Nonprofit Accounting Basics

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Sample RFPs

Originally Posted: June 8, 2009

Independent Auditor
Sample Request for Proposal (RFP)


Dear (Partner of Independent Audit Firm):

Tools & Tips

Originally Posted: June 8, 2009

Annual Budget Process Example Template (Author: Elizabeth Foley)

IRS Code Sections Relating to Exempt Organizations

Originally Posted: June 7, 2009

The IRS maintains a listing of the code sections that apply to exempt organizations.

Reconciling Accounts

Originally Posted: June 6, 2009

Balancing Your Checkbook

An organization must balance its checkbook at least once a month to know how much cash it has to operate.

Accounts Receivable

Originally Posted: June 6, 2009

Accounts receivable (AR) are monies owed to the organization by another party.

Petty Cash

Originally Posted: June 6, 2009

Petty cash is used for small, incidental expenses where it is not convenient to use a check; like for a taxicab.

Payroll

Originally Posted: June 6, 2009

Processing payroll is time consuming and tricky given the various state tax laws. It is recommended that you outsource your payroll processing to a payroll-processing firm.

Accounts Payable

Originally Posted: June 6, 2009

An account payable is an outstanding bill from a vendor that the organization has an obligation to pay.

Line of Credit

Originally Posted: June 6, 2009

If an organization decides to open a line of credit, it does not actually appear on the books of the organization until it is put into use.

Sample Journal Entries for Government Grants

Originally Posted: June 6, 2009

The following are the entries necessary for cost-reimbursable government grant (assuming the grant is determined to be an exchange transaction):

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