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…
Category: Common Questions
3 Keys to Being Prepared for Your Next Nonprofit Audit
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…
Is Cash or Accrual Accounting Better for Your Nonprofit?
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…
Cryptocurrency. Should Your Organization Accept It?
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…
Conflicted About COI Policies? | The Nonprofit Show
Watch Jackie McLaughlin, one of our talented Client Services Managers, on The Nonprofit Show! Tune in on Monday, February 21, 2022 at 9:30 am PT. Co-hosts Julia C. Patrick and Jarrett Ransom have invited Chazin & Company to discuss how Conflict of Interest Policies are a big must for nonprofits. Be sure to catch Jackie live! You…
A New Audit Standard Affects Me??? Really?
Many nonprofits are subject to annual audits. Although they can be challenging, they are often required for one or more reasons. A byproduct of that requirement is that audit standards can and do change and those changes can and do impact your organization. This year is no different. A new “Statement on Auditing Standards (SAS)”…
How To Present Financial Reports to Nonprofit Leadership
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…
Budgeting for Nonprofits: An Introductory Guide
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…
Why Nonprofits Struggle to Find Experienced Accountants
What does your current accounting situation look like? Are you having difficulty bringing your bookkeeper or accountant up to speed on your processes or struggling with stringent audit, compliance, GAAP (Generally Accepted Accounting Principles), or FASB (Financial Accounting Standards Board) requirements? Finding an experienced accountant for your nonprofit can be difficult and selecting the right…
Why Your Nonprofit Needs a Conflict of Interest Policy
Are you one of the few nonprofit organizations without a conflict of interest policy in place? Studies show that over 95% of nonprofit organizations employ a conflict of interest policy–and with good reason. These policies offer nonprofit organizations ethical standards and protection to ensure all actions on behalf of the organization are transparent and free of potential ethical dilemmas. In this article we’ll be covering the benefits of setting up a conflict of interest policy at your organization and how you can start…