Nonprofit Accounting Basics

Recent Articles

What Nonprofits Need to Know About Current Estimated Credit Losses - CECL

Originally Posted: July 12, 2024

Have you been hearing the term CECL in financial and accounting circles? 

Audit Committee

Originally Posted: June 28, 2024

The primary function of an audit committee is to ensure the organization carries out an independent outside audit. Specific duties include:

Tax Exemption

Originally Posted: June 11, 2024

Probably the main reason for you to form a nonprofit organization rather than a for-profit entity is the exemption benefits that come with the tax-exempt status.

Mastering Timekeeping and Compensation for Federal Awards: Key Requirements and Best Practices

Originally Posted: May 28, 2024

Organizations employ various methods, ranging from Excel spreadsheets to sophisticated timekeeping software, to track and report employee time.

Volunteer Protection Act

Originally Posted: May 4, 2024

The Volunteer Protection Act of 1997 provides personal immunity to individuals who act on behalf of an organization in a volunteer capacity.

SAS No. 145 – what is changing

Originally Posted: April 16, 2024

The AICPA Auditing Standards Board (ASB) issued Statement on Auditing Standards (SAS) No. 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement.

Navigating compliance as a 501(c)(4) tax-exempt organization

Originally Posted: April 4, 2024

Here’s a helpful guide for these organizations, especially when it comes to political activity and lobbying.

State, County and Municipality Requirements

Originally Posted: March 15, 2024

Being recognized as a tax-exempt nonprofit may provide you with extra benefits but you may also need to file additional forms.

Confidentiality

Originally Posted: March 15, 2024

One of the legal obligations for board members is a duty of loyalty. One aspect of this duty expects board members to keep confidential issues confidential.

Policies

Originally Posted: March 15, 2024

Every nonprofit needs operational guidelines for staff and the board. The purpose of the policies is to serve as a guide for actions and behavior and as a reference for ethical decision making.

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