CFO Share
NOVEMBER 15, 2023
An audit evaluates: Compliance with accounting standards (GAAP or IFRS.) Risks of fraud or non-compliance. This will include auditor recommendations but also audit-process issues like communication, file sharing, and general project management. The validity and accuracy of financial transactions and records.
The Charity CFO
APRIL 13, 2023
In order to successfully manage the financial health of your nonprofit organization, here are 7 key concepts you should understand: Compliance and Audit Requirements Compliance is the act of ensuring the public that nonprofits are abiding by the rules that allow them to take advantage of tax exempt status and other financial incentives.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
E78 Partners
SEPTEMBER 21, 2023
Beyond these, it’s important to comprehensively document processes, risks, and controls, with a keen focus on meeting SOX compliance criteria, thereby bolstering transparency and accountability in all financial reporting endeavors. To further streamline these tasks, employing electronic document management systems is recommended.
The Charity CFO
JANUARY 5, 2023
Tax issues and non-compliance with regulatory requirements. When creating your fiscal policy, ensure that it complies with the Generally Accepted Accounting Principles (GAAP). Bring GAAP compliance. This involves ensuring compliance with all accounting, reporting, and disclosure requirements. Collaboration issues.
The Charity CFO
MAY 11, 2023
As regulations surrounding nonprofits can be incredibly complex, expert guidance on financial matters, including compliance with tax laws and regulations, is key. Make sure that you find a partner in your service provider and ensure that your access and communication channels are clearly defined.
The Charity CFO
NOVEMBER 10, 2022
As a result, the organization might not adhere to Generally Accepted Accounting Principles (GAAP), which can trip them up come tax time or during an audit. Improves compliance. A certified accountant with experience in nonprofits will help you: Maintain a detailed GAAP-compliant chart of accounts.
The Charity CFO
AUGUST 15, 2023
Myth #3: Nonprofit Accounting (GAAP) and the IRS Rules are the Same Another common misconception is that GAAP and IRS rules are the same when it comes to nonprofits, however, they are not. Compliance Like traditional accounting positions, nonprofit accountants have to ensure compliance with tax laws and regulations.
Expert insights. Personalized for you.
52 
Let's personalize your content