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…
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)”…
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…
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…
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…
The responsibilities of nonprofit executive leaders are many but sorting through data to get a clear picture of the organization’s financial health should not be one of them. When preparing for a board meeting have you ever asked yourself, “Do I have all the important and relevant data to help board members feel assured they understand the organization’s financial position?” Do you, as the leader of an organization, truly understand your financial reports and can you clearly explain those to stakeholders in a way…
If your organization asks for donations, guess what? Most states would say you’re engaging in fundraising activities and, if they think you’re engaging in fundraising, they’ll subject you to regulation. An overwhelming number of states regulate fundraising activities through something called a Charitable Solicitation License (CSL). Although it means more forms and another license, it’s designed to provide donors with transparency and to protect the public from misrepresentation and fraud. Each state has its own…
Did you know that sometimes nonprofits must pay income tax? It’s true. Just because you have a tax-exempt status, it does not mean that you’re, well, tax exempt! The IRS incorporated into the tax codes something called Unrelated Business Income (UBI) and it’s especially for nonprofit organizations. Frequently, nonprofits have revenue that the IRS considers unrelated to…
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…
We’re waiving our onboarding fee! Our hands-on onboarding process includes a detailed kick-off meeting, weekly check-ins for 8-10 weeks, account setup, records review, audit-ready workbooks, and seamless transition to our Client Services Team.
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