The perfect bookkeeper will seamlessly handle your day-to-day accounting functions, but finding this person can be difficult. Be sure to consider your organization’s needs before actively starting your search.Read More
The relatively new federal procurement standards, which went into full effect in fiscal year 2017, significantly alter the way nonprofits receiving federal funding handle purchasing. You may have changed your written policies, but are you complying with the standards in practice? If not, you could risk losing funding.Read More
The Tax Cuts and Jobs Act of 2017 that was signed into law on December 22, 2017 contains several provisions, including some related to qualified transportation fringe benefits.Read More
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.
A nonprofit capital campaign is one of the best fundraising methods, particularly if you have a certain project or purchase in mind. But capital campaign fundraising requires strong leadership, extensive planning and dedicated participants.
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
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
A U.S. charity recently made the news when it was accused of reporting an inaccurately high percentage of every donated dollar that went to program services. The media outlet that uncovered the discrepancy looked beyond that claim, though, to scrutinize the organization’s outcomes — a strong sign of the growing importance of outcome measurement. Savvy stakeholders, as well as savvy nonprofits, realize that outcomes can convey a more complete picture of an organization’s performance than figures pulled from financial statements.Read More