A nonprofit corporation must comply with a few special rules implemented by the IRS that will help maintain its tax-exempt status related to: Organizational Structure, Limited Activities, and Corporate Recordkeeping. Continue Reading
Managing Money With Mission
Category Archives: Nonprofit Accounting Practices
Cash Needs for Your Nonprofit
There’s an interesting belief held by many nonprofit stakeholders that having the 501(c)(3) designation means the organization cannot have a “profit” at the end of the year. Running your nonprofit like this could lead to drastic money issues down the road. When it comes to cash needs for your nonprofit, it is important to remember… Continue Reading
Five Ways to Make Planning Your Nonprofit’s Annual Budget Easier
Creating a nonprofit’s annual budget is daunting. There is a lot to consider when planning next year’s finances especially when unknowns such as contributions and grant funding play a big role in budget line items. Tensions run high when the staff and board of directors discuss and determine priorities. As you start to prepare budgets… Continue Reading
A Focused Nonprofit Accountant is Better for Your Nonprofit
Accounting is just money management, right? It’s monitoring transactions and summarizing the status of revenue and expenses at a point in time. This is true on a basic level, but corporate, small business, and nonprofit accountants must also project, forecast, and make recommendations related to these financial transactions. Numbers 4 Nonprofits recognizes a few key… Continue Reading