The Charity CFO

FEBRUARY 25, 2022

If you’re brand new to nonprofit accounting, the Chart of Accounts might be the best place to start. Specifically, it tracks your assets, liabilities, income, expense, and equity. . Specifically, it tracks your assets, liabilities, income, expense, and equity. . How to Organize a Nonprofit Chart of Accounts .

Nonprofit 98

Nonprofit Accounting Accounts Payable GAAP 98

The Charity CFO

JULY 28, 2022

Updated standards on accounting for nonprofit leases ( ASC 842 ) go into effect this year for most organizations–and next year for the few remaining exceptions. What is ASC 842 for nonprofit lease accounting? And the rule changes will impact a large percentage of nonprofit organizations. When does ASC 842 take effect?

Nonprofit 98

Nonprofit Accounting Accounting Standards CFO 98

The Charity CFO

JUNE 7, 2023

Nonprofit financial statements. Or can your financial statements be a lens to view your organization and fuel the mission? In this post, we’ll walk through the most important financial statements, and explain the strategic benefit you can gain by pulling the maximum value from the data.

Nonprofit 52

Nonprofit Accounts Payable Budgeting Strategic Planning 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. 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.

Nonprofit 52

Nonprofit GAAP Budgeting Auditing 52

The Charity CFO

JANUARY 26, 2023

Nonprofit leaders have an especially hard time understanding, preparing and filing their returns. You see, a 501 nonprofit corporation is recognized as tax-exempt by the IRS but this doesn’t mean they are exempt from filing taxes. Fortunately, filing taxes for a nonprofit doesn’t need to be stressful.

Nonprofit 52

Nonprofit Accounting Principles Profit and Loss Auditing 52

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?

Nonprofit 52

Nonprofit CFO Accounting Auditing 52

The Charity CFO

FEBRUARY 27, 2024

Budget tracking is the process of monitoring your nonprofit’s income and expenses to ensure they stay within your planned budget. Effective budget tracking is essential to financial transparency, efficient resource allocation, and strategic planning for your nonprofit. But your budget shouldn’t be a “set it and forget it” plan.

Nonprofit 52

Nonprofit Budgeting Profit and Loss CFO 52

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. What Is a Financial Forecast for Nonprofits?

Nonprofit 52

Nonprofit Forecasting Budgeting Strategic Planning 52

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?

Nonprofit 98

Nonprofit Budgeting Auditing CFO 98

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

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.

Nonprofit 52

Nonprofit GAAP Accounting CFO 52

The Charity CFO

OCTOBER 9, 2023

In many ways, new nonprofits can figure things out as they go, learning from their mistakes and making adjustments. Let’s take a closer look at nonprofit accounting systems, the most frequent mistakes, and how to avoid trouble down the road. However, that’s not the case with an organization’s accounting systems.

Nonprofit 59

Nonprofit Accounting Profit and Loss Compliance 59

The Charity CFO

MAY 2, 2022

W atchdog organizations, large donors, and grantmakers regularly use your 990 to uncover a nonprofit’s financial health in just a few seconds. Just by reading these three section of the 990, your donors can get a pretty accurate picture of the financial health of your nonprofit. . Part IX (Statement of Functional Expenses).

Nonprofit 105

Nonprofit GAAP CFO Accounting 105

The Charity CFO

JUNE 10, 2022

Your finance committee spends the most time analyzing and studying your nonprofit’s numbers, yet your entire board of directors is responsible for financial oversight. All board members are responsible for the financial health of a nonprofit organization. Include nonprofit financial training component in board orientation.

Nonprofit 52

Nonprofit Finance Strategic Planning Cash Flow Forecasting 52

The Charity CFO

OCTOBER 12, 2022

Since nonprofit organizations don’t profit from the money they make , the accounting processes for nonprofits look somewhat different than for-profit companies. And one of the key differences is that nonprofits talk about net assets rather than net income or equity. Understanding Nonprofit Net Assets.

Nonprofit 52

Nonprofit Accounts Payable CFO Accounting 52

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. However, when speaking about cash management there is much more to the story.

Cash Management 52

Cash Management Nonprofit Compliance Budgeting 52

The Charity CFO

APRIL 25, 2024

For nonprofit organizations, accounting comes with a lot of complexity. Categorizing transactions, reporting income, and meeting compliance requirements can be overwhelming. About The Charity CFO The Charity CFO is an accounting firm specializing in serving nonprofits through outsourced accounting and fractional CFO services.

Nonprofit 52

Nonprofit Accounting CFO Auditing 52

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.

Nonprofit 105

Nonprofit CFO Accounting Accounts Payable 105

The Charity CFO

JUNE 26, 2023

Whether you’re a new organization or an established one working to get its finances under better control, there are few more important things to get right than your nonprofit operating budget. It serves as the backbone of your nonprofit’s spending, fundraising, and much more.

Nonprofit 52

Nonprofit Budgeting Benchmarking CFO 52

The Charity CFO

JULY 10, 2023

To outsiders, it’s often assumed that all any nonprofit status is basically the same. But those starting and operating these critical organizations know there’s much more to the various nonprofit statuses, with varying rules and qualifications for each. What Does it Mean to Have a Nonprofit Status?

Nonprofit 52

Nonprofit Education CFO Financial Reporting 52

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.

Nonprofit 98

Nonprofit Accounting Standards CFO Accounting 98

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? And expenses are recorded when they are incurred.

Nonprofit 98

Nonprofit Accounting GAAP Auditing 98

The Charity CFO

NOVEMBER 17, 2022

Financial planning and budgeting are vital for the success and sustainability of any nonprofit organization. . Without a clear understanding of income and expenses — it’s impossible to deliver on your organization’s mission, vision, and goals effectively. A nonprofit budget helps your organization: Stay fiscally healthy.

Nonprofit 52

Nonprofit Budgeting CFO Forecasting 52

The Charity CFO

APRIL 8, 2022

Starting a nonprofit organization can be confusing and tricky, especially if it’s your first time and you don’t have any experience filling out a 501c(3) application. However, filling out the application is an essential step in setting up a nonprofit charity with the full benefits of tax-exempt status.

Nonprofit 52

Nonprofit CFO Accounting Planning 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.

Nonprofit 52

Nonprofit Accounting Profit and Loss Budgeting 52

The Charity CFO

APRIL 16, 2022

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. One essential tool that you can use in your nonprofit is donation tracking software that can help you keep track of incoming gifts.

Nonprofit 52

Nonprofit Auditing CFO Accounting 52

The Charity CFO

FEBRUARY 16, 2023

Nonprofit budgeting best practices are often the difference between success and failure for the organization. Budgeting for nonprofits is very different from for profits, and a well-developed budgeting process can provide meaningful insight into the strength of your organization and your progress toward your mission.

Nonprofit 52

Nonprofit Budgeting CFO Leadership 52

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. What is a Grant? Major Types Of Grants.

Accounting 52

Accounting Nonprofit Auditing Compliance 52

PYMNTS

SEPTEMBER 24, 2020

Despite the recent positive press, community banks have traditionally been leaders in the small business arena well before the pandemic hit, said Chirag Shah , president and incoming CEO of Performance Trust. He pointed to the experience of his brother, Premal Shah, co-founder of financial inclusion nonprofit Kiva.

Nonprofit 77

Nonprofit Economics Banking Accounting 77

The Finance Weekly

OCTOBER 31, 2021

By managing and planning finances, you can maximize the return of your activities. Financial Planning for NPOs Financial planning for nonprofits entails optimizing your activities by meticulously managing all aspects of your finances. Standard accounting and financial management might be complex for nonprofits.

Planning 52

Planning Auditing Nonprofit Accounts Payable 52

The Charity CFO

DECEMBER 1, 2022

The IRS is always looking for any signs of non-conforming activity, and pass-through gifts are a red flag. Pass-through gifts are donations given with the expectation that they will be used to benefit a specific individual or organization. . Pass-through gifts are one of the most common ways for churches to lose their 501(c)(3) exemption.

Nonprofit 52

Nonprofit CFO Financial Reporting Finance 52

CFO News Room

NOVEMBER 30, 2022

Roth conversion strategies involve recognizing taxable income via the conversion to ensure funds are taxed at the lowest possible rate). Taxes are a central component of financial planning. This is not because of any blanket regulation against financial advisors making tax recommendations.

Tax Planning 130

Tax Planning Compliance Planning Communication 130

Barry Ritholtz

AUGUST 29, 2022

Transcript: The transcript from this week’s, MiB: Eric Balchunas on the Vanguard Effect , is below. You can stream and download our full conversation, including the podcast extras on iTunes , Spotify , Stitcher , Google , Bloomberg , and Acast. All of our earlier podcasts on your favorite pod hosts can be found here. ~~~. RITHOLTZ: Interesting.

Profit and Loss 64

Profit and Loss Marketing Investments Benchmarking 64

Barry Ritholtz

APRIL 11, 2023

You can stream and download our full conversation, including any podcast extras, on Apple , Stitcher , Spotify , Google and Bloomberg. All of our earlier podcasts on your favorite pod hosts can be found here. ~~~ ANNOUNCER: This is Masters in Business with Barry Ritholtz on Bloomberg Radio. What can I say about his breadth and depth of expertise?

Valuation 114

Valuation Education Finance Investments 114