Expenses are allocated to show the total cost of activities, services, and projects. It is very important for the board and management to know the total costs of activities, s
One question I frequently ask nonprofit organizations I speak to is, “What processes are in place for identifying, responding to, and monitoring fraud risks?” Most times, the response describe
Establish a policy for fixed assets detailing which fixed assets are capital (depreciated rather than expensed) assets. This will be included in the organization's footnote disclosures t
The internal control system needs to be documented (the expected results or outcomes of the system and what everyone does need to be put in writing) and constantly evaluated. A con
Internal Controls for Medium and Large Non-Profits-Part II, which is presented by Shawn Miller of Calibre CPAs, continues the discussion relating to controls that can be implemented to mitigate the
Most transactions are posted automatically through the accounts payable and accounts receivable modules of the general ledger software owned by the not-for-profit.
If a large volume of checks is received by the organization, a lockbox may be appropriate. Banks receive the checks directly and the deposit is made upon receipt.
There are many payroll services that will process the regular payroll, make direct deposits, prepare quarterly and annual tax filings and remit taxes due for a very reasonable fee.
The initial information for each employee and every change impacting payroll (terminations, overtime, compensation changes, employee deductions, etc.) will be in writing and appropriatel
