Grant Management

fiscal management

FINANCIAL MANAGEMENT GUIDELINES Part 1

Board Goverance, Effective Grant Management, Fund Accounting, Grant Management, Non Profit Compliance, Non-Profit Accounting, Non-Profit Regulations, Tax Exempt Non-Profits / By

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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IRS CODES

Section 501(c)(4) New Requirement

Board Goverance, Effective Grant Management, Grant Management, IRS News and Updates, Non-Profit Regulations, Tax Exempt Non-Profits / By

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

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Month-end close

MONTH-END CLOSING CHECKLIST

Effective Grant Management, Fund Accounting, Grant Management, Non Profit Compliance, Non-Profit Accounting, Tax Exempt Non-Profits / By

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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NET ASSETS

Accounting Standards Updates Issued 2016

Effective Grant Management, Fund Accounting, Grant Management, IRS News and Updates, Non Profit Compliance, Non-Profit Accounting, Non-Profit Board and Regulations, Non-Profit Regulations, Tax Exempt Non-Profits / By

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

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SAMPLE ORG CHART

Non-Profit Structure, Jobs and Responsibilities

Board Goverance, Effective Grant Management, Exempt Organizations, General Accouning and Business, Grant Management, Non Profit Compliance, Non-Profit Board and Regulations, Non-Profit Board of Directors, Tax Exempt Non-Profits / By

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

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Accounting System

Do You Need an Accounting System?

Board Goverance, Effective Grant Management, Fund Accounting, General Accouning and Business, Grant Management, Non Profit Compliance, Non-Profit Accounting, Tax Exempt Non-Profits / By

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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FINANCIAL POSITION

Budgeting Tasks for Your Nonprofit

Board Goverance, Effective Grant Management, Fund Accounting, General Accouning and Business, Grant Management, Non Profit Compliance, Non-Profit Accounting, Non-Profit Board and Regulations, Tax Exempt Non-Profits / By

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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INCOME-EXPENSE CHART

Financial Reports for Non-profit Compliance

Effective Grant Management, Fund Accounting, Grant Management, Non Profit Compliance, Non-Profit Accounting, Tax Exempt Non-Profits / By

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

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Lost Tax Exempt Status

Revocation of Federal Tax Exemption

Effective Grant Management, Fund Accounting, Grant Management, Non Profit Compliance, Non-Profit Accounting, Non-Profit Board and Regulations, Non-Profit Regulations, Tax Exempt Non-Profits / By

Revocation of Federal Tax Exemption at Historic African-American Theater Holds Warning for Others Source Non Profit Quarterly May 12, 2016; Plain Dealer (Cleveland, OH) In April, leadership of Karamu House, a settlement house that includes the oldest African-American theater in the United States, suddenly became aware that the IRS had revoked its tax-exempt status after

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Allocating Expenses

Fund Accounting Non-Profit Expenses

Effective Grant Management, Fund Accounting, Grant Management, Non Profit Compliance, Non-Profit Accounting, Tax Exempt Non-Profits / By

Allocating Expenses Expenses are allocated to show the total cost of operating your program(s) that include activities, services, and projects related to a specific program. It is very important for the Executive Director, Board of Directors and other agency management to know the total costs of running the program so all can see how the

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