The Charity CFO

MAY 19, 2023

Cash management for a nonprofit organization is possibly the most important consideration for success. In a previous article, we discussed the benefits, risks, and compliance requirements of outsourcing bookkeeping for nonprofit organizations. This supports informed decisions about spending, budgeting, and resource allocation.

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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. Ready to dive deep into this exciting realm?

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The Charity CFO

SEPTEMBER 22, 2022

Nonprofits exist to meet a societal need or provide a public benefit. Unlike an organization whose primary goal is to make money, nonprofits exist to meet a community’s needs. That said, while it’s not your primary purpose, your nonprofit must find ways to make money. . How do nonprofits make money?

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The Charity CFO

DECEMBER 7, 2023

Welcome back to the Modern Nonprofit Podcast at The Charity CFO. Whether you are a consistent listener or joining for your first time, the podcast dives deep into the world of nonprofits, and sometimes for profit spaces to share industry specific principles, unique business practices, and much more. Based out of St.

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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.

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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. . Their budget projected a surplus, and they were hitting those numbers.

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The Charity CFO

NOVEMBER 23, 2022

The finance director role is critical to the success of any nonprofit, making it one of the most important hires an organization can make. They create and maintain financial records, prepare financial reports, and oversee the organization’s budget. Nonprofits are subject to a unique set of financial rules and regulations.

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The Charity CFO

AUGUST 21, 2023

Nonprofit communications can be complicated, and sometimes awkward. The secret comes down to how well nonprofit leaders understand what donors are thinking and feeling and how charities communicate with them. Let’s take a closer look at the best ways to navigate this common but tricky situation.

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The Charity CFO

NOVEMBER 20, 2023

This is especially true for Michelle Boggs , the Executive Nonprofit Industry Advisor at Classy. Michelle shares that one of the best practices is proactivity. Not all nonprofit organizations are created equal either. The post A Modern Nonprofit Podcast: It’s Giving Tuesday appeared first on The Charity CFO.

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The Charity CFO

DECEMBER 8, 2022

Grants are the lifeblood of nonprofits, giving them the much-needed cash injection to market the organization, fund a project, or get an initiative off the ground. Having a full grant pipeline increases your nonprofit’s chances of success and improves your visibility and credibility. 8 Best Practices When Accounting For Grants.

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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.

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The Charity CFO

JUNE 19, 2023

If your nonprofit is growing, you have a lot on your plate. But one of the most underrated things you can do to make life easier and improve your future prospects is to work with a nonprofit financial advisor. Read on as we explore more about this crucial role and how it can help your nonprofit.

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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).

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The Charity CFO

MARCH 24, 2022

Nonprofit fraud makes for great headlines— like the Minnesota nonprofit Feeding Our Future accused this year of squandering $48 million of federal funding on luxurious trips, fancy mansions, and other personal costs. . According to The New York Times , the value of nonprofit fraud is approximately $40-50 Billion each year.

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The Charity CFO

JANUARY 5, 2022

Nonprofit leaders often struggle to create an open, trusting culture that supports their staff in executing their mission. If you’re looking for proven ways to engage your team and improve the mindset of your nonprofit team, this episode is for you. Why a “kitchen in the living room” is typical weakness for nonprofit teams (4:58).

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PYMNTS

FEBRUARY 26, 2019

The same goes for nonprofits, which, like any other company, wants efficiency and compliance in the T&E process. “The idea was [to] figure out a way to provide the level of integration into a solution that gave our smaller customers the advantage that larger corporations have in the way of best practices.”

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PYMNTS

FEBRUARY 28, 2020

At least two local CUs — First Choice Federal Credit Union and Inspired Federal Credit Union — even filed class-action lawsuits against Wawa for not adhering to best security practices. Third-party incidents are difficult for CUs, as they do not have direct control over outside security practices.

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PYMNTS

APRIL 26, 2019

Charter schools vary widely in governance and practices, but there have been high-profile cases of spending fraud. The problem is that this approach can result in time-consuming record-keeping processes that require employees to manually fill out spending-related paperwork to be used during future budget reconciliation processes. .

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The Charity CFO

MAY 18, 2022

Financial oversight is one of the primary roles of your nonprofit board of directors. . Every nonprofit is required to have a board of directors. But, in practice, the terms fiduciary duty or financial oversight are a bit ambiguous. But, in practice, the terms fiduciary duty or financial oversight are a bit ambiguous.

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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. .

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The Charity CFO

APRIL 25, 2024

For nonprofit organizations, accounting comes with a lot of complexity. In this case study, we’ll explore real stories of nonprofits who have transformed their organizations by using technology to streamline their financial infrastructure. What is the actual goal in a nonprofit accounting setup? Let’s meet these organizations.

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Centage

MAY 8, 2023

Lowe, CPA, CGMA As a nonprofit finance leader, you are accountable to many stakeholders – especially your Board of Directors. You then have your financial statements – cash flows, performance, budgets and audits. ” The “it” can be anything from investments to budget shortfalls to cash flow challenges. with Susan C.

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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? . How well does your organization budget?

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The Charity CFO

MARCH 25, 2024

Grants can be an important source of funding for nonprofit organizations. The process is an art that takes practice to perfect it. Our tip: Try to seek out grants that come from agencies with similar missions to your organization and look for specific grants that align with your nonprofit goals.

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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.

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CFO News Room

NOVEMBER 30, 2022

The main document governing how tax advice is delivered to the public is Treasury Department Circular 230 , “Regulations Governing Practice before the Internal Revenue Service”. Affects how much can be saved to pre- and after-tax accounts ! Property and casualty insurance? Reduces the tax basis of an asset if an insurance claim is paid on it!

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The Charity CFO

APRIL 15, 2022

During the “Great Recession,” nonprofits have lost their accountants and financial directors at record rates. At the same time, hundreds of nonprofits are waking up to realize that the financial structure they’ve always relied on doesn’t work as well any more. So why do accountants leave nonprofit organizations?

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CFO News Room

NOVEMBER 22, 2022

How are we going to best serve our clients?” ” We came to the decision that it was best to do that in an independent RIA, and really focus on wearing one hat, and that hat being for our clients. And now, really, we want to be an advice-centric financial planning firm that does the best work for our clients.

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The Charity CFO

FEBRUARY 23, 2022

For over 20 years, nonprofits struggled to take data privacy seriously. This week on A Modern Nonprofit Podcast we discuss today’s biggest cybersecurity threat and how nonprofits can use technology without putting themselves at risk. How nonprofits can use technology to work smarter without putting themselves at greater risk.

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The Charity CFO

JANUARY 19, 2022

This week on A Modern Nonprofit Podcast we’ll show you how to build the right team to scale your organization effectively. In this episode, Dirk van Reenen joins us to talk about why nonprofits need a defined business structure, the right team (not just a passionate team), and the mental shift founders must make to scale.

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The Charity CFO

MARCH 2, 2022

“I don’t know if my nonprofit’s accounting systems are bad… and I probably won’t know for sure until something bad happens.”. 99% of nonprofit founders we work with don’t have a background in finance. This week on A Modern Nonprofit Podcast we discuss common red flags you can check today to verify your organization’s financial health.

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