This is a re-post from Journal of Accountancy that I would advise you subscribe to for updates on various issues that will affect non-profits. Here is the article: Not-for-profit executives and finance teams—and the boards that oversee those organizations—are facing challenging times. In addition to the uncertainty of the upcoming U.S. election, they are confronting […]
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Cost sharing or matching is the financial support contributed by organizations to sponsored projects. Compliance with federal cost accounting standards requires that cost-shared expenses be treated in a consistent and uniform manner in proposal preparation, award negotiation and the accounting of these expenses in the financial reports to sponsors. Your organization should assume a cost-sharing
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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
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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
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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
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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
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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 »
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
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As a director or manager of a nonprofit, monthly budget assessments will allow you to track and manage your nonprofit’s finances. Monthly meetings, which should happen after a *cost-benefit analysis, should involve your Finance Committee, Budget staff, and/or Project Manager(s). These meetings should review program deliverables and program budget/actual efficiency and include the following items:
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A nonprofit’s main focus is to carry out its mission to the best of its ability yet there’s one thing that cannot be lost in the desire to do good: A fiduciary responsibility to its funding sources and the community to use those resources efficiently and responsibly. All nonprofits have three to four, depending on
Financial Reports for Non-profit Compliance Read More »