When an arrangement is personally benefiting one of your officers, board members or employees, you are in violation of IRS guidelines regarding conflicts of interest in nonprofits, and you could lose your tax-exempt status as well as your good reputation.
When your nonprofit organization is struggling financially and you’ve already attempted to cut costs in more traditional ways, like wage freezes and layoffs, what’s next?Read More
Many organizations are required to receive an annual audit, and it may at times seem like a burden to an organization. However, effectively audited financial statements are a tool for good governance. Your management team and board can learn a great deal and truly better your organization.Read More
It seems inevitable that your nonprofit will need to replace a top executive within your organization at some point, and having the right executives in place is imperative to your organization’s success. Why not prepare your staff and Board now? Discuss these four basic steps of the executive search process today so you’re ready when it’s time to find a new person to lead your nonprofit organization.Read More
Your not-for-profit has probably spent a lot of time and effort attracting board members who have the knowledge, enthusiasm and commitment to make a difference to your organization.Read More
For many nonprofits, it’s a never-ending challenge: finding board members who are qualified, passionate about the organization’s mission and committed to good governance. This article provides tips for a more successful search — including targeting individuals with specific skills, not overlooking volunteers and treating the board position as an actual job.Read More
Cyber thieves don’t physically grab your keys or force an entry into your home, but the damage they do to your organization can be just as consequential. If your nonprofit becomes the victim of cybercrime, it could suffer a blow to its reputation that’s impossible to overcome.
So it’s important to assess your risks of data breaches carefully, and implement effective security policies and procedures. This will put you in a better position to protect valuable financial and personal data about donors and other constituents.Read More
Communication breakdowns between a nonprofit organization’s development and accounting departments can lead to confusion, embarrassment and, worse yet, financial problems. Nonprofits, therefore, must take proactive steps to facilitate collaboration between these two critical functions. Here are three tips:Read More
For more than two decades, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) has provided for-profit companies with guidance on designing and maintaining internal controls, as well as assessing their effectiveness. A joint initiative of several professional accounting groups, COSO recently revised its original framework with the release of Internal Control — Integrated Framework.
Not all of the updated framework will apply to nonprofits. But this new guidance can provide a structure for organizations trying to establish, strengthen or assess their internal controls.Read More