Are you a for-profit accountant looking to put your skills to use for a favorite nonprofit cause? Then becoming a nonprofit treasurer might be a great fit for you and for the nonprofit. The treasurer position is a leadership role on a nonprofit’s Board of Directors. Board members have fiduciary duties such as overseeing the organization’s…
Category: Blogs
How to Review Financial Reports: A Guide for Nonprofit Boards
One of the most important duties as a member of a nonprofit’s Board of Directors is the stewardship of the organization’s financial resources. Board members play a pivotal role in monitoring the financial health of the organization. In fact, it is the fiduciary responsibility of the Board to do so. One of the ways the Board achieves this is by regularly reviewing several different financial reports. These financial documents…
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…
Understanding the Role of a Board Treasurer
It is not uncommon to go to the Board meeting of a nonprofit and discover that they don’t have a Board Treasurer. Having someone who oversees the organization’s finances seems like such an important job, so why is it neglected? The Treasurer role of a nonprofit is not an easy role. A quick look at the Treasurer’s duties outlined in any organization’s bylaws…
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…
When to Seek Virtual Accounting Assistance
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…
BEWARE OF THE DOG: How to Improve Your Nonprofit Organization’s Charity Watchdog Rating (Part 2)
For better or for worse, charity watchdogs (CWDs) play a substantial role in any nonprofit’s reputation. CWDs rate 501(3)(c) public charities based on certain criteria, and both individuals and companies often use those ratings to decide whether to donate to a specific nonprofit organization. Positive ratings often provide a sense of credibility and trustworthiness to…
BEWARE OF THE DOG: Nonprofit Watchdogs and Their Impact on Your Organization (Part 1)
BEWARE OF THE DOG: NONPROFIT WATCHDOGS AND THEIR IMPACT ON YOUR ORGANIZATION (PART 1) A nonprofit’s Charity Watchdog (CWD) rating helps set organizations apart. A specific rating could make prospective donors flock to a particular organization or warn them to steer clear of it. Because a nonprofit’s credibility is so intrinsically tied to its financial transparency…
