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
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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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Yea, Great News for those who want to start a Non-Profit Organization! Would you believe the IRS actually drastically reduced the processing fee? User fee decreased for Form 1023-EZ On July 1 the user fee to process the Form 1023-EZ, Streamlined Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, was
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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 »
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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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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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.
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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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