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.

Nonprofit 98

Nonprofit Invoicing General Ledger GAAP 98

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. No, you don’t always need a nonprofit audit in order to qualify for federal grant funding. . Don't hire the wrong accountant for your nonprofit! Get the free guide!

Nonprofit 119

Nonprofit Auditing Financial Systems CFO 119

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. Nonprofits are fundamentally different from other businesses. What is Financial Oversight?

Nonprofit 105

Nonprofit Auditing Compliance Budgeting 105

The Charity CFO

SEPTEMBER 2, 2022

Not surprisingly, this above-average employee turnover impacted nearly every industry, but it has hit nonprofits and financial professionals particularly hard. . However, nonprofit accountant turnover is not a new problem in the sector. Why Do Nonprofit Accountants Quit? Why Do Nonprofit Accountants Quit? Low salaries.

Nonprofit 98

Nonprofit Accounting CFO Budgeting 98

The Charity CFO

MARCH 13, 2023

Fundraising ideas for nonprofits are one of the more exciting ways to add needed momentum to your mission. The idea behind nonprofits is to support the public good. million nonprofits in the United States, there are countless organizations available to provide shelter, medical assistance, and education, you name it! With over 1.3

Nonprofit 98

Nonprofit GAAP CFO Entertainment 98

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. What is fund accounting?

Nonprofit 98

Nonprofit Accounting GAAP Accounting Principles 98

The Charity CFO

SEPTEMBER 22, 2022

Nonprofits exist to meet a societal need or provide a public benefit. Unlike an organization whose primary goal is to make money, nonprofits exist to meet a community’s needs. That said, while it’s not your primary purpose, your nonprofit must find ways to make money. . How do nonprofits make money?

Nonprofit 98

Nonprofit Budgeting Auditing CFO 98

The Charity CFO

SEPTEMBER 28, 2022

If you manage a nonprofit, you know very well that every day there are a million and one things to be done. But it’s often seen as “busywork,” it rarely makes the priority list, and under-staffed nonprofit teams often fall behind. But nonprofit bookkeeping doesn’t have to be so stressful.

Nonprofit 105

Nonprofit Invoicing Accounting CFO 105

The Charity CFO

JULY 14, 2022

A lot of nonprofit leaders are asking us about how to prepare their organizations for the possibility of a recession. 6 Steps to Recession-Proof Your Nonprofit. 6 Steps to Recession-Proof Your Nonprofit. Because no business–including nonprofit businesses– can operate successfully without knowing their numbers. .

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Nonprofit CFO Economics Restructuring 105

The Charity CFO

MARCH 3, 2022

Nonprofits are not run to make money. million nonprofits are registered with the IRS. One-quarter of American adults volunteer with a nonprofit, helping their community on a number of issues. You will make a difference as soon as you start a nonprofit. You will make a difference as soon as you start a nonprofit.

Nonprofit 96

Nonprofit Budgeting CFO Accounting 96

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.

Nonprofit 98

Nonprofit Auditing GAAP Accounting Principles 98

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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Nonprofit Finance Auditing Accounts Payable 98

The Charity CFO

OCTOBER 1, 2024

Welcome to another Modern Nonprofit Podcast , with our host as always Tosha Anderson! Jennifer is at the top of her game, helping healthcare, senior living, and nonprofit organizations implement vision and data-driven strategies to assist with their growth. Some other important questions could be: Who are we going to be serving?

Strategic Planning 98

Strategic Planning Nonprofit Planning Leadership 98

The Charity CFO

MAY 20, 2022

As a nonprofit Executive Director, the amount of time you invest with your board of directors can vary wildly depending on your organizational culture and the time of year. But make no mistake: Nonprofit board development is critical to your success. So encourage your nonprofit board members to utilize their unique skills.

Nonprofit 105

Nonprofit CFO Accounting Leadership 105

The Charity CFO

APRIL 12, 2022

Cash flow isn’t just an issue for small nonprofits that depend on donations to meet payroll each month. A lack of cash on hand impacts nonprofit organizations of all sizes. A few years ago, we were working with a fully-funded nonprofit. . On paper, they were a flourishing organization— a model of nonprofit success.

Nonprofit 105

Nonprofit Accounting CFO Accounts Payable 105

The Charity CFO

MARCH 31, 2023

The IRS does not require nonprofit audits in most cases, however, they may periodically request an audit (examination) or a compliance check. Should My Nonprofit Obtain an Independent Audit? Do your research and select Firms that specialize in nonprofits. With appropriate planning, they can go smoothly.

Nonprofit 98

Nonprofit Auditing Compliance CFO 98

The Charity CFO

APRIL 20, 2023

How can nonprofit accounting software help your organization with efficiency? However, nonprofit organizations face unique accounting challenges and not all commercial accounting software may be equipped to handle. Where to start with nonprofit accounting software Nonprofits have to comply with strict financial accounting standards.

Nonprofit 98

Nonprofit Accounting Accounting Standards Budgeting 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!

Nonprofit 96

Nonprofit Auditing Accounting GAAP 96

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.

Nonprofit 98

Nonprofit Profit and Loss 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

Nonprofit 98

Nonprofit Budgeting Compliance CFO 98

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 Accounting Principles 98

VCFO

JANUARY 10, 2023

How Nonprofits Can Attract and Retain Talented Employees. With for-profit organizations offering top-tier pay rates and shoring up gaps in other areas of hiring and recruitment, nonprofits are finding it tougher than ever to get and keep the employees they need to carry out their mission and serve their communities.

Nonprofit 87

Nonprofit Leadership Investments 87

The Charity CFO

JULY 28, 2022

Updated standards on accounting for nonprofit leases ( ASC 842 ) go into effect this year for most organizations–and next year for the few remaining exceptions. What is ASC 842 for nonprofit lease accounting? And the rule changes will impact a large percentage of nonprofit organizations. When does ASC 842 take effect?

Nonprofit 98

Nonprofit Accounting Accounting Standards CFO 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?

Nonprofit 98

Nonprofit Profit and Loss Education CFO 98

The Charity CFO

FEBRUARY 9, 2022

And you’re certainly not sure why your nonprofit should care about it. And crypto donations to nonprofits grew over 2200% to $300 million over the past 2 years. Cryptocurrency becomes a bigger force for good in the nonprofit sector year after year. The 6 Things You Need to Know About Cryptocurrency for Nonprofits.

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Nonprofit Currencies CFO Math 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. .

Nonprofit 98

Nonprofit Accounting Profit and Loss Accounts Payable 98

The Charity CFO

FEBRUARY 17, 2022

Why does your nonprofit need an operating reserve? . A report released last year by Candid and the Center for Disaster Philanthropy estimated the worst-case scenario would lead to the closure of 38% of nonprofits in the United States. What is a nonprofit operating reserve? . Expert nonprofit financial advice is part of our DNA.

Nonprofit 98

Nonprofit Budgeting CFO Math 98

The Charity CFO

JANUARY 25, 2022

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). And it’s a requirement for a nonprofit audit.

Nonprofit 98

Nonprofit Auditing Accounting CFO 98

The Charity CFO

OCTOBER 19, 2022

In this episode, A Modern Nonprofit Podcast host Tosha Anderson comes to you directly, to talk about the 5 biggest myths she’s encountered time and again while working with nonprofits. Don’t be misinformed, join Tosha as she reveals the truth behind concepts that tie nonprofit founders, board members, and bookkeepers in knots.

Nonprofit 95

Nonprofit Accounting CFO Financial Reporting 95

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.

Nonprofit 98

Nonprofit Accounting GAAP Auditing 98

The Charity CFO

MARCH 24, 2022

Nonprofit fraud makes for great headlines— like the Minnesota nonprofit Feeding Our Future accused this year of squandering $48 million of federal funding on luxurious trips, fancy mansions, and other personal costs. . According to The New York Times , the value of nonprofit fraud is approximately $40-50 Billion each year.

Nonprofit 98

Nonprofit Profit and Loss Auditing Leadership 98

The Charity CFO

JULY 13, 2022

This article will summarize the principal criteria the top 3 charity watchdogs use to evaluate your nonprofit organization. Charity Watchdogs is a term used to describe various organizations attempting to measure the quality of a nonprofit organization. They’ve been providing ratings for nonprofits in some form since the 1920s.

Nonprofit 98

Nonprofit CFO Accounting Strategic Planning 98

The Charity CFO

JULY 30, 2024

So, Alyssia started looking for a career in the nonprofit space. Between these two roles, she learned in tremendous detail about the nonprofit industry and gained confidence in how these organizations can work together to solve the world’s most complex problems. Do You Struggle to Make Sense of Your Financial Statements?

Nonprofit 98

Nonprofit Leadership Education CFO 98

The Charity CFO

AUGUST 30, 2022

ASC 606 Revenue Recognition for Nonprofit Organizations. All US businesses, for-profit and nonprofit, were subject to new revenue recognition standards starting by 2019. Nonprofit accounting departments often move slowly, so while hopefully you’ve already implemented these standards, you should ensure that you have.

Nonprofit 98

Nonprofit Accounting Standards Accounting CFO 98

The Charity CFO

DECEMBER 21, 2021

Many nonprofit founders think that they won’t have to worry about taxes. So if you’re new to nonprofit accounting , you shouldn’t make too many assumptions about which taxes you will (or won’t) have to pay. . A note on the term “nonprofit:” There are 27 different nonprofits types in the federal tax code.

Nonprofit 85

Nonprofit CFO Sales Compliance 85

The Charity CFO

AUGUST 24, 2022

The high-performing organizations we work with all ensure that nonprofit financial management is a collaborative effort. Including your team members in the financial budget process is critical to better nonprofit financial management. Effective nonprofit financial management is a team effort! So what does that look like?

Nonprofit 98

Nonprofit Budgeting CFO Accounting 98

The Charity CFO

JANUARY 5, 2022

Nonprofit leaders often struggle to create an open, trusting culture that supports their staff in executing their mission. If you’re looking for proven ways to engage your team and improve the mindset of your nonprofit team, this episode is for you. Why a “kitchen in the living room” is typical weakness for nonprofit teams (4:58).

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Nonprofit Leadership Investments CFO 98