The Charity CFO

FEBRUARY 16, 2023

Nonprofit budgeting best practices are often the difference between success and failure for the organization. Budgeting is a crucial element of understanding the financial health of your organization. While nonprofit budgeting can seem daunting and complex, it doesn’t have to be.

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The Charity CFO

AUGUST 15, 2023

The nonprofit sector is full of rewarding and impactful careers because it plays a crucial role in addressing various social, environmental, and humanitarian challenges. In this section, we will debunk the three most common nonprofit accounting myths. However, most of it is actually the same.

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The Charity CFO

APRIL 18, 2024

It’s no secret that running a nonprofit isn’t always easy, especially if you don’t know what challenges await you in the coming months. Luckily, we’ve put together a list of the five most common challenges for nonprofits in 2024. Let’s look closer at the challenges nonprofits will face in 2024–and how to solve them!

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The Charity CFO

JANUARY 21, 2022

Nonprofits often receive donations or grants designated for a specific purpose–like a donation to a specific program or grant you have to spend within a calendar year. And the issue of restricted funds presents unique bookkeeping and accounting challenges for a nonprofit that a for-profit company doesn’t face.

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The Charity CFO

JUNE 26, 2023

Whether you’re a new organization or an established one working to get its finances under better control, there are few more important things to get right than your nonprofit operating budget. It serves as the backbone of your nonprofit’s spending, fundraising, and much more.

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The Charity CFO

APRIL 22, 2024

In many nonprofits, burnout is the emotional, physical, and mental exhaustion of employees due to prolonged stress. Understanding Burnout in Nonprofit Organizations Burnout at work can happen to anyone. Consider these four strategies to improve your workplace culture and reduce burnout in your nonprofit employees.

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The Charity CFO

NOVEMBER 17, 2022

Financial planning and budgeting are vital for the success and sustainability of any nonprofit organization. . That’s why it’s important to start thinking about your budget for 2023 now. Budgeting should go beyond simply tracking money in and money out. . Intro to Budgets for Nonprofits.

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The Charity CFO

NOVEMBER 10, 2022

What should you look for when evaluating nonprofit accounting services? Nonprofit organizations exist to further a mission or goal. The truth is, many nonprofits tend to fumble when it comes to their books. . Benefits of Nonprofit Accounting Services. Saves time and money. Saving time often saves money, too.

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The Charity CFO

MARCH 23, 2023

Nonprofit accounting financial statements may seem like a chore. Nonprofits use financial statements to comply with IRS regulations, build trust with donors, and plan for the future. You may think that nonprofit financial statements are the same as those at for-profit companies, but this is not the case.

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The Charity CFO

JANUARY 12, 2024

Financial forecasting is a term you’ll hear thrown around in the business world quite often—but in the world of nonprofits, it can be difficult (and even downright impossible) to plan your organization’s finances with any degree of certainty. What Is a Financial Forecast for Nonprofits?

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The Charity CFO

DECEMBER 7, 2023

Welcome back to the Modern Nonprofit Podcast at The Charity CFO. Whether you are a consistent listener or joining for your first time, the podcast dives deep into the world of nonprofits, and sometimes for profit spaces to share industry specific principles, unique business practices, and much more. Based out of St.

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The Charity CFO

SEPTEMBER 22, 2022

Nonprofits exist to meet a societal need or provide a public benefit. Unlike an organization whose primary goal is to make money, nonprofits exist to meet a community’s needs. That said, while it’s not your primary purpose, your nonprofit must find ways to make money. . How do nonprofits make money?

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The Charity CFO

AUGUST 24, 2022

Sure, your financial team– your bookkeeper, accountant, and CFO (if you have one)–take the lead role in managing your finances. But keeping financial responsibility “siloed” within the accounting team is both dangerous and ineffective. Assign each department responsibility for their own budget. ” Not really.

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The Charity CFO

NOVEMBER 15, 2023

If you’re like most nonprofit leaders, you probably have questions — and possibly mixed feelings — about nonprofit debt. That’s because you’ve also probably received mixed messages about nonprofits and debt. Nonprofits aren’t often encouraged to take on debt. the why behind nonprofit debt.

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The Charity CFO

MARCH 22, 2024

How does your nonprofit make strategic decisions? Additionally, leaders can use data to tell the story of their organizations, giving you a better overall picture of the state of your nonprofit. Learn more about using data for decision-making in your nonprofit in this complete guide. What Does Nonprofit Data Look Like?

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The Charity CFO

MAY 31, 2022

It’s a myth that all stakeholders need to be experts in every aspect of nonprofit finances. Even on nonprofit financial committees, some members may be skilled in accounting, others in banking, and others in investing or financial analysis. Because the basics of nonprofit finances are easy to grasp. . For instance….

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The Charity CFO

OCTOBER 4, 2022

million nonprofits globally. To ensure that a nonprofit runs efficiently, several people work behind the scenes to make things much easier, and one of those people is the operations manager. The operations manager might be the secret weapon of the most successful nonprofits we know. There are more than 1.54

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Centage

NOVEMBER 8, 2023

Building and maintaining an effective budget is daunting no matter what industry you’re in — but financial planning for nonprofits is especially tough. The specific circumstances of how nonprofits operate and get funded adds a layer of complexity to their FP&A processes. No programming. No formulas.

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The Charity CFO

FEBRUARY 4, 2022

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. A bookkeeper records and organizes financial data; an accountant interprets and presents that data. .

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The Charity CFO

DECEMBER 27, 2023

As a small nonprofit, it can be difficult to determine what benefits mean the most to your employees, especially if you’re working within a strict budget. This nonprofit employee benefits guide goes through the most common types of benefits and how you can add them to your benefits offerings.

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The Charity CFO

JULY 14, 2022

A lot of nonprofit leaders are asking us about how to prepare their organizations for the possibility of a recession. 6 Steps to Recession-Proof Your Nonprofit. 6 Steps to Recession-Proof Your Nonprofit. If you’re currently spending more than you’re bringing in, you’ll slowly start whittling down your savings accounts.

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VCFO

JUNE 29, 2023

Restoring and Ensuring Effective Nonprofit Finance Practices Decades ago, healthcare trailblazer Sister Irene Kraus moved her mantra of “No Margin. And when shortcomings and lapses in those crucial cornerstones persist in a nonprofit, so too do risks to the organization and those they serve. No Mission.” into the limelight.

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The Charity CFO

APRIL 13, 2023

Nonprofit financial management is one of the primary concerns for organizations. Nonprofits are special types of organizations, in both their structure and their purpose. This meaning is the driving force behind what nonprofit organizations do day in and day out. They live in the hearts of many as symbols of good in the world.

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The Charity CFO

APRIL 12, 2022

Cash flow isn’t just an issue for small nonprofits that depend on donations to meet payroll each month. A lack of cash on hand impacts nonprofit organizations of all sizes. A few years ago, we were working with a fully-funded nonprofit. . Their budget projected a surplus, and they were hitting those numbers.

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The Charity CFO

MAY 11, 2023

Bookkeeping is a critical component of running a successful nonprofit organization. However, managing bookkeeping in-house can be time-consuming and expensive, which is why many nonprofits are turning to outsourced bookkeeping services. As a leader, you’ll have to determine what is right for your nonprofit.

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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.

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The Charity CFO

MAY 19, 2023

Cash management for a nonprofit organization is possibly the most important consideration for success. In a previous article, we discussed the benefits, risks, and compliance requirements of outsourcing bookkeeping for nonprofit organizations. This supports informed decisions about spending, budgeting, and resource allocation.

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The Charity CFO

SEPTEMBER 14, 2022

If you know only one thing about 501(c)(3) nonprofit organizations , you probably know that they don’t pay federal taxes on their income. . So how do you know if your nonprofit organization has taxable unrelated business income? Not Sure If Your Nonprofit Income Is Taxable Or Not? But what if I told you that’s not always true?

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The Charity CFO

NOVEMBER 8, 2023

But it’s often not the case at many charities and nonprofits, which can gauge an employee’s value by their impact, not just their hours spent in the office. Both of these are vital to operating in the most efficient way possible, allowing the most funding and effort to go toward the nonprofit’s mission.

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The Charity CFO

SEPTEMBER 20, 2023

No matter what corner of the nonprofit world you find yourself in, every organization has one thing in common – the need for nonprofit operating reserves. While it may sound complex, it’s a vital part of the financial picture for nonprofit leaders to consider. What is a Nonprofit Operating Reserve?

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The Charity CFO

JUNE 7, 2023

Nonprofit financial statements. Nonprofit Financial Statements You are likely familiar with the different nonprofit financial statements that are typically included in a reporting package: Statement of Activities Statement of Financial Position Statement of Cash Flows Statement of Functional Expenses But we’d like to dive beyond the surface.

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The Charity CFO

JANUARY 5, 2023

Many nonprofit organizations tend to let their financial management slip on the backburner as they get busy fulfilling their mission. Without a good grasp of your finances, your nonprofit risks: Exposure to fraud. Well, the answer lies in understanding and implementing these 7 essentials of nonprofit financial management.

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The Charity CFO

SEPTEMBER 1, 2023

Summary Today Tosha and special guest Daniel discover more about a new fintech application designed to help smaller nonprofits get more organized and stay on top of the ever-changing turnover crisis. Crowded provides nonprofit groups with an easy way to collect, spend, and manage money online. Saving the treasurer time.

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The Charity CFO

MARCH 24, 2022

Nonprofit fraud makes for great headlines— like the Minnesota nonprofit Feeding Our Future accused this year of squandering $48 million of federal funding on luxurious trips, fancy mansions, and other personal costs. . According to The New York Times , the value of nonprofit fraud is approximately $40-50 Billion each year.

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The Charity CFO

AUGUST 2, 2023

Welcome to the Modern Nonprofit Podcast! Sarah is a seasoned leader in the nonprofit sector, leverages over 18 years of experience to guide organizations towards success. Specifically about how nonprofit organizations can handle budgeting for the next fiscal year. Today our guest is Sarah Olivieri. Second; All in Favor?

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The Charity CFO

AUGUST 21, 2023

Nonprofit communications can be complicated, and sometimes awkward. The secret comes down to how well nonprofit leaders understand what donors are thinking and feeling and how charities communicate with them. Think about an operating reserve as a sort of savings account and safety net for the nonprofit.

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The Charity CFO

FEBRUARY 27, 2023

Does your organization get bogged down with nonprofit treasurer duties? Nonprofits don’t exist for the purpose of earning profits. With that being said, money is central to a nonprofit’s success. How does a nonprofit manage its money? One of the most important board members for a nonprofit is the treasurer.

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