The Charity CFO

APRIL 24, 2024

A key performance indicator (KPI) is a data metric you can use to gauge the overall success of your nonprofit organization. Let’s explore how you can define your nonprofit KPIs and some examples of common metrics. This, of course, is what makes defining nonprofit KPIs complicated. Have measurable data readily available.

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The Charity CFO

JULY 1, 2024

Choosing the right accounting services is crucial for the financial health of your nonprofit. The right nonprofit accountant helps your organization properly manage its finances, which improves trust and transparency with stakeholders and donors.

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Nonprofit Accounting Budgeting Communication 52

The Charity CFO

OCTOBER 28, 2024

In a recent episode of A Modern Nonprofit Podcast, host Tosha Anderson sat down with Dr. Tiffany Slater, an nonproift HR expert and founder of HRTailorMade. The conversation centered around common HR risks faced by nonprofit organizations and best practices for avoiding potential pitfalls. Want to jump right in?

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The Charity CFO

MAY 6, 2022

According to The Nonprofit Times, almost 80% of all nonprofit revenue comes from the US government in the form of federal grant funding or fees for services. Your financial system must be in good working order before you even consider applying for federal funding. Do I need an audit to secure federal grant funds?

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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. .

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The Charity CFO

MAY 18, 2022

Financial oversight is one of the primary roles of your nonprofit board of directors. . Every nonprofit is required to have a board of directors. But, in practice, the terms fiduciary duty or financial oversight are a bit ambiguous. And they create a lot of confusion for people new to the nonprofit sector.

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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. What Does Nonprofit Compliance Mean? Depending on your state, funding and other factors, your compliance and audit requirements might vary.

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Nonprofit Compliance Auditing Accounting 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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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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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. Just the word itself can sound scary.

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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. Do You Struggle to Make Sense of Your Financial Statements?

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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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The Charity CFO

MARCH 6, 2024

On today’s episode of A Modern Nonprofit Podcast , our special guest is the one and only Tosha Anderson, our very own founder and CEO. The conversation today has a very simple focus, 5 red flags that your nonprofit accounting needs improvement, even when it may not be recognized. Consider it like an internal audit and a necessity.

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The Charity CFO

DECEMBER 7, 2023

Welcome back to the Modern Nonprofit Podcast at The Charity CFO. Whether you are a consistent listener or joining for your first time, the podcast dives deep into the world of nonprofits, and sometimes for profit spaces to share industry specific principles, unique business practices, and much more. Based out of St.

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The Charity CFO

APRIL 5, 2022

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. Is your nonprofit required to use accrual accounting? So which accounting method is right for you? What is the Accrual Accounting Method? Accounts payable.

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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. A bookkeeper records and organizes financial data; an accountant interprets and presents that data. .

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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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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.

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The Charity CFO

APRIL 2, 2024

Managing a nonprofit can be complex, especially when it comes to nonprofit accounting. Nonprofits face unique financial challenges and responsibilities that require specialized expertise and support. That’s why you need a strong accounting partner who specializes in nonprofits.

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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!

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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

JANUARY 30, 2024

Many nonprofits use mergers to strengthen their organizations. Ultimately, nonprofit mergers can help an organization better fulfill its mission. Are you considering merging with another nonprofit? A struggling nonprofit might have to close its doors if it can’t find the money to operate.

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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. . Sound financial management helps avoid jeopardizing tax-exempt status and the success of your operation. .

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The Charity CFO

FEBRUARY 27, 2024

Effective budget tracking is essential to financial transparency, efficient resource allocation, and strategic planning for your nonprofit. Tracking your budget helps with overall budget management, which contributes to your financial stability and the success of your nonprofit mission.

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The Charity CFO

JANUARY 17, 2022

If you’re like most nonprofit leaders, you’re not researching nonprofit accounting basics to satisfy your curiosity. So you can understand what’s happening in your business and communicate effectively with your board members, donors, and financial team. with this overview of nonprofit accounting basics. . And guess what?

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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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The Charity CFO

JANUARY 31, 2022

The Statement of Activities is the Income Statement of a nonprofit organization. You may also know it as a profit and loss statement or income and expense report. Simply, it reports your organization’s revenue and expenses during a specific period and the difference between them. . It shows you the “profit” of your nonprofit.

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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.

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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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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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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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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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The Charity CFO

JANUARY 25, 2022

What is the Statement of Financial Position? The Statement of Financial Position is the Balance Sheet of a nonprofit organization. It gives you a snapshot of a nonprofit’s financial health at a point in time by displaying what the organization owns (assets), what it owes to others (liabilities), and its value (net assets).

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The Charity CFO

MAY 11, 2023

Bookkeeping is a critical component of running a successful nonprofit organization. It involves the management of financial transactions and the maintenance of accurate records to ensure that your organization remains financially healthy and compliant with the law.

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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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The Charity CFO

DECEMBER 27, 2023

Does your nonprofit have ownership of a for-profit entity? Whether your organization owns a for-profit company outright or has limited ownership, a for-profit subsidiary can have serious tax implications for your nonprofit. Nonprofits with excess holdings may face an excise tax on the value of shares over the limit.

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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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