|

Remote Audits Aren’t Going Anywhere

Remote audits in 2020 proved to be so valuable, some firms are leveraging the technology by going another step further, taking deep dives into cybersecurity risks and searching harder for fraud. Auditors will be heading back to their offices soon and while many will still prefer to meet in person with their clients, some large…

|

ABCs of Ensuring Full PPP Loan Forgiveness for Your Nonprofit

Nonprofits and organizations are starting to bounce back after the lost year that was 2020 and at this point in 2021 should be wrapping up their reporting for the Paycheck Protection Program (“PPP”). Many organizations chose to participate in this loan program to offset eligible payroll costs during the pandemic. The program is still open…

|

Three Accounting Best Practices for Nonprofits

Nonprofits don’t always consider the importance of proper accounting practices. What happens if your nonprofit makes money at the end of the year? Do you know if an employee or board member has a conflict of interest?  Having solid accounting practices not only helps the overall success of your organization, but they are necessary for…

A Fractional CFO For Your Nonprofit

When you hear about “fractional CFOs” you probably aren’t thinking about hiring one for your nonprofit. But, having a part-time Chief Financial Officer / Controller to advise your executive team could be the part that’s missing to help your nonprofit grow. Fractional CFOs are starting to become more common place, not just for large companies…

|

New IRS Regulations are Coming for Nonprofits

When it comes to unrelated business expenses, the Internal Revenue Service appears close to releasing proposed regulations that were part of the 2017 Tax Cuts and Jobs Act. The new rules could mean reporting changes that might be complicated, specifically for larger nonprofits that receive revenue outside of normal fundraising programs.

Getting Your Nonprofit Ready for Year-End Reporting

Analyzing your nonprofit’s financial health is essential for the sustainability of your organization. If your organization uses a nonprofit accountant that regularly maintains transaction activity throughout the year, you will be prepared for closing the books and have a smoother audit. Here are four best practices to be prepared for your year-end reporting.

Outsourcing Your Accounting Services

Nonprofit organizations, and accountants, understand the need to count every penny. Staying on track with your strategic plan and achieving your goals is based largely on how your organization manages its money. Is your accountant on staff as knowledgeable as you have come to expect? Do they have the benefit of industry perspective and continually…

Your Nonprofit and Reserve Funds

Since it is perfectly acceptable for a nonprofit to make a profit throughout the course of a year, the question often asked is, “how much should be left in reserves?” The answer is tricky. Having excess reserves can limit your donors’ willingness to give and having too little could cause your nonprofit to struggle operationally…

Nonprofits Shouldn’t Overlook their Accountants

Most, if not all, nonprofits need to work within a tight budget. Programs, salaries, capital projects, building maintenance – none of these line-items are free. Many executive directors and board members are trying to find ways to decrease expenses, but tightening your organization’s purse strings in the areas of accounting assistance and bookkeeping may end…