Auditing, GAAP and Nonprofit - Corporate Finance Brief

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Auditing

GAAP

Nonprofit

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When Does Your Nonprofit Need an Audit?

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. .

Nonprofit Auditing GAAP Accounting Principles

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Revenue Recognition for Nonprofits: 4 Mistakes to Avoid

The Charity CFO

JANUARY 11, 2023

Revenue recognition for nonprofits may seem fairly straightforward, but has unique complexities with important compliance consequences. Nonprofits rely on a mix of sources for their income, from fundraising, grants, and investments to earned income and individual contributions. Nonprofits that do not have set programs.

Nonprofit GAAP Accounting Principles Auditing

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Elevating Accounting Practices: The Power of Outsourcing and Automation in the Digital Age

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Fund Accounting for Nonprofits & Charities

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.

Nonprofit Accounting GAAP Accounting Principles

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Elevating Accounting Practices: The Power of Outsourcing and Automation in the Digital Age

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The Complete Guide to Nonprofit Accounting Careers

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.

Nonprofit Accounting Profit and Loss Budgeting

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The Basics of Nonprofit Bookkeeping

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. Manage payroll .

Nonprofit Invoicing General Ledger GAAP

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Statement of Activities: Reading a Nonprofit Income Statement

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. .

Nonprofit Profit and Loss Auditing GAAP

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Nonprofit Accounting Services: The Right Solution

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).

Nonprofit Accounting Auditing GAAP

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Understanding Functional Expenses for Nonprofits

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!

Nonprofit Auditing GAAP CFO

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7 Keys to Nonprofit Financial Management

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.

Nonprofit Compliance Accounting Standards Budgeting

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Outsourced bookkeeping for a nonprofit

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.

Nonprofit Communication Auditing GAAP

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7 Essentials Of Nonprofit Financial Management

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.

Nonprofit GAAP Budgeting Auditing

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Accounting for In-Kind Donations to Nonprofits

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.

Nonprofit Accounting GAAP Accounting Principles

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Updated Accounting Standards for In-Kind Donations (2022)

The Charity CFO

MAY 10, 2022

If your nonprofit uses donations of supplies, services, and even time to help fund your operations, you need to know about recent changes in accounting standards for in kind donations. So now is the perfect time to make sure you report in kind gift donations in compliance with GAAP standards in 2022.

Accounting Standards

Accounting Standards Accounting GAAP Nonprofit

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Richard Buckley joins vcfo Austin as Consulting CFO

VCFO

APRIL 27, 2023

Buckley is a highly accomplished CFO, overseeing finance, operations, IT, and HR in areas such as domestic and international manufacturing and distribution, SaaS, retail, healthcare, nonprofit, and service companies worth from $2M to $25B. Richard started in the mail room at Exxon, taking night classes to earn his degree in accounting.

CFO

CFO GAAP Nonprofit Auditing

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Zack Meyer Joins The Charity CFO as Director of Quality Assurance

The Charity CFO

JANUARY 18, 2022

Zack joins us after two decades as a not-for-profit accountant in both public accounting and the nonprofit industry. In this new role, he will serve as one of our in-house experts on existing and emerging nonprofit accounting standards and auditing best practices. Louis and nationwide.

CFO

CFO Nonprofit GAAP Accounting Principles

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Nonprofit Accounting Basics for Founders, Board Members & Executives

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. .

Nonprofit Accounting Profit and Loss Accounts Payable

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Do Nonprofits Use Cash or Accrual Accounting?

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.

Nonprofit Accounting GAAP Auditing

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How to Comply with Accounting Standards for Nonprofits

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.

Accounting Standards

Accounting Standards Nonprofit Accounting GAAP

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Which IRS Form 990 Should Your Nonprofit File?

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.

Nonprofit Profit and Loss Auditing GAAP

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How to Read a 990: What Do Donors Want to See?

The Charity CFO

MAY 2, 2022

Just by reading these three section of the 990, your donors can get a pretty accurate picture of the financial health of your nonprofit. . The IRS has different reporting requirements than GAAP, so the balance sheet section of your 990 may not match your audited financial statements. Every nonprofit’s tax filing tells a story.

Nonprofit GAAP CFO Accounting