The Charity CFO

JULY 19, 2024

Their primary role is to ensure that all transactions are entered into the accounting system with accuracy and consistency. An accurate bookkeeper helps a nonprofit maintain financial transparency and accountability by making it easy to track how funds are received and spent. What is a Chief Financial Officer (CFO)?

CFO

CFO Accounting Nonprofit General Ledger

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How to Comply with Accounting Standards for Nonprofits

The Charity CFO

JANUARY 19, 2023

Accounting standards for nonprofits are probably not the first thing you think about, but are crucial for your organization to succeed. Nonprofit organizations distinguish themselves from for-profit entities through their purpose and mission. Another difference is in fund accounting.

Accounting Standards

Accounting Standards Nonprofit Accounting GAAP

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Why Nonprofits Need to Switch from Cash-Basis to Accrual-Basis Accounting

The Charity CFO

JULY 12, 2024

The type of accounting your organization uses could be holding you back from getting the most out of your accounting system. While many nonprofits start with cash-basis accounting due to its simplicity, this method often falls short of providing a comprehensive view of a nonprofit’s financial health.

Nonprofit Accounting Budgeting GAAP

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7 Keys to Nonprofit Financial Management

The Charity CFO

APRIL 13, 2023

Nonprofit financial management is one of the primary concerns for organizations. Nonprofits are special types of organizations, in both their structure and their purpose. This meaning is the driving force behind what nonprofit organizations do day in and day out. They live in the hearts of many as symbols of good in the world.

Nonprofit Compliance Accounting Standards Budgeting

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Updated Accounting Standards for In-Kind Donations (2022)

The Charity CFO

MAY 10, 2022

If your nonprofit uses donations of supplies, services, and even time to help fund your operations, you need to know about recent changes in accounting standards for in kind donations. This is especially important for nonprofits that receive substantial in kind contributions. Who do the changes impact? Get the free guide!

Accounting Standards

Accounting Standards Accounting GAAP Nonprofit

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Nonprofit Accounting Services: The Right Solution

The Charity CFO

NOVEMBER 10, 2022

What should you look for when evaluating nonprofit accounting services? Nonprofit organizations exist to further a mission or goal. The truth is, many nonprofits tend to fumble when it comes to their books. . Benefits of Nonprofit Accounting Services. Nonprofit Accounting Services: More than a Bookkeeper.

Nonprofit Accounting Auditing GAAP

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Zack Meyer Joins The Charity CFO as Director of Quality Assurance

The Charity CFO

JANUARY 18, 2022

Zack joins us after two decades as a not-for-profit accountant in both public accounting and the nonprofit industry. In this new role, he will serve as one of our in-house experts on existing and emerging nonprofit accounting standards and auditing best practices. Louis and nationwide.

CFO

CFO Nonprofit GAAP Accounting Principles

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The Talent Tussle: Labor Shortage Hits CPAs and CFOs Alike

Global Finance

JULY 29, 2024

CFOs are struggling to hire people with the right balance of quantitative and strategic skills in today’s increasingly tech-centric corporate environment. He’s a practicing CPA who was named CFO of JA Worldwide, a global nonprofit youth organization, about a year ago. His wife is also a CFO and a CPA.

CFO

CFO Accounting Principles Finance Corporate Finance

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7 Essentials Of Nonprofit Financial Management

The Charity CFO

JANUARY 5, 2023

Many nonprofit organizations tend to let their financial management slip on the backburner as they get busy fulfilling their mission. Without a good grasp of your finances, your nonprofit risks: Exposure to fraud. Well, the answer lies in understanding and implementing these 7 essentials of nonprofit financial management.

Nonprofit GAAP Budgeting Auditing

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Nonprofit Tax Filing: 7 Steps to Peace of Mind

The Charity CFO

JANUARY 26, 2023

Nonprofit leaders have an especially hard time understanding, preparing and filing their returns. You see, a 501 nonprofit corporation is recognized as tax-exempt by the IRS but this doesn’t mean they are exempt from filing taxes. Fortunately, filing taxes for a nonprofit doesn’t need to be stressful.

Nonprofit Accounting Principles Profit and Loss Auditing

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The Dual Purposes of Accounting and Fundraising Software

The Charity CFO

OCTOBER 9, 2024

Modern nonprofit leaders are always looking for ways to use technology to make everyday tasks easier. One of the most sought-after tools is a platform or software to integrate your fundraising and accounting data seamlessly. Instead, accounting software prioritizes accuracy, standardization, and regulatory compliance.

Accounting GAAP Nonprofit Accounting Principles