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 86

Nonprofit Accounting GAAP Auditing 86

The Charity CFO

JANUARY 31, 2022

The Statement of Activities is the Income Statement of a nonprofit organization. You may also know it as a profit and loss statement or income and expense report. Simply, it reports your organization’s revenue and expenses during a specific period and the difference between them. . It shows you the “profit” of your nonprofit.

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Nonprofit Profit and Loss GAAP Accounting Principles 88

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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Nonprofit Auditing Accounting GAAP 72

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.

Accounting Standards 52

Accounting Standards Nonprofit Accounting GAAP 52

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 52

Nonprofit GAAP Accounting Principles Auditing 52

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. But the deadline for making the changes has passed, and the FINAL deadline (for interim reporting periods) is coming up next month.

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Accounting Standards Accounting GAAP Nonprofit 91

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. . Sound financial management helps avoid jeopardizing tax-exempt status and the success of your operation. .

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Nonprofit Accounting Auditing GAAP 52

The Charity CFO

JULY 12, 2024

While many nonprofits start with cash-basis accounting due to its simplicity, this method often falls short of providing a comprehensive view of a nonprofit’s financial health. Cash-basis accounting is most common for smaller nonprofits, where financials tend to be less complicated.

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Nonprofit Accounting Budgeting GAAP 52

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. Maintaining healthy financial management is critical for the organization’s sustainability, stability, and flexibility, now and in the future. Poor financial reporting.

Nonprofit 52

Nonprofit GAAP Budgeting Auditing 52

The Charity CFO

DECEMBER 28, 2022

As a nonprofit leader, your financial stewardship is important to remain compliant with the IRS. One way to ensure you remain within the confines of your tax-exempt status is to file and share a number of financial statements. But what are the financial statements? They include: Statement of financial position.

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Nonprofit GAAP Accounting Financial Reporting 52

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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Nonprofit Accounting Profit and Loss Budgeting 52

Centage

NOVEMBER 22, 2021

Building and managing an effective budget and plan can be daunting no matter what industry, but financial planning for nonprofits can be particularly difficult. And while no industry was spared in the wake of the pandemic, nonprofits were hit hard. It’s all automated and GAAP compliant. No programming. No formulas.

Financial Planning and Analysis (FP&A) 72

Financial Planning and Analysis (FP&A) Nonprofit Planning Finance 72

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. Compliance requirements vary by state and funding sources.

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Nonprofit Accounting Standards Compliance Budgeting 52

The Charity CFO

MAY 11, 2023

Bookkeeping is a critical component of running a successful nonprofit organization. It involves the management of financial transactions and the maintenance of accurate records to ensure that your organization remains financially healthy and compliant with the law.

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Nonprofit Communication Accounting GAAP 52

Centage

NOVEMBER 8, 2023

Building and maintaining an effective budget is daunting no matter what industry you’re in — but financial planning for nonprofits is especially tough. The specific circumstances of how nonprofits operate and get funded adds a layer of complexity to their FP&A processes. No programming. No formulas.

Financial Planning and Analysis (FP&A) 52

Financial Planning and Analysis (FP&A) Nonprofit Budgeting GAAP 52

The Charity CFO

OCTOBER 9, 2024

Modern nonprofit leaders are always looking for ways to use technology to make everyday tasks easier. This makes it difficult to maintain the integrity of both donor and financial records when attempting to sync the two systems. For nonprofits, GAAP ensures transparency, accuracy, and consistency in financial statements.

Accounting 52

Accounting GAAP Nonprofit Accounting Principles 52

The Charity CFO

JULY 19, 2024

Common nonprofit bookkeeping tasks include: Recording donations Entering accounts payable and receivable Organizing and reviewing bank statements Maintaining the general ledger These everyday financial duties help bookkeepers provide a clear and up-to-date picture of the nonprofit’s financial status.

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CFO Accounting Nonprofit General Ledger 52