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…
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…
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…
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…
When it comes to nonprofit accounting, understanding the concept of Unrelated Business Income Tax (UBIT) is crucial. UBIT is a tax imposed on the income generated by tax-exempt organizations through unrelated business activities. In this blog post, we will explore what UBIT is, its importance for nonprofits, and delve into the types of activities typically…
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…
In the world of nonprofit organizations, accounting plays a crucial role in ensuring transparency, accountability, and financial stability. However, navigating the complexities of nonprofit accounting can be a daunting task, especially for individuals who lack the proper experience or expertise. In recent years, advancements in artificial intelligence (AI) have given rise to powerful language models…
For many nonprofits, going through an annual audit is like undergoing a root canal—it’s a painful, stressful, and expensive experience. The good news is that it doesn’t have to be that way (the audit, that is.) Through advance planning, organization, and knowledge of the audit requirements, nonprofits can embark on their annual audit with ease and…
One of the fundamental decisions a nonprofit organization needs to make is whether to use the cash or accrual accounting method. The method you select will determine how you classify, record, and report on your income and expenses. What is the cash method of accounting? Under the cash method of accounting (cash-basis accounting), revenue is…
What is cryptocurrency? Simply put, it’s money that’s not in a physical form, otherwise known as digital money. Nonetheless, it shares some of the same characteristics of paper money in that it can be earned, used, and invested. Why should you care? According to Gemini’s 2021 State of U. S. Crypto Report, 21.2 million adults…
Unleash the power of your nonprofit with our FREE guide on maximizing IRS Form 990! Learn to highlight achievements, identify marketing opportunities, and build trust. Download now!