Nonprofit Accounting Basics

Recent Articles

Tax Exemption

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

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

Volunteer Protection Act

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

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

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

State, County and Municipality Requirements

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

Confidentiality

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.

Legal Duties-Board Governance for Nonprofit Organizations

Non-profit board members play a critical role in ensuring the success and integrity of their organizations.

Finance Committee

The primary duties of a finance committee are:

Financial Committees

Depending on the size of the organization and the provisions of the Bylaws and the laws of the state of incorporation, the Board of Directors may choose to create a Finance Committee.  The Fin