FINANCIAL MANAGEMENT GUIDELINES FOR NON-PROFIT AGENCIES Part 3 of 3 Separation of Duties In parts 1 and 2 we looked at practical information on what is expected from organizations that have or anticipate receiving grants from federal funding either directly or as a sub-recipient regarding fiscal accountability. We also looked at Fiscal Policies that should […]
FINANCIAL MANAGEMENT GUIDELINES Part 3 Read More »
FINANCIAL MANAGEMENT GUIDELINES FOR NON-PROFIT AGENCIES Part 2 501 (c) (3) Fiscal Policies: Click here for a downloadable link to example Fiscal Policies (PDF) adapted for non-profit sub-section 501 (C) (3) organizations. This is presented as a guide to help you develop your fiscal policies. Some items and/or positions shown may not apply to you
FINANCIAL MANAGEMENT GUIDELINES Part 2 Read More »
A CHECK SIGNER’S RESPONSIBILITIES Most businesses know that segregation of duties is an essential internal control within the accounting function. So, normally, the person with check signing authority is someone different from the person generating the checks within the accounting program. But this example of segregation of duties only works well if the check signer
FINANCIAL MANAGEMENT GUIDELINES FOR NON-PROFIT AGENCIES Part 1 Everyone in your organization who is responsible for grant management should be familiar with the processes and procedures concerning accountability and responsibilities. This includes those who prepare grant proposals and those who record and report on grant project activities. These guidelines regarding fiscal accountability are only intended
FINANCIAL MANAGEMENT GUIDELINES Part 1 Read More »
New requirement for organizations intending to operate under Section 501(c)(4): Submit Form 8976 ________________________________________ New legislation enacted at the end of 2015 added section 506 to the Internal Revenue Code. Section 506 requires an organization to notify the IRS of its intent to operate as a section 501(c)(4) organization. The IRS has developed a new
Section 501(c)(4) New Requirement Read More »
The end of the month can be a hectic time in any company. A monthly checklist can help ensure that all financial transactions that affect your bottom line are accounted for. Set a deadline for the month end close to ensure no transactions are missed, (for example, close month and run reports by the 15th
MONTH-END CLOSING CHECKLIST Read More »
This post would be of interest to in-house and/or contractual accountants and CPA’s concerning changes reported by FASB (Financial Accounting Standards Board) for the year 2016. It is important to keep abreast of the changes being implemented, especially since in 2014, where the new standards resulted from a convergence effort between the Financial Accounting Standards
Accounting Standards Updates Issued 2016 Read More »
The Traditional Structure of a Non-Profit agency is shown in the image. Your organizational chart may look different depending on the age of the agency, the purpose the agency serves and of course, the agency’s budget. The budget comes into consideration because you will need the necessary funding to support the paid positions in the
Non-Profit Structure, Jobs and Responsibilities Read More »
And why the answer is “Yes” (Excerpts credit Nonprofit Assistance Fund) In my consulting business in the non-profit sector a recurring concern is found where a nonprofit’s accounting system may not have been put together in a manner that supports the reporting and accountability requirement of such an organization, in fact that is why I
Do You Need an Accounting System? Read More »
May 15, 2013; The IRS has received a variety of questions related to the exempt organization issues recently raised. Here are some basics on the issue. 1. What are the issues raised in the recent Treasury Inspector General for Tax Administration (“TIGTA”) report? The issues relate to the application process for organizations seeking tax-exempt status.
Questions and Answers on 501(c) Organizations Read More »