Employee Spotlight: Holly Palmer

Employee Spotlight is a blog series meant to offer an inside look at our company culture and, most importantly highlight the talented individuals who help make our company so special. From accountants and software implementation specialists to operations, marketing, and HR professionals, get to know the people behind Chazin & Company. This month, we are…

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The Importance of Nonprofit Internal Controls

Internal controls are a must for nonprofit organizations. It should be a priority to establish proper internal controls from the start to ensure that assets are protected, and risks are mitigated. NPOs often struggle with limited staff and resources, which makes them particularly vulnerable to the risk of fraud or mishandling of funds.  Nonprofit leaders,…

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Nonprofit Accounting Basics: What Are Functional Expenses?

If you have ever wanted to expand your knowledge of nonprofit accounting basics, learning about functional expenses is a great place to start. Nonprofits have unique reporting requirements that set them apart from for-profit businesses. One of these reporting requirements is presenting an analysis of natural expenses by function – most commonly through the Statement…

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How to Build a Powerful & Strategic Nonprofit Dashboard

A dashboard allows a nonprofit to monitor both the effectiveness of this enterprise or business model, as evidenced by the organization’s financial health, and the impact of the programs and services being provided. The process of developing a powerful organizational dashboard should be inclusive and based on strategy, but the metrics should be sparing—with a…

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Cash Flow Management for Nonprofits

Cash flow management in any organization is nothing more than the mix and timing of cash receipts and cash payments.  In its most simplistic form, it is cash in and cash out and, ultimately, it is where budgets, projections and forecasts meet reality. It is critical to ensuring that funds are available to pay the…

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What’s a Statement of Financial Position and What it Can Do For Your Organization

Professional athletes measure their performance all the time. As Peter Drucker–the man who invented modern business management–famously said, “If you can’t measure it, you can’t improve it.” Even though professional athletes are not considered to be in business, they do just that.  They measure their performance during each game, during each season, and during their…

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The Top 4 Ways to Reduce Audit Stress

For many nonprofit leaders and their accounting and finance teams the annual audit can be a stressful and disruptive time, commanding considerable staff resources. This should be the exception, not the rule. There are year-round strategies to help make audit time a less stressful experience. Storing required audit documents throughout the year An auditor’s PBC…

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Fiduciary Responsibilities of a Nonprofit Board

The duties of board members are many. From steering the organization’s mission and purpose, to appointing new directors and overseeing fundraising, it is critical to the success of an NPO that board members understand their responsibilities. One of the most important functions of a board is to oversee the organization’s financials. Lack of proper financial…

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The Difference Between an Audit Committee and a Finance Committee and Why a Nonprofit Needs Both

For nonprofits, deciding on a board committee structure can be a challenge. Often, the decision is solely based on the number of board members and their talents and expertise. Proper financial oversight, however, is important to the success of a nonprofit because it ensures that the organization is in compliance with applicable laws, is acting…

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