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 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. However, most of it is actually the same.

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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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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

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. Furthermore, nonprofit bookkeeping differs in some critical ways from for-profit bookkeeping too.

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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

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

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. data entry, invoicing, and report generation).

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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

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

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

APRIL 19, 2022

As a CPA working exclusively with nonprofits and a former nonprofit auditor, I’ve looked at thousands of nonprofit financial statements over the past 10 years. Over the years, I’ve identified a set of 5 nonprofit financial red flags that are fairly common and almost always lead to trouble sooner or later.

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The Charity CFO

JUNE 19, 2023

If your nonprofit is growing, you have a lot on your plate. But one of the most underrated things you can do to make life easier and improve your future prospects is to work with a nonprofit financial advisor. Read on as we explore more about this crucial role and how it can help your nonprofit.

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The Charity CFO

AUGUST 16, 2023

About David Welcome everyone to A Modern Nonprofit Podcast. Today, we explored the importance of websites, nonprofit marketing, and how to bridge the gaps between departments to achieve digital success. With over 20 years in the nonprofit sector, passionately working to revolutionize it one website at a time. Get the free guide!

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The Charity CFO

NOVEMBER 23, 2022

The finance director role is critical to the success of any nonprofit, making it one of the most important hires an organization can make. They create and maintain financial records, prepare financial reports, and oversee the organization’s budget. Nonprofits are subject to a unique set of financial rules and regulations.

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The Charity CFO

JANUARY 26, 2023

Nonprofit leaders have an especially hard time understanding, preparing and filing their returns. You see, a 501 nonprofit corporation is recognized as tax-exempt by the IRS but this doesn’t mean they are exempt from filing taxes. Fortunately, filing taxes for a nonprofit doesn’t need to be stressful.

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The Charity CFO

APRIL 8, 2022

Starting a nonprofit organization can be confusing and tricky, especially if it’s your first time and you don’t have any experience filling out a 501c(3) application. However, filling out the application is an essential step in setting up a nonprofit charity with the full benefits of tax-exempt status.

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The Charity CFO

MARCH 16, 2022

Today we’re proud to announce another amazing addition to the industry’s best nonprofit accounting team! Theresa is an experienced leader in accounting and financial reporting, budgeting, and analysis, with an extensive finance career in the healthcare supply chain industry. Please join us in welcoming her this week!

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The Charity CFO

DECEMBER 8, 2022

Grants are the lifeblood of nonprofits, giving them the much-needed cash injection to market the organization, fund a project, or get an initiative off the ground. Having a full grant pipeline increases your nonprofit’s chances of success and improves your visibility and credibility. What is a Grant?

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Centage

FEBRUARY 2, 2023

Businesses talk a lot about budgets, revenue projections, and actuals. Knowing the timing, amount and predictability of future cash flows with cash flow forecasting should be an essential component of the budgeting and planning process. Create a cash flow forecast that highlights this seasonality in your budget.

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The Finance Weekly

OCTOBER 31, 2021

Many of the same financial issues that profit-seeking enterprises face, such as increasing revenue, managing audits, and dealing with compliance, encounter non-profit organizations (NPOs). Financial Planning for NPOs Financial planning for nonprofits entails optimizing your activities by meticulously managing all aspects of your finances.

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The Charity CFO

APRIL 25, 2024

For nonprofit organizations, accounting comes with a lot of complexity. In this case study, we’ll explore real stories of nonprofits who have transformed their organizations by using technology to streamline their financial infrastructure. What is the actual goal in a nonprofit accounting setup? Let’s meet these organizations.

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The Charity CFO

MAY 18, 2022

Financial oversight is one of the primary roles of your nonprofit board of directors. . Every nonprofit is required to have a board of directors. And they create a lot of confusion for people new to the nonprofit sector. Nonprofits are fundamentally different from other businesses. What is Financial Oversight?

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The Charity CFO

APRIL 5, 2022

But that’s not quite true—nonprofits face a decision between 2 different accounting methods for tracking their financial activity: cash accounting vs. accrual accounting. Is your nonprofit required to use accrual accounting? So which accounting method is right for you? What is the Accrual Accounting Method? Accounts payable.

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The Charity CFO

JANUARY 17, 2022

If you’re like most nonprofit leaders, you’re not researching nonprofit accounting basics to satisfy your curiosity. with this overview of nonprofit accounting basics. . What is nonprofit accounting? The basic accounting principles for nonprofit organizations are the same as accounting for for-profit companies. .

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Centage

MAY 8, 2023

Lowe, CPA, CGMA As a nonprofit finance leader, you are accountable to many stakeholders – especially your Board of Directors. You then have your financial statements – cash flows, performance, budgets and audits. ” The “it” can be anything from investments to budget shortfalls to cash flow challenges. with Susan C.

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The Charity CFO

FEBRUARY 2, 2022

Every tax exempt nonprofit must file IRS Form 990 (Return of Organization Exempt from Income Tax) every year. That’s right, your nonprofit needs to file an IRS return. In fact, as a nonprofit organization, the expectations for transparency and accountability are higher than those for for-profit businesses. Form 990-N.

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PYMNTS

APRIL 26, 2019

Procurement and spend management strategies are important to helping these schools comply with reporting requirements, prepare for audits and show judicial usage. . Charter schools vary widely in governance and practices, but there have been high-profile cases of spending fraud.

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The Charity CFO

FEBRUARY 23, 2022

For over 20 years, nonprofits struggled to take data privacy seriously. This week on A Modern Nonprofit Podcast we discuss today’s biggest cybersecurity threat and how nonprofits can use technology without putting themselves at risk. How nonprofits can use technology to work smarter without putting themselves at greater risk.

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The Charity CFO

APRIL 15, 2022

During the “Great Recession,” nonprofits have lost their accountants and financial directors at record rates. At the same time, hundreds of nonprofits are waking up to realize that the financial structure they’ve always relied on doesn’t work as well any more. So why do accountants leave nonprofit organizations?

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The Charity CFO

APRIL 28, 2023

Is there an advantage to working with accounting firms specializing in nonprofits? Nonprofit organizations play a crucial role in addressing social, environmental, and cultural issues in our society. Grant Accounting Many nonprofit organizations rely on grants to fund their programs and services.

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The Charity CFO

MARCH 25, 2024

Grants can be an important source of funding for nonprofit organizations. Our tip: Try to seek out grants that come from agencies with similar missions to your organization and look for specific grants that align with your nonprofit goals. Grant writing can feel intimidating, especially if you’re just starting with seeking funding.

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The Charity CFO

MARCH 2, 2022

“I don’t know if my nonprofit’s accounting systems are bad… and I probably won’t know for sure until something bad happens.”. 99% of nonprofit founders we work with don’t have a background in finance. This week on A Modern Nonprofit Podcast we discuss common red flags you can check today to verify your organization’s financial health.

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Centage

OCTOBER 3, 2022

This accessible program can accomplish various tasks, such as financial forecasting and budgeting. Why Businesses Use Spreadsheets for Financial Forecasting Many small businesses start using Excel spreadsheets for bookkeeping and budgeting. Fraud can be challenging to prevent if there is a lack of an audit trail with Excel.

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Centage

OCTOBER 3, 2022

This accessible program can accomplish various tasks, such as financial forecasting and budgeting. Many small businesses start using Excel spreadsheets for bookkeeping and budgeting. Accounting errors are one of the most significant challenges businesses face when relying on Excel spreadsheets for financial forecasting and budgeting.

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CFO News Room

NOVEMBER 22, 2022

But then during what are we actually doing for clients, and we’re going… I view things as retirement planning, education planning, general tax, budget cash flow. Budget updates. Make sure budget cash flow’s up to date. Budget updates, we call the technical updates which is all the things I ran through.

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