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.

Nonprofit 98

Nonprofit Auditing GAAP Accounting Principles 98

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.

Accounting 52

Accounting Accounting Principles GAAP Compliance 52

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.

Nonprofit 52

Nonprofit Compliance Accounting Standards Budgeting 52

The Charity CFO

JANUARY 5, 2023

Tax issues and non-compliance with regulatory requirements. When creating your fiscal policy, ensure that it complies with the Generally Accepted Accounting Principles (GAAP). A Nonprofit Budget. A well-formulated budget should focus on the goals and objectives of your organization. Make board members accountable.

Nonprofit 52

Nonprofit GAAP Budgeting Auditing 52

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. Improves compliance.

Nonprofit 52

Nonprofit Accounting Auditing GAAP 52

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. On top of that, nonprofit bookkeeping requires staying updated on income tax changes and filing requirements to ensure compliance. .

Nonprofit 98

Nonprofit Invoicing General Ledger GAAP 98

The Charity CFO

JANUARY 26, 2023

Proper revenue recognition is a core accounting principle that ensures proper financial reporting, ensuring that you remain compliant and maintain donor confidence. You don’t want to make any mistakes that could trigger an audit or even the loss of your 501(c)(3) status.

Nonprofit 52

Nonprofit Accounting Principles Profit and Loss Auditing 52