Non-Profit Accounting

fiscal management

FINANCIAL MANAGEMENT GUIDELINES Part 2

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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fiscal management

FINANCIAL MANAGEMENT GUIDELINES Part 1

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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Month-end close

MONTH-END CLOSING CHECKLIST

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

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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Accounting System

Do You Need an Accounting System?

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

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

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

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

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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Differences between Nonprofits and For-Profits

Learn more about Non-Profit Accounting at From churches to youth organizations to the local chambers of commerce, nonprofit organizations make our communities more livable places. Unlike for-profit businesses that exist to generate profits for their owners, nonprofit organizations exist to pursue missions that address the needs of society. Nonprofit organizations serve in a variety of

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