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Nonprofit Audit Checklist (+ Free PDF Download)

The Charity CFO

Many nonprofit organizations both large and small need to undergo a financial statement audit every year. Preparing for a nonprofit audit can be overwhelming and anxiety-filled, especially if it’s your first audit or you don’t have a strong and experienced financial team.

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When Does Your Nonprofit Need an Audit?

The Charity CFO

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. Don't hire the wrong accountant for your nonprofit!

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How to Comply with Accounting Standards for Nonprofits

The Charity CFO

Accounting standards for nonprofits are probably not the first thing you think about, but are crucial for your organization to succeed. In the United States, these Generally Accepted Accounting Principles (or GAAP) are set by the Financial Accounting Standards Board (FASB).

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Revenue Recognition for Nonprofits: 4 Mistakes to Avoid

The Charity CFO

All these sources must be carefully managed to ensure compliance with Generally Accepted Accounting Principles (GAAP) and guidelines. Revenue recognition is an accounting process of properly identifying when income has been earned. Undergo annual financial audits.

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Nonprofit Tax Filing: 7 Steps to Peace of Mind

The Charity CFO

To maintain good governance practices and requirements To demonstrate financial transparency to your donors, members, and the public To make sure that your organization complies with the taxman, you should file IRS Form 990 by May 15 each year. Most people dread filing taxes.

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Number Of Corporate Accounting Errors Unexpectedly Climbs

PYMNTS

A research firm has discovered that the number of material accounting mistakes made by U.S. Massachusetts-based Audit Analytics looked at disclosures from more than 9,000 U.S.-listed listed companies since 2005, finding firms that had to reissue their financials due to errors. For many, the mistakes were discovered when corporate finance teams were changing accounting paperwork to comply with the new U.S. tax law and revenue accounting rules.

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Updated Accounting Standards for In-Kind Donations (2022)

The Charity CFO

If your nonprofit uses donations of supplies, services, and even time to help fund your operations, you need to know about recent changes in accounting standards for in kind donations. When do the changes to in kind gift reporting go into effect? Accounting Fundraising Grants

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Nonprofit Accounting Services: The Right Solution

The Charity CFO

What should you look for when evaluating nonprofit accounting services? Yes, they might have a board member or volunteer who takes care of the finances, but they often lack specific expertise in nonprofit accounting. Benefits of Nonprofit Accounting Services.

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Statement of Activities: Reading a Nonprofit Income Statement

The Charity CFO

You may also know it as a profit and loss statement or income and expense report. Simply, it reports your organization’s revenue and expenses during a specific period and the difference between them. . Don't hire the wrong accountant for your nonprofit!

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How Do I Forecast with Tax Code 280E?

CFO Share

The difference between cost of goods sold and ordinary business expenses is well defined in Generally Accepted Accounting Principles (GAAP) but routinely ignored by small business bookkeeping services. Hence you need good cannabis accounting to defend yourself in audit.

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The Basics of Nonprofit Bookkeeping

The Charity CFO

Do a Google search on nonprofit bookkeeping, and you’ll find page after page of articles on nonprofit accounting. Because while nonprofit bookkeeping and accounting are related, they’re not the same thing. Allocate revenue and expenses to restricted fund accounts .

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7 Essentials Of Nonprofit Financial Management

The Charity CFO

Many nonprofit organizations tend to let their financial management slip on the backburner as they get busy fulfilling their mission. Maintaining healthy financial management is critical for the organization’s sustainability, stability, and flexibility, now and in the future.

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The most and least complex jurisdictions for financial compliance in APAC

Future CFO

China is the most complex jurisdiction for financial compliance in Asia Pacific while Hong Kong is the easiest, said TMF Group recently. China’s financial environment is the region’s most complex, followed by Vietnam, South Korea, Malaysia and Indonesia, according to TMF Group’s report titled Accounting & tax: The global and local complexities holding multinationals to account. Report highlights.

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Understanding Functional Expenses for Nonprofits

The Charity CFO

Functional expense reporting confuses many first-time nonprofit bookkeepers and executives. Because you’re required to report functional expenses to complete your IRS 990 and maintain nonprofit status. Don't hire the wrong accountant for your nonprofit!

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Fund Accounting for Nonprofits & Charities

The Charity CFO

And the issue of restricted funds presents unique bookkeeping and accounting challenges for a nonprofit that a for-profit company doesn’t face. This accounting system is called fund accounting. Who’s Required to Use Fund Accounting? . What is fund accounting? .

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Nonprofit Accounting Basics for Founders, Board Members & Executives

The Charity CFO

If you’re like most nonprofit leaders, you’re not researching nonprofit accounting basics to satisfy your curiosity. So you can understand what’s happening in your business and communicate effectively with your board members, donors, and financial team. What is nonprofit accounting?

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How Compliance Rules Vary For State- Vs SEC-Registered RIAs

CFO News Room

Ultimately, the key point is that while both the SEC and individual states share the goal of protecting the public from financial predators, advisers typically face differing registration, approval, and ongoing supervision experiences, depending on how they are registered. Executive Summary.

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What is the Financial Consolidation Process in the Accounting World?

Planful

Financial Consolidation in the Accounting World. But in the accounting world, “financial consolidation” is a well-defined process that includes several complexities and accounting principles. Here are the key accounting consolidation steps in the finance consolidation process : Collecting trial balance data (e.g., Consolidating the data following specific financial accounting rules and guidelines, such as U.S.