Blogs | Chazin

What is a Charitable Solicitation License and Do I Really Need Another License?

Posted on July 28, 2021 by Haley Neitzel

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…

Working Virtually: Best Practices for Remote Nonprofit Accounting

Posted on July 14, 2021 by Haley Neitzel

2020 was a challenging year for businesses and organizations alike. Knowing how to successfully operate in a fully virtual setting presented many challenges but, also, plenty of opportunities. With the push to adapt to a virtual workplace, many nonprofits are still fine-tuning their processes. Chazin had the advantage of providing a fully remote approach well…

Do Nonprofits Have to Pay Income Taxes?

Posted on June 30, 2021 by Haley Neitzel

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…

Accounting for Fundraising Expenses

Posted on June 16, 2021 by Haley Neitzel

It goes without saying that, for many nonprofits, fundraising is a crucial element towards achieving its goals. Not only does fundraising generate revenue to support mission-critical programs, it can also provide a valuable opportunity to raise awareness for your cause. Guaranteeing your organization’s success beyond the next quarter requires careful planning and prioritizing, as well…

5 Best Practices for Nonprofit Budgeting

Posted on June 2, 2021 by Haley Neitzel

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…

5 Key Tips to Successful Nonprofit Financial Management

Posted on May 26, 2021 by Liza Gagne

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…

The PBC Audit Checklist—and Why You Need One

Posted on May 11, 2021 by mavidea

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…

The Importance of Accounting Manuals

Posted on May 5, 2021 by Liza Gagne

Accounting manuals are key to any organization, regardless of the type. Although the task of creating an accounting manual might seem daunting, it is a worthwhile endeavor. This blog post will explore the benefits and identify the key components of an accounting manual and as an added bonus you can download a typical table of…

What is a Month-End Close and Why Does Your Organization Need It?

Posted on April 21, 2021 by Liza Gagne

When you want to change your diet to achieve better health, it is helpful to start by getting on the scale. If you don’t do this, it is difficult to determine if what you’re doing is actually working. To really be proactive, you should get on the scale regularly and consistently so you can continuously…

The Importance of Nonprofit Internal Controls

Posted on April 7, 2021 by Liza Gagne

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,…