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Nonprofit Accounting Basics for Founders, Board Members & Executives

The Charity CFO

You can grasp nonprofit accounting basics in just a few minutes, even if you’ve never taken an accounting course (and even if you hated math in high school). Accrual accounting is required by Generally Accepted Accounting Principles (GAAP), which means that you’ll need accrual-based reports to complete a nonprofit audit.

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Two CFO-Level Accounting Tools to Add Value to Your Accounting Services

The CFO College

And then there are documents that YOU (their accounting team) must provide and keep on record in order to comply with GAAP, and in order for other stakeholders to use in case of an audit, or even if they are needed when trying to secure additional funding. When you bill two clients at $4,200 per month, just do the math.