Not surprisingly, many nonprofit board members do not fully understand financial statements—despite the fact that understanding those statements is key to good governance.
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
An organization's financial plans should include budgets for operations and for capital. Together these comprise what I refer to as an Organizational Budget.
Throughout the year, nonprofit organizations review their processes for improvement, cost savings, and areas where they can create greater operational efficiencies.
In a previous article, we described the importance of including multiple internal stakeholders when selecting and implementing an Association Management System (AMS).
Managing a nonprofit organization’s overhead (management and general) expenses is just as important as managing program and fundraising expenses. Most nonprofits would not dispute this statement.
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
A familiar scenario has played out month after month for many nonprofit organizations during this prolonged period of financial uncertainty, remote work, and virtual programs and meetings.
If you’re like most nonprofit leaders, you may have considered or even taken steps towards evaluating financing alternatives for your nonprofit organization.
The term “outsourcing” can have negative connotations, but for many nonprofit organizations it can be an effective tool to help move the organization forward.
This calculation subtracts any existing long-term debt related to fixed assets (e.g., vehicle loan, mortgage, leasehold improvement loan, etc.) from the value of fixed assets.
Though not usually involved in customer service to donors or members, the accounting and finance department of a nonprofit often provides customer service to the rest of its organization.
Outsourcing is a contract with a third party to perform services which are normally done in-house. These services typically are provided by companies who specialize in the field.