Building Financial Resilience: Key Strategies to Prepare for Uncertainty

Financial uncertainty is an ongoing reality for many nonprofit organizations, whether due to shifts in government funding, policy changes, economic downturns, or unexpected disruptions. While organizations may not always have control over these external factors, they can take proactive steps to strengthen their financial health and prepare for challenges. The most resilient nonprofits are those…

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Understanding the Role of Internal Controls

In the first installment in this series, we provided an overview of the importance of accounting and financial management for nonprofit organizations. As you embark on your journey to create a thriving nonprofit, understanding internal controls becomes crucial. In this second blog post, we will demystify internal controls, highlighting their importance in preventing errors, ensuring…

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New Year, Clearer Vision: Using Data Visualization to Empower Your Nonprofit’s Financial Future

Why Data Visualization Matters As we step into a brand new year, it’s the perfect time to refresh your nonprofit’s approach to financial reporting—because (let’s face it) no one gets excited about a sea of spreadsheets. Financial reports can easily become overwhelming, or worse, feel disconnected from the big picture. But what if your data…

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The Importance of Accounting and Financial Management

Congratulations on embarking on the journey of creating a nonprofit organization! As you begin your mission to make a positive impact on the world, one critical aspect that demands your immediate attention is accounting and financial management. Kicking off our five-part series, titled “Stepping Stones: Paving the Path to Long-Term Financial Success,” we will explore…

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The Role of Accounting in Nonprofit Investment Strategy: What We Can and Can’t Do

Whether building endowments, funding specific projects, or growing reserves, investments can significantly impact a nonprofit’s financial health. However, managing these investments requires careful coordination between accountants, investment advisors, and investment committees. Sometimes it can be tricky to keep this all straight, so let’s explore the distinct roles of nonprofit accountants and investment advisors in investment…

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Understanding Your Fiduciary Responsibility: Protecting Your Nonprofit and Its Mission

Being a fiduciary is one of the most critical roles a nonprofit leader can undertake.  Unfortunately, it’s not always easy to understand. Whether you’re a board member, executive director, or another nonprofit decision maker, you may have found yourself unsure about what this role entails. You’re not alone; many nonprofit leaders feel the same way.  …

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What Should Be Included in a Nonprofit Risk Assessment?

Picture this: A well-established nonprofit organization—let’s call them “Hope for All”—was thriving in its mission to provide education and resources to underserved communities. However, last year brought a series of unexpected challenges that threw them off course. A sudden cyber-attack compromised their donor database, halting their operations. Soon after, a large donor unexpectedly pulled their…

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Key Audit Challenges and Solutions for your Midsize to Large Nonprofit

Audits can be a daunting process for any organization, but medium-sized nonprofits face unique challenges. Ensuring financial integrity and transparency is crucial, not only for compliance but also for maintaining donor trust and securing future funding.  At Chazin, our extensive experience with nonprofits of various sizes has allowed us to identify common pain points and…

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