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When Does Your Nonprofit Need an Audit?

The Charity CFO

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.

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The Basics of Nonprofit Bookkeeping

The Charity CFO

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. .

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Revenue Recognition for Nonprofits: 4 Mistakes to Avoid

The Charity CFO

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.

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

The Charity CFO

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.

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Nonprofit Audit Checklist (+ Free PDF Download)

The Charity CFO

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.

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How to Comply with Accounting Standards for Nonprofits

The Charity CFO

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.

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7 Keys to Nonprofit Financial Management

The Charity CFO

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. Compliance requirements vary by state and funding sources.