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

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

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

DECEMBER 18, 2024

Federal funding can be an attractive option for nonprofits looking to expand their programs and reach. In this episode of A Modern Nonprofit Podcast, host Tosha Anderson and guest Rachel Schmidt discuss the top five considerations nonprofits should keep in mind when considering federal dollars. Are you ready to expand?

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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.

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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

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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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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The Charity CFO

MARCH 29, 2024

Do you know the financial health of your nonprofit organization? Knowing where your finances stand is essential to effective nonprofit management. One of the best ways to get a quick read on your organization’s financial health is to compare your nonprofit budget to actual performance.

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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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Lime Light

DECEMBER 20, 2024

Effective budgeting is vital for nonprofit organizations, ensuring transparency, compliance, and mission alignment amidst complex financial and accounting demands.

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VCFO

JUNE 29, 2023

Restoring and Ensuring Effective Nonprofit Finance Practices Decades ago, healthcare trailblazer Sister Irene Kraus moved her mantra of “No Margin. And when shortcomings and lapses in those crucial cornerstones persist in a nonprofit, so too do risks to the organization and those they serve. No Mission.” into the limelight.

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The Charity CFO

NOVEMBER 17, 2022

Financial planning and budgeting are vital for the success and sustainability of any nonprofit organization. . That’s why it’s important to start thinking about your budget for 2023 now. Budgeting should go beyond simply tracking money in and money out. . Intro to Budgets for Nonprofits.

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The Charity CFO

MARCH 28, 2024

Your nonprofit accounting system might not be the most exciting part of your organization, but it’s one of the most important aspects. An effective accounting system helps you stay in compliance with tax and legal regulations–helping you maintain your exempt status. It’s also an important tool for transparency within your nonprofit.

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CFO News Room

NOVEMBER 30, 2022

And yet, despite the prominent role of taxes in financial planning, advisors are often prohibited by their compliance departments from making recommendations for a specific course of action on a certain tax strategy. Affects how much can be saved to pre- and after-tax accounts ! Property and casualty insurance? Credit card rewards ?

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The Charity CFO

MAY 22, 2024

What do many successful nonprofits have in common? In nonprofits, managing your finances effectively is essential to running a sustainable organization. Not only does good financial management help keep your organization running, but it also helps bolster trust in your nonprofit. What is the Role of a Nonprofit CFO?

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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. Step 2: Analyze budget variances. Step 4: Evaluate cash flow and liquidity.

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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

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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Centage

NOVEMBER 22, 2021

Building and managing an effective budget and plan can be daunting no matter what industry, but financial planning for nonprofits can be particularly difficult. And while no industry was spared in the wake of the pandemic, nonprofits were hit hard. Nonprofit budgeting software also easily enables driver-based budgeting.

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The Charity CFO

AUGUST 27, 2024

An organization’s Key Performance Indicators (KPIs) provide a clear measure of how well the nonprofit is maintaining financial health while working toward its mission. Many nonprofits must balance their goals with limited resources or strict compliance regulations. Unsure of which KPIs you should be tracking for your nonprofit?

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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

MAY 19, 2023

Cash management for a nonprofit organization is possibly the most important consideration for success. In a previous article, we discussed the benefits, risks, and compliance requirements of outsourcing bookkeeping for nonprofit organizations. This supports informed decisions about spending, budgeting, and resource allocation.

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The Charity CFO

APRIL 22, 2024

In many nonprofits, burnout is the emotional, physical, and mental exhaustion of employees due to prolonged stress. Understanding Burnout in Nonprofit Organizations Burnout at work can happen to anyone. High levels of burnout could pose legal, compliance, and financial risks as employees lose focus or drive in their jobs.

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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

MARCH 22, 2024

How does your nonprofit make strategic decisions? Additionally, leaders can use data to tell the story of their organizations, giving you a better overall picture of the state of your nonprofit. Learn more about using data for decision-making in your nonprofit in this complete guide. What Does Nonprofit Data Look Like?

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The Charity CFO

JULY 12, 2024

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. Cash-basis accounting is most common for smaller nonprofits, where financials tend to be less complicated.

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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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The Charity CFO

FEBRUARY 27, 2023

Does your organization get bogged down with nonprofit treasurer duties? Nonprofits don’t exist for the purpose of earning profits. With that being said, money is central to a nonprofit’s success. How does a nonprofit manage its money? One of the most important board members for a nonprofit is the treasurer.

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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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Centage

NOVEMBER 8, 2023

Building and maintaining an effective budget is daunting no matter what industry you’re in — but financial planning for nonprofits is especially tough. The specific circumstances of how nonprofits operate and get funded adds a layer of complexity to their FP&A processes. No programming. No formulas.

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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. Why is Your Nonprofit Being Audited?

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The Charity CFO

JUNE 7, 2023

Nonprofit financial statements. Is this just a necessary evil just to meet compliance requirements , and make sure there’s enough cash in the bank? The categorization of uses may vary depending on the specific context and goals of your nonprofit organization.

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The Charity CFO

NOVEMBER 8, 2023

But it’s often not the case at many charities and nonprofits, which can gauge an employee’s value by their impact, not just their hours spent in the office. Both of these are vital to operating in the most efficient way possible, allowing the most funding and effort to go toward the nonprofit’s mission.

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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. . Benefits of Nonprofit Accounting Services. Improves compliance. Boosts donor confidence.

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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. They create and maintain financial records, prepare financial reports, and oversee the organization’s budget. Nonprofits are subject to a unique set of financial rules and regulations.

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The Charity CFO

DECEMBER 27, 2023

As a small nonprofit, it can be difficult to determine what benefits mean the most to your employees, especially if you’re working within a strict budget. This nonprofit employee benefits guide goes through the most common types of benefits and how you can add them to your benefits offerings. Get the free guide!

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