Endowments are a vital source of funding for many educational institutions, especially in times of economic uncertainty and budgetary constraints. Endowments are funds that are invested to generate income, while the principal is preserved in perpetuity. The income from endowments can support various purposes, such as scholarships, faculty salaries, research, academic programs, and campus facilities….
In the hustle and bustle of holiday shopping and festivities, there’s a special day that stands out as a beacon of generosity and compassion: Giving Tuesday. Chazin invites you to join us in celebrating this global day of giving, a movement that transcends borders and encourages us all to give back to our communities. In…
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…
You might have a personal budget in place to track your income and expenses, enabling you to stay informed about your financial situation. Similarly, a nonprofit budget serves as a plan for how an organization intends to allocate its funds, encompassing a comprehensive breakdown of revenue and expenditures. Although a nonprofit budget tends to be…
Audits are an essential part of ensuring the financial integrity and accountability of educational institutions. They help to verify that the institutions are complying with the relevant laws, regulations, and standards, and that they are using their funds appropriately and efficiently. However, audits can also be stressful and time-consuming for the institutions and their staff,…
Educational outreach programs are a vital way for nonprofit organizations to engage with their communities, raise awareness about their missions, and provide valuable learning opportunities for diverse audiences. However, running effective and sustainable outreach programs requires careful planning and budgeting, especially in times of uncertainty and limited resources. In this blog post, we will offer…
This evening, as the moon hangs high and the leaves rustle with an eerie whisper, we shall cast a light upon the ethereal specters that haunt the ledgers and financial records of nonprofit organizations. Prepare yourselves, for in this Halloween special, we shall unfurl five bone-chilling tales, each a grim reflection of the common nightmares…
Running a nonprofit organization comes with unique challenges that demand impeccable financial management. From budgeting and grant reporting to compliance and stakeholder stewardship, managing the financial side of a nonprofit can be a daunting task. While many nonprofits rely on internal accounting staff to handle these responsibilities, there are instances when supplementing them with outsourced…
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…
Welcome to the intriguing world of lease compliance for nonprofit organizations! Today, we explore the challenges that lie ahead as these noble entities tackle the ASC-842 accounting standard. We’ll delve into the complexities of lease management without getting entangled in technical jargon. Nonprofit organizations, renowned for their admirable missions and dedication to social causes, now…
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