Three Financial New Year’s Resolutions for Your Nonprofit

As we enter into 2021, we can confidently say we got through one of the most difficult years in recent history. The coronavirus pandemic changed the way we socialize, celebrate holidays, attend school, run a business, and many other aspects of everyday life. As a nonprofit professional, having to adapt to things such as working from home may have brought up some areas in your organization that could use a little updating. ...

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financial report

Dashboards 101: Demystifying Financial Data for Your Board

When it comes to understanding financial data, not every board member is a numbers whiz, and not every board member absorbs information in the same way. But considering that the success of your organization is deeply affected by the ability of your board to make decisions based on financial indicators, and that donors are increasingly using financial reports to validate information in promotional materials, it is crucial that they remain engaged in this area. Read More

Ten Minutes Is All It Takes To Review Internal Controls

In a time of increased scrutiny in the not-for-profit sector, it is essential that your nonprofit or government organization does not overlook the importance of self-assessment and continued monitoring. The following are two easy tools that allow you to make an overall assessment of your organization's accountability and the internal controls in 10 minutes or less. By answering a ...

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Why Your Nonprofit Needs an Audit Committee

Nonprofit boards face many ongoing challenges, such as monitoring internal controls, avoiding and detecting fraud, responding to whistleblower reports, and hiring a nonprofit auditor — just to name a few. What actions are your board taking to respond to these challenges?  Setting up an effective nonp...

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What’s New at the IRS and Treasury for Nonprofits

Fall is here, and that means it is time for my annual tax update on recent guidance issued by the IRS and Treasury. By now, the old Parking Fringe tax is a distant, bad memory, but many new tax challenges are ahead for nonprofits this year. The topics below are the highlights of a recent AICPA Exempt Org Technical Resource Panel (EOTRP) meeting with the IRS and Treasury. This year the meetin...

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