The Charity CFO

JANUARY 31, 2022

The Statement of Activities is the Income Statement of a nonprofit organization. As a nonprofit, you call the difference between revenue and expenses the change in net assets. . NOTE: For a nonprofit organization, revenue also includes non-cash gifts, like in-kind donations of goods or services. Or profit. .

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Nonprofit Profit and Loss GAAP Auditing 98

The Charity CFO

FEBRUARY 25, 2022

If you’re brand new to nonprofit accounting, the Chart of Accounts might be the best place to start. In a nonprofit’s Chart of Accounts, each account is identified in four ways: number, name, category type, and a short description. How to Organize a Nonprofit Chart of Accounts . What is a Chart of Accounts?

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Nonprofit Accounting Accounts Payable GAAP 98

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 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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Nonprofit Auditing Accounting GAAP 96

The Charity CFO

JANUARY 13, 2022

In-kind donations help your nonprofit get the resources you need to carry out your programs without asking for more cash. Almost any non-cash gift to your nonprofit can be considered an in-kind donation, but most of them fall into one of two categories: goods or services. . Because nonprofit accounting is all we do. .

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Nonprofit Accounting GAAP Accounting Principles 98

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.

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Accounting Standards Accounting GAAP Nonprofit 98

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

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. Well, the answer lies in understanding and implementing these 7 essentials of nonprofit financial management.

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Nonprofit GAAP Budgeting Auditing 52

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. Nonprofit Accounting Services: More than a Bookkeeper.

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Nonprofit Accounting Auditing GAAP 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

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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Nonprofit Accounting Budgeting GAAP 52

The Charity CFO

DECEMBER 28, 2022

As a nonprofit leader, your financial stewardship is important to remain compliant with the IRS. Not only that, these statements need to be sound and easy to understand so as to provide a window into the financial health of your nonprofit. This means that your nonprofit has $440,000 that can be deployed to further its goal and mission.

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Nonprofit GAAP Accounting Financial Reporting 52

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. It’s all automated and GAAP compliant. increase in charitable giving in 2022.

Financial Planning and Analysis (FP&A) 72

Financial Planning and Analysis (FP&A) Nonprofit Planning Finance 72

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 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. They live in the hearts of many as symbols of good in the world.

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Nonprofit Accounting Standards Compliance Budgeting 52

The Charity CFO

MAY 2, 2022

Just by reading these three section of the 990, your donors can get a pretty accurate picture of the financial health of your nonprofit. . The IRS has different reporting requirements than GAAP, so the balance sheet section of your 990 may not match your audited financial statements. What story does your 990 tell about your nonprofit?

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Nonprofit GAAP CFO Accounting 105

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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Financial Planning and Analysis (FP&A) Nonprofit Budgeting GAAP 52

The Charity CFO

OCTOBER 9, 2024

Modern nonprofit leaders are always looking for ways to use technology to make everyday tasks easier. The Impact of GAAP on Integration Efforts We’ve mentioned GAAP several times, but why do these principles affect integration so much? For nonprofits, GAAP ensures transparency, accuracy, and consistency in financial statements.

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Accounting GAAP Nonprofit Accounting Principles 52

The Charity CFO

JANUARY 18, 2022

Zack joins us after two decades as a not-for-profit accountant in both public accounting and the nonprofit industry. In this new role, he will serve as one of our in-house experts on existing and emerging nonprofit accounting standards and auditing best practices. Zack has served as a volunteer and advisor to numerous local nonprofits.

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CFO Nonprofit GAAP Accounting Principles 52

VCFO

APRIL 27, 2023

Buckley is a highly accomplished CFO, overseeing finance, operations, IT, and HR in areas such as domestic and international manufacturing and distribution, SaaS, retail, healthcare, nonprofit, and service companies worth from $2M to $25B. Richard recently relocated to Austin to spend time with his children and grandchildren.

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CFO GAAP Nonprofit Auditing 52

The Charity CFO

JULY 19, 2024

Common nonprofit bookkeeping tasks include: Recording donations Entering accounts payable and receivable Organizing and reviewing bank statements Maintaining the general ledger These everyday financial duties help bookkeepers provide a clear and up-to-date picture of the nonprofit’s financial status.

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CFO Accounting Nonprofit General Ledger 52