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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Nonprofit Compliance Accounting Standards Budgeting 52

The Charity CFO

MAY 10, 2022

But the deadline for making the changes has passed, and the FINAL deadline (for interim reporting periods) is coming up next month. So now is the perfect time to make sure you report in kind gift donations in compliance with GAAP standards in 2022. When do the changes to in kind gift reporting go into effect?

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Accounting Standards Accounting GAAP Nonprofit 98

The Charity CFO

JANUARY 17, 2022

And then, there are a series of reports and financial statements you’ll use to communicate the financial reality of your organization to potential donors, the IRS, watchdog agencies, and other stakeholders. The basic accounting principles for nonprofit organizations are the same as accounting for for-profit companies. .

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Nonprofit Accounting Profit and Loss Accounts Payable 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. Monthly financial statements can have a clear view of your financials and stay on top of your organization’s future expenses.

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Nonprofit Accounting Principles Profit and Loss 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.

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Nonprofit Accounting Auditing GAAP 52

CFO Share

AUGUST 5, 2021

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. Depreciation and amortization reported for tax purposes in excess of that reported in financial reports.

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Forecasting GAAP Profit and Loss Accounting Principles 96

The Charity CFO

FEBRUARY 4, 2022

Nonprofit bookkeeping is the process of entering, classifying, and organizing financial data for the purpose of creating accurate financial records for your organization. Bookkeepers lay the foundation for the accounting processes that will follow. And it’s impossible to do that without accurate bookkeeping.

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The Charity CFO

JANUARY 5, 2023

Poor financial reporting. Tax issues and non-compliance with regulatory requirements. Well, the answer lies in understanding and implementing these 7 essentials of nonprofit financial management. They provide a framework for the oversight and governance of financial operations and activities. Bring GAAP compliance.

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Nonprofit GAAP Budgeting Auditing 52