The Charity CFO

AUGUST 8, 2022

Why do people donate to nonprofits? After all, giving away money isn’t rational. Moreover, from a human behavior standpoint, the psychology of fundraising doesn’t appear to make sense. And how can you harness those forces to raise more money for your organization? Or, “This is just how I was brought up.”

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The Charity CFO

NOVEMBER 30, 2023

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. This guide will help you better understand the common mistakes nonprofits make in their accounting systems.

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The Charity CFO

SEPTEMBER 28, 2022

If you manage a nonprofit, you know very well that every day there are a million and one things to be done. And, of those a million and one things, bookkeeping is not at the top of your favorite things to do list. . But nonprofit bookkeeping doesn’t have to be so stressful. Top Nonprofit Bookkeeping Tips.

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The Charity CFO

MARCH 3, 2022

Nonprofits are not run to make money. But they do make serious progress. million nonprofits are registered with the IRS. One-quarter of American adults volunteer with a nonprofit, helping their community on a number of issues. You will make a difference as soon as you start a nonprofit.

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The Charity CFO

MAY 20, 2022

When it comes to marketing, many nonprofits shift right to thinking about development. A robust marketing strategy that’s founded in clear and powerful branding, can help you raise money while also increasing your visibility in the community and around the world. Don't hire the wrong accountant for your nonprofit! Or here ??.

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The Charity CFO

JULY 27, 2022

If the terms cloud software or data quality make you want to run for cover, you’re not alone in the nonprofit world where hand-keyed spreadsheets are still commonplace. In this episode, he’ll show you: How cloud-forward software is more affordable, safer, more accessible, and more accurate than legacy software systems.

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The Charity CFO

JANUARY 12, 2024

Financial forecasting is a term you’ll hear thrown around in the business world quite often—but in the world of nonprofits, it can be difficult (and even downright impossible) to plan your organization’s finances with any degree of certainty. The best way to do this is through financial forecasting.

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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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CFO News Room

NOVEMBER 29, 2022

Corporate social responsibility, sustainability, ESG, doing well by doing good. He’s the former CEO of GuideStar, which reports on nonprofits in the US. CURT NICKISCH: To start, let’s talk big picture about this doing good economy. How have you seen it change and grow over the years? I’m Curt Nickisch.

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The Charity CFO

JULY 14, 2022

A lot of nonprofit leaders are asking us about how to prepare their organizations for the possibility of a recession. 6 Steps to Recession-Proof Your Nonprofit. 6 Steps to Recession-Proof Your Nonprofit. As in, how much of your much-needed cash are you tying up in debt payments every month? Assess Your Cash Flow.

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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. . But it’s also an excellent tool for understanding just how healthy your business is. Did we bring in more money than we spent? . Or profit. .

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The Charity CFO

AUGUST 24, 2022

The high-performing organizations we work with all ensure that nonprofit financial management is a collaborative effort. And how can you get started? By doing this, you ensure that the department head or program leader will understand the primary funding sources and revenue assumptions that impact their area of responsibility.

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The Charity CFO

MAY 4, 2022

Do all board members need to donate? And how do successful nonprofits recruit and engage new board members? In this episode of A Modern Nonprofit Podcast, Linda shares the best practices for recruiting, developing, and motivating board members that she’s picked up over 30+ as a philanthropic expert.

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The Charity CFO

MARCH 21, 2024

As Tosha mentions, a survey produced by BDO stated that 45% of nonprofits are going to combat inflation through fundraising efficiencies. The entire idea is essentially saying, how does the nonprofit get more out of doing less? Afterall, remember the goal – doing more with less.

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The Charity CFO

DECEMBER 8, 2023

501(c)(3) donation rules are crucial for any nonprofit organization to understand. Donations are the lifeline of any nonprofit organization. While some nonprofits depend more on government contracts or foundations, many rely on donations from individuals as their primary funding source. What is a tax-exempt status?

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The Charity CFO

MAY 20, 2022

As a nonprofit Executive Director, the amount of time you invest with your board of directors can vary wildly depending on your organizational culture and the time of year. But make no mistake: Nonprofit board development is critical to your success. Foundations want to know that your board is doing its job and doing it well.

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The Charity CFO

APRIL 9, 2024

Good morning from a Modern Nonprofit Podcast! Maya and her team specialize in investing for nonprofit organizations. To make it simple, let’s begin with the ‘who?’ How much is in the bank account? How much is in the reserve? Do they go up? For example: Where are all the banks that this organization uses?

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The Charity CFO

DECEMBER 15, 2023

While the nature of a nonprofit means you’re focusing more on your mission than making money, bringing in revenue is still essential. Accurate revenue recognition, classification, and records are some of the most important aspects of nonprofit accounting. Which method is best?

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The Charity CFO

JULY 13, 2022

And charity watchdogs are a critical source of information for donors, grantmakers, and other funding sources when deciding who to trust with their money. . So if you want to do a better job of raising money for your cause, you’ll need to be in good standing with these organizations. What are Charity Watchdogs?

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The Charity CFO

APRIL 12, 2022

Cash flow isn’t just an issue for small nonprofits that depend on donations to meet payroll each month. A lack of cash on hand impacts nonprofit organizations of all sizes. A few years ago, we were working with a fully-funded nonprofit. . On paper, they were a flourishing organization— a model of nonprofit success.

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The Charity CFO

SEPTEMBER 25, 2023

For some nonprofit leaders, it can be easy to spend too much time poring over each and every category of nonprofit expenses, carefully scrutinizing each dollar that’s spent. So, how do you change your thinking about the funds that are flowing out of your organization?

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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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CFO Selections

FEBRUARY 1, 2023

It is not difficult to understand that a nonprofit organization needs money to accomplish its mission. And yet, in looking at nonprofits it is clear that they are so much more than the money they have to invest in programs and initiatives around a particular mission or cause. So, how do you calculate nonprofit ROI?

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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? In a cash accounting system , you record and recognize revenue when money is received.

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The Charity CFO

MARCH 25, 2024

Grants can be an important source of funding for nonprofit organizations. This article goes over the most important do’s and don’ts of grant writing. The Do’s of Grant Writing As you dive into the skill of grant writing, you’ll find there are some unspoken rules to follow. The process is an art that takes practice to perfect it.

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The Charity CFO

FEBRUARY 17, 2022

Why does your nonprofit need an operating reserve? . A report released last year by Candid and the Center for Disaster Philanthropy estimated the worst-case scenario would lead to the closure of 38% of nonprofits in the United States. What is a nonprofit operating reserve? . Do you get regular, contracted payments?

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VCFO

JANUARY 10, 2023

How Nonprofits Can Attract and Retain Talented Employees. With for-profit organizations offering top-tier pay rates and shoring up gaps in other areas of hiring and recruitment, nonprofits are finding it tougher than ever to get and keep the employees they need to carry out their mission and serve their communities.

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The Charity CFO

AUGUST 21, 2023

Nonprofit communications can be complicated, and sometimes awkward. It’s an avoidable fact of charity life that organizations are often in need of money – and donors are the primary source. Under these circumstances, it can be difficult to make large investments in growth or plan for the future.

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The Charity CFO

SEPTEMBER 20, 2023

No matter what corner of the nonprofit world you find yourself in, every organization has one thing in common – the need for nonprofit operating reserves. While it may sound complex, it’s a vital part of the financial picture for nonprofit leaders to consider. What is a Nonprofit Operating Reserve?

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The Charity CFO

APRIL 29, 2022

Many nonprofit organizations both large and small need to undergo a financial statement audit every year. Preparing for a nonprofit audit can be overwhelming and anxiety-filled, especially if it’s your first audit or you don’t have a strong and experienced financial team. The most important thing you can do is be prepared.

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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. Those numbers may be skewed by some outliers, like education, but, regardless, there is still a lot of federal money up for grabs.

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The Charity CFO

DECEMBER 27, 2023

Does your nonprofit have ownership of a for-profit entity? Whether your organization owns a for-profit company outright or has limited ownership, a for-profit subsidiary can have serious tax implications for your nonprofit. The IRS can potentially charge your organization federal income taxes on your unrelated earnings.

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The Charity CFO

JANUARY 22, 2024

Then the question came: ‘How many military families struggle with the same issues?’ The nonprofit exists today to provide a central network for America’s Heroes to find volunteers willing to board their pets during times of service or hardship. So how does it translate? Alas, Dogs on Deployment (DoD) was then created.

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The Charity CFO

OCTOBER 2, 2023

Bringing in money from significant contributors like foundations is vital for many nonprofits. Understanding Donations and Loans and Their Impact on Nonprofits It’s important to be clear about what we’re discussing before considering the benefits and drawbacks. Here are the most critical.

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The Charity CFO

AUGUST 30, 2022

ASC 606 Revenue Recognition for Nonprofit Organizations. All US businesses, for-profit and nonprofit, were subject to new revenue recognition standards starting by 2019. Nonprofit accounting departments often move slowly, so while hopefully you’ve already implemented these standards, you should ensure that you have.

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The Charity CFO

MAY 2, 2022

And when they know how to read a 990, they can find out A LOT about your organization. W atchdog organizations, large donors, and grantmakers regularly use your 990 to uncover a nonprofit’s financial health in just a few seconds. So what do your donors want to see when they read your IRS Form 990? How do you spend your money?

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The Charity CFO

FEBRUARY 27, 2024

Effective budget tracking is essential to financial transparency, efficient resource allocation, and strategic planning for your nonprofit. Tracking your budget helps with overall budget management, which contributes to your financial stability and the success of your nonprofit mission.

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