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.

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The Finance Weekly

APRIL 21, 2024

They could steer your company towards poor financial decisions, like risky investments, inaccurate budgeting, or insufficient cost control. Facilitate risk management, audits, and research. Collaborate with executives and department heads on budget development and oversight. Spot investment and financial planning prospects.

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Boston Startup CFO

APRIL 3, 2023

Familiarity with Generally Accepted Accounting Principles (GAAP) is essential. If you lack knowledge in accounting principles, you open yourself up to many potential risks, including inaccurate financial statements which can hinder your ability to make informed decisions.

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The Charity CFO

APRIL 13, 2023

In order to successfully manage the financial health of your nonprofit organization, here are 7 key concepts you should understand: Compliance and Audit Requirements Compliance is the act of ensuring the public that nonprofits are abiding by the rules that allow them to take advantage of tax exempt status and other financial incentives.

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The Charity CFO

NOVEMBER 10, 2022

Yes, they might have a board member or volunteer who takes care of the finances, but they often lack specific expertise in nonprofit accounting. As a result, the organization might not adhere to Generally Accepted Accounting Principles (GAAP), which can trip them up come tax time or during an audit.

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The Charity CFO

JANUARY 5, 2023

When creating your fiscal policy, ensure that it complies with the Generally Accepted Accounting Principles (GAAP). A Nonprofit Budget. A nonprofit budget is a planning document that helps predict expenses, allocate resources, and monitor ongoing operations throughout the year. Make board members accountable.

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The Charity CFO

FEBRUARY 4, 2022

Nonprofits must maintain thorough and accurate financial records to comply with both Generally Accepted Accounting Principles ( GAAP ) and maintain their tax-exempt status with the IRS. But here is a list of tasks that some nonprofits push onto their bookkeepers that are instead the role of an accountant. . Bookkeepers do not….

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