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

AUGUST 15, 2023

For accountants, this means the profit-generating strategies and investment ideas you bring to the table are still applicable and can make a massive impact. One key differentiator is that what is recorded following GAAP is what will show up on the audit and may not show up on the IRS tax form, Federal Form 990.

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Nonprofit Accounting Profit and Loss Budgeting 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.

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Nonprofit Accounting Auditing GAAP 52

The Charity CFO

JANUARY 21, 2022

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.

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Nonprofit Accounting GAAP Accounting Principles 98

The Charity CFO

MAY 11, 2023

When utilizing outsourced accounting services, you only pay for the services you need and you may have access to more premium software than you could purchase on your in-house budget. Labor Costs You will have the ability to obtain services when you need them without worrying about flexibility, vacation days, or geographical location.

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Nonprofit Communication Auditing GAAP 52

BlueLight

JULY 30, 2020

Rather, our job is to provide a framework for the department managers to think about their own budget.” “It Security and Audit ?—?NetSuite NetSuite role-based permission can be very granular and includes audit trails illustrating who made field level changes including before and after data element changes. It evolves with stage.

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CFO Financial Planning and Analysis (FP&A) Strategic Planning Startups 52

VCFO

NOVEMBER 1, 2023

Alternatively, if expenses are running over budget, are there line items that can be cut or deferred to pull overall expenses back in line with budget? Read more in our blog about Lease Accounting Updates.) audited or reviewed financial statements). Or is it the customers that need to be incentivized with year-end offers?

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Finance Strategic Planning Auditing CFO 91