Nonprofit Accounting Basics

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Depreciation

Originally Posted: June 12, 2009

Once an item is recorded as a fixed asset, its life must be determined so depreciation can be calculated and recorded.

Fixed Assets

Originally Posted: June 12, 2009

An organization records fixed assets on the books when it purchases items it will use and benefit from for a period of time greater than one year.

Oversight: Fiduciary Duty

Originally Posted: June 11, 2009

As the fiduciary of the organization, the board as a body and each individual board member must always act for the good of the nonprofit.

Investments

Originally Posted: June 11, 2009

Investment policies

Investment policies refer to policies the board has defined and/or approved guiding how the various organizational funds should be invested.

Gift Acceptance

Originally Posted: June 11, 2009

A gift acceptance policy allows the board to define the parameters and guidelines for eliminating controversial or risky donations. Unwelcome donations might include gifts that:

Code of Ethics

Originally Posted: June 11, 2009

One of the most constructive and proactive ways a board can send a message that its organization is committed to accountability, responsiveness, and stewardship is to draft a code of ethics to guid

Conflict of Interest

Originally Posted: June 11, 2009

What is conflict of interest?

A conflict of interest arises when a board or a staff member is in a situation where his decision making may be impaired by personal, financial, or other busin

Board Accountability

Originally Posted: June 11, 2009

The board is the accountable and liable body for the organization.

Setting Organizational Direction

Originally Posted: June 10, 2009

The board is responsible for defining and guarding its mission, setting the direction for the organization, and ensuring clearly-set values guide every decision.

Financial Management & Internal Reports for Small and Midsize Nonprofit Organizations

In this section we will cover:

  • Effective financial management and how to achieve it
  • Budgeting for annual operations and for the long term
  • Internal financial reports: what good ones look like and how to understand them
  • Evaluation and analysis of internal financial data
  • An introduction to net assets

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