Nonprofit Accounting Basics

Recent Articles

Lessons Learned from Adoption of Topic 606, Revenue Recognition

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09

Policy Development Outline for Small and Midsize Nonprofit Organizations

The following steps are designed to prompt responses that can become the components of a gift acceptance policy that can serve as a guideline for staff and board.  

Drafting a Gift Acceptance Policy

A gift acceptance policy explains an organization’s position on accepting both cash and non-cash gifts and outlines any prohibitions on the type of donor or donations to be accepted by the organiza

Presentation and Disclosure Requirements in ASU 2020-07 for Gifts-in-Kind

The Financial Accounting Standards Board (FASB) has issued an accounting standards update ASU No.

Public Support Tests: Why You Might Prefer Public Charity to Private Foundation

While the Internal Revenue Code Section 501(c) lists 29 different types of nonprofit organizations, most tax-exempt organizations are those described in Section 501(c)(3) and have a charitable, rel

Capital Budgets Play an Important Role in Nonprofit Planning

Annual operating budgets for nonprofit organizations will always be center stage, drawing the attention of senior management, Board, and staff.

Example Criteria for Major Decisions: A Strategy Screen

General
 
  • The proposed action must align with the organization’s core mission.
  • The proposed action must serve all or a substantial subset of the organization’s

Decision Making Policy Example

ORG Decision-making Policy

To promote making good decisions, ORG adopts the following principles:

Examples of Decision-Making Procedures

  • Define the decision to be made.
  • Set a specific deadline by which the decision needs to be made.
  • Identify who should be involved in the process and whether board approval will b

Auditor’s Reports Will Soon Look Different

Auditor’s reports will look different for audits of financial statements for periods ending on or after December 15, 2020.