5 Steps for Nonprofits to Develop a Wise Investment Policy Nonprofit boards have a fiduciary responsibility to protect the organization’s assets and ensure that they’re used to further the mission. Often, an important part of the board’s responsibility is deciding how to invest the nonprofit’s cash. That requires implementing a sound investment policy that balances…
5 Keys to Develop Your Operating Reserve Policy Every nonprofit needs to have sufficient cash flow to meet obligations. Setting aside an operating reserve is a smart practice as it provides a cushion against unexpected events that could temporarily impact the cash flow. Following are five best practices to follow when establishing your operating reserve…
Overview Speakers Resources Podcast From GAAP to Form 990, this episode of Counting on Chazin will help you understand the key compliance issues that nonprofits face. Michelle Jilek Director of New Client Experience and Technical Services Over seventeen (17) years of experience including accounting, consulting, and auditing services for nonprofit organizations. Michelle manages new client…
For nonprofits, it is essential to sustain a consistent cash flow to fulfill obligations. Establishing an operating reserve serves as a strategic measure, offering a safety net against unforeseen events that could temporarily impact cash flow. Here are five key practices to consider when developing your operating reserve policy, ensuring its effectiveness and availability when…
As the season of gratitude unfolds, it’s a perfect time for nonprofit organizations to reflect on the foundational elements that safeguard their financial integrity and reputation. Let’s express thanks for these 6 essential nonprofit accounting standards. They not only help mitigate fraud risk but also ensure a well-run and well-respected accounting function. 1. Segregation of…
In the vast and diverse landscape of nonprofit organizations, few roles are as critical as that of the board treasurer. A nonprofit board treasurer holds the key to the organization’s financial stability and sustainability, ensuring that its resources are managed responsibly and directed toward fulfilling the mission. In this blog, we will explore the indispensable…
It is not uncommon to go to the Board meeting of a nonprofit and discover that they don’t have a Board Treasurer. Having someone who oversees the organization’s finances seems like such an important job, so why is it neglected? The Treasurer role of a nonprofit is not an easy role. A quick look at the Treasurer’s duties outlined in any organization’s bylaws…
For better or for worse, charity watchdogs (CWDs) play a substantial role in any nonprofit’s reputation. CWDs rate 501(3)(c) public charities based on certain criteria, and both individuals and companies often use those ratings to decide whether to donate to a specific nonprofit organization. Positive ratings often provide a sense of credibility and trustworthiness to…
An assessment can be a valuable tool in determining the current state of your organization’s accounting and finance function. Not having a good grasp of this information can lead to challenges down the road such as inaccurate data used in decision-making or even an unfavorable management letter from your external auditor. A comprehensive accounting and…
Safeguard your nonprofit’s integrity and resources by detecting and preventing fraud with our essential e-book on unmasking deception.