Being a fiduciary is one of the most critical roles a nonprofit leader can undertake. Unfortunately, it’s not always easy to understand. Whether you’re a board member, executive director, or another nonprofit decision maker, you may have found yourself unsure about what this role entails. You’re not alone; many nonprofit leaders feel the same way….
Audits can be a daunting process for any organization, but medium-sized nonprofits face unique challenges. Ensuring financial integrity and transparency is crucial, not only for compliance but also for maintaining donor trust and securing future funding. At Chazin & Company, our extensive experience with nonprofits of various sizes has allowed us to identify common pain…
If you are approaching an annual audit or if you’ve had an annual audit, you’ve likely encountered the term “PBC.” But what exactly does it entail? To truly grasp the significance of an audit, it’s essential to redefine its purpose. Many organizations perceive audits solely as a means to generate financial statements. It’s not uncommon…
For a nonprofit, your stakeholders are more than just donors, board members, or volunteers. They’re the lifeblood of your mission and the lovestruck supporters who champion your cause. Valentine’s Day is a celebration of love and connection, and what better time to reflect on the relationships you build with stakeholders? Just as in any healthy…
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 we welcome a new year, nonprofits are presented with an opportunity to reflect and set meaningful resolutions. These resolutions go beyond personal aspirations; they will fortify your organization. This year let’s focus on three critical areas that every nonprofit should prioritize for a stronger, more accountable, and transparent financial future. Resolution #1: Implement Robust…
Understanding nonprofit accounting is essential for anyone operating within the nonprofit sector, and staying prepared for the challenges of 2024 requires a keen awareness of the distinctive features that set it apart from for-profit businesses. Contrary to common assumptions, nonprofit accounting is far from simple and straightforward. One key difference is that most nonprofits operate…
In the realm of nonprofit accounting and finance, the responsibility often falls on professionals to prepare and present financial reports to organizational leadership and stakeholders. While this task may initially appear daunting, adopting strategic approaches ensures the effective and confident presentation of financial reports. This article delves into key components of financial reporting for nonprofits…
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 & Company 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…
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…
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