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Are Your Compliance Processes Keeping Up with Evolving Audit Requirements?

Bramasol

Discover how SAP solutions lay a solid foundation for audits and next level PCAOB or AICPA compliance reviews. While passing each audit is a critically important milestone, companies also should understand that it is only one aspect of ensuring their financial transparency and integrity.

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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. An audit can be a critical step for a growing nonprofit that needs to raise increasing amounts of funds.

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Revenue Recognition for Nonprofits: 4 Mistakes to Avoid

The Charity CFO

Nonprofits rely on a mix of sources for their income, from fundraising, grants, and investments to earned income and individual contributions. All these sources must be carefully managed to ensure compliance with Generally Accepted Accounting Principles (GAAP) and guidelines. Undergo annual financial audits.

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5 Habits of Highly Effective CFOs

The Finance Weekly

They could steer your company towards poor financial decisions, like risky investments, inaccurate budgeting, or insufficient cost control. Facilitate risk management, audits, and research. Spot investment and financial planning prospects. What could go wrong if your Chief Financial Officer (CFO) is not effective in their job?

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Nonprofit Tax Filing: 7 Steps to Peace of Mind

The Charity CFO

NPOs should track all donations, grants, and investments made to their organization to make sure they are properly accounted for. Proper revenue recognition is a core accounting principle that ensures proper financial reporting, ensuring that you remain compliant and maintain donor confidence.

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7 Essentials Of Nonprofit Financial Management

The Charity CFO

Misuse of funds and poor investments. Your organization has physical assets, including cash, investments, and other tangible property. When creating your fiscal policy, ensure that it complies with the Generally Accepted Accounting Principles (GAAP). Is there a need to invest more in particular projects or initiatives?

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Fund Accounting for Nonprofits & Charities

The Charity CFO

If you’re looking for info on fund accounting in government here is a great resource for you. Both Generally Accepted Accounting Principles (GAAP) and Financial Accounting Standards Board (FASB) 116/117 require at least a minimum level of fund reporting, so you’ll need it in order to pass an audit.