For nonprofit organizations, audits are an essential part of maintaining transparency, accountability, and public trust. However, the audit process can be daunting and time-consuming, often leaving nonprofit leaders feeling overwhelmed. To ensure a smooth and uneventful audit, it is crucial to implement effective preparation strategies that streamline the process and mitigate potential issues. Let’s explore…
Managing a board of directors can be the most difficult and time-consuming challenge for a nonprofit CEO. There are relationships to nurture, information to share, and politics to navigate. Coordinating the activities of a board with the operations of a nonprofit is like choreographing a complex dance routine. How can you make this challenge less…
As the pace of change continues to accelerate, nonprofits are finding new and creative ways to keep up. Today’s leading nonprofits are perfecting the art of virtual fundraising and volunteering. They’re implementing fresh social media strategies. They’re creating innovative donor retention programs. And they’re driving their missions forward despite myriad ongoing global challenges. It’s a…
For Nonprofit Boards, Numbers Are a Necessity As a Board member for a nonprofit organization, you’re expected to attend Board meetings, monitor fundraising and management, digest reports, and help the organization determine its strategic direction. You’re also expected—and, indeed, compelled by law—to oversee the organization’s finances as part of the fiduciary responsibility of a Board….
If you work in the accounting and finance department of a nonprofit organization, you will likely be required to prepare and present financial reports to members of leadership or other stakeholders in your organization. While this may seem overwhelming, there are steps you can take to ensure you present financial reports effectively and confidently. This…
You might have a personal budget where you track your income and expenses to stay informed of your finances. Similarly, a nonprofit budget is a plan for how an organization will spend and allocate its money and includes a comprehensive list of revenue and expenses. Though a nonprofit budget is more complex than a personal…
One of the biggest challenges for nonprofit organizations is sustainability. Staying afloat during uncertain times can be especially tough without a proper financial plan in place. A carefully planned budget can help NPO’s maintain and improve their operations and even refocus their goals and objectives when challenges arise. Think of a budget as a roadmap that will guide your decisions on how…
By adopting nonprofit financial management best practices, organizations can optimize their present and protect their futures. Following a few key steps can make a big difference in the performance of a nonprofit, giving it the stability and flexibility needed to deliver on its goals and achieve its missions. Following financial management best practices also protects nonprofits from making costly mistakes or taking actions that compromise the organization’s integrity. While it is impossible to…
If you’re getting close to an annual audit, you’ve probably heard the term “PBC”—but what is it and what does it mean? First, it is important to understand what an audit REALLY is. So many organizations view an audit as an opportunity to issue financial statements. It’s not uncommon to even refer to the audited financials as the auditor’s financials when, actually, it is the responsibility…
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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