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. Closer to 90 is ideal. Why should you use this KPI?

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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 3: Check compliance with financial policies and regulations.

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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. Download it for later.

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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

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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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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The Charity CFO

APRIL 26, 2024

That’s why it’s so important to know what to look for in a nonprofit accountant. The next step is to ask your potential nonprofit accountant a few questions to see if they’d be a good fit for your organization. Here are seven questions to ask a nonprofit accountant before working with them.

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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

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. And they create a lot of confusion for people new to the nonprofit sector. What is Financial Oversight? Financial oversight refers to a broad range of responsibilities.

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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

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

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

MARCH 27, 2024

As a nonprofit leader, you’ve probably heard of QuickBooks or may have even used it before. And you might be wondering if you can use QuickBooks for your nonprofit accounting. The answer is yes, QuickBooks Online can be configured for nonprofit use. Nonprofits also need to record expense receipts.

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The Charity CFO

JANUARY 12, 2024

If you dream of devoting more time to a cause you believe in and taking it to the next level, you might ponder starting a nonprofit. The prospect of serving your community is certainly a calling worth pursuing, and nonprofits serve an essential role in their clients’ lives. 5 Reasons Why You Shouldn’t Start a Nonprofit 1.

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The Charity CFO

OCTOBER 16, 2023

It may not seem like a significant aspect of your organization’s financial situation, but picking the right nonprofit banking partner is one of the most vital decisions leaders can make. Use your network throughout the nonprofit community to get some firsthand thoughts on various banks.

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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

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

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 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

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

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. What is a financial statement audit?

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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 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. Don't hire the wrong accountant for your nonprofit!

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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

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 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

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 30, 2023

Managing payroll for nonprofit organizations comes with unique requirements and considerations. Ensuring that your nonprofit payroll services are up to the task of withholding payroll taxes, complying with grant regulations, and ensuring compliance and transparency can be a huge lift.

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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 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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The Charity CFO

NOVEMBER 30, 2023

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. This guide will help you better understand the common mistakes nonprofits make in their accounting systems.

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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

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

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

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 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

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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