The Charity CFO

MAY 31, 2022

It’s a myth that all stakeholders need to be experts in every aspect of nonprofit finances. Even on nonprofit financial committees, some members may be skilled in accounting, others in banking, and others in investing or financial analysis. Because the basics of nonprofit finances are easy to grasp. . Is that the case here?

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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. Furthermore, nonprofit bookkeeping differs in some critical ways from for-profit bookkeeping too.

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The Charity CFO

APRIL 19, 2022

As a CPA working exclusively with nonprofits and a former nonprofit auditor, I’ve looked at thousands of nonprofit financial statements over the past 10 years. Over the years, I’ve identified a set of 5 nonprofit financial red flags that are fairly common and almost always lead to trouble sooner or later.

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Nonprofit Compliance Auditing Accounting 98

The Charity CFO

OCTOBER 4, 2022

million nonprofits globally. To ensure that a nonprofit runs efficiently, several people work behind the scenes to make things much easier, and one of those people is the operations manager. The operations manager might be the secret weapon of the most successful nonprofits we know. There are more than 1.54

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The Charity CFO

APRIL 5, 2023

In order to confidently run your organization, it’s important to have a strong understanding of nonprofit compliance requirements. Running a nonprofit is no small feat. However, compliance is not always very straightforward and it can be a huge task to undertake on your own. What Does Nonprofit Compliance Mean?

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Nonprofit Compliance Auditing Accounting 52

The Charity CFO

FEBRUARY 2, 2022

Every tax exempt nonprofit must file IRS Form 990 (Return of Organization Exempt from Income Tax) every year. That’s right, your nonprofit needs to file an IRS return. In fact, as a nonprofit organization, the expectations for transparency and accountability are higher than those for for-profit businesses. Form 990-N.

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Nonprofit Profit and Loss Auditing Accounting 98

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? The basic accounting principles for nonprofit organizations are the same as accounting for for-profit companies. .

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Nonprofit Accounting Profit and Loss Accounts Payable 98

The Charity CFO

SEPTEMBER 14, 2022

If you know only one thing about 501(c)(3) nonprofit organizations , you probably know that they don’t pay federal taxes on their income. . So how do you know if your nonprofit organization has taxable unrelated business income? Not Sure If Your Nonprofit Income Is Taxable Or Not? But what if I told you that’s not always true?

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Nonprofit Profit and Loss Education CFO 98

The Charity CFO

AUGUST 23, 2024

Download the Article For nonprofits, audits are more than just a regulatory requirement–they’re a tool for safeguarding the organization’s mission and financial health. An audit helps improve an organization’s financial transparency, builds donor trust, and ensures compliance with regulations. Pre-Audit Prep 1.

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The Charity CFO

NOVEMBER 30, 2023

Does the idea of an audit from the IRS leave you with sweaty palms? Most nonprofit leaders aren’t accountants and the thought of getting audited is a sizable fear. Luckily, being prepared can help you avoid accounting mistakes that could come up in a nonprofit audit.

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Nonprofit Auditing Compliance Education 52

The Charity CFO

MAY 31, 2024

Efficient bookkeeping is essential to the success and sustainability of any nonprofit. As a nonprofit leader, it can be difficult to give your bookkeeping the time it needs to stay accurate. The rise in modern nonprofit accounting software and tech tools is making it easier than ever for nonprofit leaders to manage their finances.

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Nonprofit Technology Auditing Profit and Loss 52

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.

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Accounting Standards Nonprofit Accounting GAAP 52

The Charity CFO

APRIL 28, 2023

Is there an advantage to working with accounting firms specializing in nonprofits? Nonprofit organizations play a crucial role in addressing social, environmental, and cultural issues in our society. Grant Accounting Many nonprofit organizations rely on grants to fund their programs and services.

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Nonprofit Accounting Firms Accounting Auditing 52

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. Compliance requirements vary by state and funding sources.

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Nonprofit Accounting Standards Compliance Budgeting 52

The Charity CFO

APRIL 18, 2024

It’s no secret that running a nonprofit isn’t always easy, especially if you don’t know what challenges await you in the coming months. Luckily, we’ve put together a list of the five most common challenges for nonprofits in 2024. These challenges include financial issues, data security compliance, and talent retention problems.

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Nonprofit Compliance CFO Leverage 52

The Charity CFO

JULY 3, 2024

The middle of the year is the perfect time to pause and reflect on your nonprofit organization’s financial health. A midyear financial review helps you identify problems early and align your nonprofit’s financial performance with planned goals. Step 3: Check compliance with financial policies and regulations.

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Nonprofit Budgeting Compliance CFO 52

The Charity CFO

FEBRUARY 8, 2024

Does the idea of a financial audit on your nonprofit leave you feeling nervous? For many nonprofits, a full financial audit can help ensure the accuracy of their financial recordkeeping. Luckily, not all financial situations require an audit. In some cases, a state may have no requirement for an audit.

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Auditing Nonprofit Compliance CFO 52

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.

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Nonprofit GAAP Accounting Principles Auditing 52

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. So now is the perfect time to make sure you report in kind gift donations in compliance with GAAP standards in 2022. Why is FASB making this change?

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Accounting Standards Accounting GAAP Nonprofit 98

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. Improves compliance. Saves time and money.

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The Charity CFO

DECEMBER 15, 2023

While the nature of a nonprofit means you’re focusing more on your mission than making money, bringing in revenue is still essential. Accurate revenue recognition, classification, and records are some of the most important aspects of nonprofit accounting. That depends on your organization’s size and complexity.

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Nonprofit Compliance Valuation CFO 52

The Charity CFO

MAY 11, 2023

Bookkeeping is a critical component of running a successful nonprofit organization. However, managing bookkeeping in-house can be time-consuming and expensive, which is why many nonprofits are turning to outsourced bookkeeping services. As a leader, you’ll have to determine what is right for your nonprofit.

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Nonprofit Communication Auditing GAAP 52

The Charity CFO

APRIL 1, 2024

Implementing technology into your nonprofit accounting process can help solve a variety of issues—from tracking receipts to properly recording donations. In most cases, technology helps improve the efficiency and accuracy of nonprofit accounting. Nonprofits are subject to a lot of legal and financial scrutiny.

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Nonprofit Accounting CFO Accounts Payable 52

The Charity CFO

JULY 17, 2023

Just like a human body’s health situation can be complex, nonprofit financial health is similarly nuanced. That’s why staying financially healthy and keeping your nonprofit in tip-top shape requires the occasional “checkup” to see where you’re doing well and where you can improve.

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Nonprofit Benchmarking Auditing Compliance 52

The Charity CFO

AUGUST 15, 2023

The nonprofit sector is full of rewarding and impactful careers because it plays a crucial role in addressing various social, environmental, and humanitarian challenges. In this section, we will debunk the three most common nonprofit accounting myths. However, most of it is actually the same. However, most of it is actually the same.

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Nonprofit Accounting Profit and Loss Budgeting 52

The Charity CFO

SEPTEMBER 11, 2023

Taxes are rarely anyone’s idea of fun, but meeting nonprofit tax deadlines is critical to keeping even the most successful and impactful charities running. Unfortunately, they can often sneak up on busy nonprofit leaders, leading to a last-minute scramble to file – or worse. Read on as we break down the basics.

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Nonprofit Compliance CFO Financial Reporting 59

The Charity CFO

APRIL 25, 2024

For nonprofit organizations, accounting comes with a lot of complexity. Categorizing transactions, reporting income, and meeting compliance requirements can be overwhelming. About The Charity CFO The Charity CFO is an accounting firm specializing in serving nonprofits through outsourced accounting and fractional CFO services.

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Nonprofit Accounting CFO Auditing 52

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. Tax issues and non-compliance with regulatory requirements. Nonprofit fiscal policy. A Nonprofit Budget.

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Nonprofit GAAP Budgeting Auditing 52

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.

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Nonprofit Accounting Principles Profit and Loss Auditing 52

The Charity CFO

JUNE 19, 2023

If your nonprofit is growing, you have a lot on your plate. But one of the most underrated things you can do to make life easier and improve your future prospects is to work with a nonprofit financial advisor. Read on as we explore more about this crucial role and how it can help your nonprofit.

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Nonprofit Communication CFO Auditing 52

The Charity CFO

NOVEMBER 23, 2022

The finance director role is critical to the success of any nonprofit, making it one of the most important hires an organization can make. Here’s a look at some of the qualifications you should look for in a nonprofit finance director and tips on how to verify those qualifications: Qualifications For A Nonprofit Finance Director.

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Nonprofit Finance Strategic Planning Budgeting 52

The Charity CFO

APRIL 15, 2022

During the “Great Recession,” nonprofits have lost their accountants and financial directors at record rates. At the same time, hundreds of nonprofits are waking up to realize that the financial structure they’ve always relied on doesn’t work as well any more. So why do accountants leave nonprofit organizations?

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The Charity CFO

DECEMBER 8, 2022

Grants are the lifeblood of nonprofits, giving them the much-needed cash injection to market the organization, fund a project, or get an initiative off the ground. Having a full grant pipeline increases your nonprofit’s chances of success and improves your visibility and credibility. What is a Grant?

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Accounting Nonprofit Auditing Compliance 52

The Charity CFO

MARCH 2, 2022

“I don’t know if my nonprofit’s accounting systems are bad… and I probably won’t know for sure until something bad happens.”. 99% of nonprofit founders we work with don’t have a background in finance. This week on A Modern Nonprofit Podcast we discuss common red flags you can check today to verify your organization’s financial health.

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The Charity CFO

JULY 31, 2023

Addressing conflicts of interest in a nonprofit is essential for success. It directly impacts the credibility, public trust, and overall effectiveness of the nonprofit in achieving its mission. An example of a potential conflict of interest in a nonprofit is when a church accepts pass-through gifts.

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Nonprofit Prioritization Compliance Accounting 52

The Charity CFO

MARCH 25, 2024

Grants can be an important source of funding for nonprofit organizations. Our tip: Try to seek out grants that come from agencies with similar missions to your organization and look for specific grants that align with your nonprofit goals. Grant writing can feel intimidating, especially if you’re just starting with seeking funding.

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Nonprofit CFO Securities Auditing 52

The Finance Weekly

OCTOBER 31, 2021

Many of the same financial issues that profit-seeking enterprises face, such as increasing revenue, managing audits, and dealing with compliance, encounter non-profit organizations (NPOs). This could imply more efficient auditing via online financial software that allows for remote audits. Master the basics of accounting.

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