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Budget Tracking for Nonprofits

The Charity CFO

Budget tracking is the process of monitoring your nonprofit’s income and expenses to ensure they stay within your planned budget. Effective budget tracking is essential to financial transparency, efficient resource allocation, and strategic planning for your nonprofit.

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The Complete Guide to Nonprofit Accounting Careers

The Charity CFO

Myth #1: Nonprofit Accounting is Completely Different from For-Profit Accounting One reason accountants seeking a new role may steer clear of a nonprofit accounting position is that they assume the methods are completely different. In the for-profit world, revenue is typically only recorded when earned or cash has been collected.

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Understanding Unrelated Business Income in Nonprofits

The Charity CFO

As a result, Congress implemented the UBIT in 1950 to eliminate the unfair advantage tax exemption gave to nonprofits competing against for-profit entities in the same sector. For example, the UBIT prevents an entity such as a church from using its exempt status to open a store purely for profit with no charitable purpose.

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Nonprofit Tax Filing: 7 Steps to Peace of Mind

The Charity CFO

Start With the Fundamentals of Nonprofit Tax Filing Non-profit organizations operate in many areas of society, including education, healthcare, sports, and social services. 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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How to create & use pro forma statements

Cube Software

Pro forma financial statements and GAAP It's important to note that, since pro forma statements are based on hypothetical or projected data, they are not compliant with generally accepted accounting principles—GAAP statements must be based on actual financial results. How long would your business be able to continue operating?

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The 5 Best Financial Reporting Software to Enhance the Productivity of CFO

Spreadym

When choosing the best financial reporting software solution, it's important to consider factors such as ease of use, scalability, integration with existing systems, compliance with accounting standards, cost, customer support, and any unique requirements your organization might have. What is financial reporting software?

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Nonprofit Accounting Basics for Founders, Board Members & Executives

The Charity CFO

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. .