Financial uncertainty is an ongoing reality for many nonprofit organizations, whether due to shifts in government funding, policy changes, economic downturns, or unexpected disruptions. While organizations may not always have control over these external factors, they can take proactive steps to strengthen their financial health and prepare for challenges. The most resilient nonprofits are those…
In the first installment in this series, we provided an overview of the importance of accounting and financial management for nonprofit organizations. As you embark on your journey to create a thriving nonprofit, understanding internal controls becomes crucial. In this second blog post, we will demystify internal controls, highlighting their importance in preventing errors, ensuring…
As we start the year with renewed clarity and vision, we recognize that data visualization is key to achieving nonprofit success. But there’s another crucial element that often gets overlooked—how we present the data that reflects our progress. Data is the backbone of any nonprofit’s operations, yet too often, it’s presented in a dry, impersonal…
Why Data Visualization Matters As we step into a brand new year, it’s the perfect time to refresh your nonprofit’s approach to financial reporting—because (let’s face it) no one gets excited about a sea of spreadsheets. Financial reports can easily become overwhelming, or worse, feel disconnected from the big picture. But what if your data…
Congratulations on embarking on the journey of creating a nonprofit organization! As you begin your mission to make a positive impact on the world, one critical aspect that demands your immediate attention is accounting and financial management. Kicking off our five-part series, titled “Stepping Stones: Paving the Path to Long-Term Financial Success,” we will explore…
Whether building endowments, funding specific projects, or growing reserves, investments can significantly impact a nonprofit’s financial health. However, managing these investments requires careful coordination between accountants, investment advisors, and investment committees. Sometimes it can be tricky to keep this all straight, so let’s explore the distinct roles of nonprofit accountants and investment advisors in investment…
As the fog rolls in and shadows lengthen across the books, we beckon you to gather ‘round for a night of financial fright. In this chilling collection of tales, we’ll peel back the cobwebs on some of the most terrifying trials faced by nonprofits—where unchecked ledgers, runaway expenses, and haunted software conversions lead to unspeakable…
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, our extensive experience with nonprofits of various sizes has allowed us to identify common pain points and…
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…
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