The Charity CFO

MARCH 31, 2023

The word audit can invoke instant fear and dread. Whether it’s an IRS audit, external audit, or even an internal audit, the process can feel burdensome and worrying. Contrary to popular belief, most audits are not conducted to detect a problem. Should My Nonprofit Obtain an Independent Audit?

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Nonprofit Auditing Compliance CFO 90

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. So it’s not always a wise investment for some smaller nonprofits. . situation. .

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Nonprofit Auditing GAAP Accounting Principles 84

The Charity CFO

OCTOBER 28, 2024

In a recent episode of A Modern Nonprofit Podcast, host Tosha Anderson sat down with Dr. Tiffany Slater, an nonproift HR expert and founder of HRTailorMade. The conversation centered around common HR risks faced by nonprofit organizations and best practices for avoiding potential pitfalls. Want to jump right in?

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Nonprofit Budgeting Compliance Prioritization 59

The Charity CFO

MAY 6, 2022

According to The Nonprofit Times, almost 80% of all nonprofit revenue comes from the US government in the form of federal grant funding or fees for services. Do I need an audit to secure federal grant funds? No, you don’t always need a nonprofit audit in order to qualify for federal grant funding. .

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Nonprofit Auditing Financial Systems CFO 111

The Charity CFO

DECEMBER 18, 2024

Federal funding can be an attractive option for nonprofits looking to expand their programs and reach. In this episode of A Modern Nonprofit Podcast, host Tosha Anderson and guest Rachel Schmidt discuss the top five considerations nonprofits should keep in mind when considering federal dollars. Are you ready to expand?

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Nonprofit Auditing Compliance Budgeting 52

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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Nonprofit Auditing Compliance Budgeting 98

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. . Is that the case here?

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Nonprofit Finance Auditing Accounts Payable 83

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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Nonprofit Accounting GAAP Accounting Principles 92

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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Nonprofit Profit and Loss Auditing Leadership 93

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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Nonprofit Accounting GAAP Auditing 86

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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Nonprofit Budgeting Auditing CFO 90

The Charity CFO

MARCH 16, 2022

Today we’re proud to announce another amazing addition to the industry’s best nonprofit accounting team! Theresa Guest is joining The Charity CFO team in the role of Accounting Manager. She’s going to play a key role in ensuring that each and every one of our nonprofit clients gets the service they expect and deserve.

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The Charity CFO

JANUARY 31, 2022

The Statement of Activities is the Income Statement of a nonprofit organization. As a nonprofit, you call the difference between revenue and expenses the change in net assets. . NOTE: For a nonprofit organization, revenue also includes non-cash gifts, like in-kind donations of goods or services. Or profit. .

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Nonprofit Profit and Loss GAAP Accounting Principles 88

The Charity CFO

JULY 28, 2022

Updated standards on accounting for nonprofit leases ( ASC 842 ) go into effect this year for most organizations–and next year for the few remaining exceptions. What is ASC 842 for nonprofit lease accounting? And the rule changes will impact a large percentage of nonprofit organizations. When does ASC 842 take effect?

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Nonprofit Accounting Accounting Standards CFO 94

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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Nonprofit Invoicing General Ledger Accounting 84

The Charity CFO

AUGUST 31, 2022

In this episode, Tosha will walk you through the most common misconceptions about nonprofit audits to let you know exactly what you can expect (and NOT expect) from a nonprofit audit before you commit. Audits scare the daylights out of nonprofit founders. Don't hire the wrong accountant for your nonprofit!

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Nonprofit Auditing CFO Accounting 52

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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Nonprofit Profit and Loss Accounting Auditing 87

The Charity CFO

JULY 10, 2022

Are your nonprofit board committees contributing to the effectiveness of your work or simply checking off the boxes someone gave you when your organization was set up years ago? Nonprofit board committees can have an outsized and positive impact on your organization’s overall mission. Traditional Nonprofit Board Committees.

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Nonprofit Auditing Communication Risk Management 78

The Charity CFO

JANUARY 25, 2022

The Statement of Financial Position is the Balance Sheet of a nonprofit organization. It gives you a snapshot of a nonprofit’s financial health at a point in time by displaying what the organization owns (assets), what it owes to others (liabilities), and its value (net assets). And it’s a requirement for a nonprofit audit.

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Nonprofit Auditing Accounting CFO 86

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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Nonprofit Accounting Profit and Loss Accounts Payable 89

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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Nonprofit Profit and Loss Education CFO 89

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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Nonprofit Compliance Auditing Accounting 87

The Charity CFO

AUGUST 23, 2024

Download the Article For nonprofits, audits are more than just a regulatory requirement–they’re a tool for safeguarding the organization’s mission and financial health. An audit helps improve an organization’s financial transparency, builds donor trust, and ensures compliance with regulations. Pre-Audit Prep 1.

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Nonprofit Auditing Compliance CFO 52

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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Nonprofit Budgeting Compliance CFO 82

The Charity CFO

JANUARY 13, 2022

In-kind donations help your nonprofit get the resources you need to carry out your programs without asking for more cash. Almost any non-cash gift to your nonprofit can be considered an in-kind donation, but most of them fall into one of two categories: goods or services. . Submit to an annual audit.

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Nonprofit Accounting GAAP Profit and Loss 93

The Charity CFO

NOVEMBER 30, 2023

Does the idea of an audit from the IRS leave you with sweaty palms? Most nonprofit leaders aren’t accountants and the thought of getting audited is a sizable fear. Luckily, being prepared can help you avoid accounting mistakes that could come up in a nonprofit audit.

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Nonprofit Auditing Compliance Education 52

The Charity CFO

JANUARY 5, 2022

Functional expense reporting confuses many first-time nonprofit bookkeepers and executives. But it is need-to-know-information in the nonprofit world. Because you’re required to report functional expenses to complete your IRS 990 and maintain nonprofit status. Don't hire the wrong accountant for your nonprofit!

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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. As CFO, at certain points throughout the year – in addition to your ongoing daily tasks – you must present key performance metrics (KPIs) and reports to your Board of Directors. with Susan C.

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Nonprofit Budgeting Finance CFO 98

The Charity CFO

JULY 13, 2022

This article will summarize the principal criteria the top 3 charity watchdogs use to evaluate your nonprofit organization. Charity Watchdogs is a term used to describe various organizations attempting to measure the quality of a nonprofit organization. They’ve been providing ratings for nonprofits in some form since the 1920s.

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Nonprofit CFO Accounting Strategic Planning 79

The Charity CFO

JULY 2, 2024

Nonprofits are facing increasing pressure to modernize their operations to stay effective and efficient. If this feels relatable, this article will walk you through the steps you need to modernize your nonprofit operations–from adopting technology solutions to improving data security.

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Nonprofit Auditing Prioritization CFO 52

The Charity CFO

APRIL 5, 2023

In order to confidently run your organization, it’s important to have a strong understanding of nonprofit compliance requirements. Running a nonprofit is no small feat. What Does Nonprofit Compliance Mean? Depending on your state, funding and other factors, your compliance and audit requirements might vary.

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Nonprofit Compliance Auditing Accounting 52

The Charity CFO

SEPTEMBER 7, 2022

In this episode, Tosha will walk you through the most common misconceptions about nonprofit audits to let you know exactly what you can expect (and NOT expect) from a nonprofit audit before you commit. Audits scare the daylights out of nonprofit founders. Don't hire the wrong accountant for your nonprofit!

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Nonprofit Auditing CFO Accounting 52

The Charity CFO

MAY 31, 2024

Efficient bookkeeping is essential to the success and sustainability of any nonprofit. As a nonprofit leader, it can be difficult to give your bookkeeping the time it needs to stay accurate. The rise in modern nonprofit accounting software and tech tools is making it easier than ever for nonprofit leaders to manage their finances.

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Nonprofit Technology Auditing Profit and Loss 52

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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Nonprofit Auditing Budgeting CFO 52

The Charity CFO

APRIL 24, 2024

A key performance indicator (KPI) is a data metric you can use to gauge the overall success of your nonprofit organization. Let’s explore how you can define your nonprofit KPIs and some examples of common metrics. This, of course, is what makes defining nonprofit KPIs complicated. Have measurable data readily available.

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Nonprofit Auditing CFO Finance 52

The Charity CFO

JANUARY 19, 2023

Accounting standards for nonprofits are probably not the first thing you think about, but are crucial for your organization to succeed. Nonprofit organizations distinguish themselves from for-profit entities through their purpose and mission. Another difference is in fund accounting.

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Accounting Standards Nonprofit Accounting GAAP 52

CFO Leadership

AUGUST 12, 2021

The CFO Leadership Council proudly highlights our very first ten Diversity, Equity, and Inclusion Ascend Honorees! The Ascend program is an opportunity for Senior Finance Executives from underrepresented groups to join The CFO Leadership Council. Fisher Senior VP & CFO American Hospital Association. Christina Y. Christina Y.

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