Nonprofit Best Practices | Chazin

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

Posted on November 6, 2024 by Haley Neitzel

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…

Tales from the Nonprofit Accounting Crypt: 2024 Halloween Special

Posted on October 28, 2024 by Haley Neitzel

As the fog rolls in and shadows lengthen across the books, we beckon you to gather ‘round for a night of financial fright. In this chilling collection of tales, we’ll peel back the cobwebs on some of the most terrifying trials faced by nonprofits—where unchecked ledgers, runaway expenses, and haunted software conversions lead to unspeakable…

Understanding Your Fiduciary Responsibility: Protecting Your Nonprofit and Its Mission

Posted on October 8, 2024 by Haley Neitzel

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. …

What Should Be Included in a Nonprofit Risk Assessment?

Posted on September 23, 2024 by Haley Neitzel

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…

Key Audit Challenges and Solutions for your Midsize to Large Nonprofit

Posted on August 26, 2024 by Haley Neitzel

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…

Nonprofit Accounting: How to Navigate the Basics and Beyond

Posted on August 13, 2024 by Liza Gagne

Nonprofit accounting is essential to your organization’s financial management and stability. Learn everything you need to know about it in this guide….

In-Kind Donation Expertise: How To Unlock Noncash Gifts

Posted on April 9, 2024 by Liza Gagne

From animal shelters to food banks to healthcare organizations, nonprofits of all verticals need more than just monetary support. It takes a combination of tangible resources, intangible assets, and financial flexibility to drive your organization’s mission, which is why the in-kind donation is so powerful. In-kind donations play a pivotal role in supporting nonprofit missions…

Streamlining Audits with PBC Checklists: What You Need to Know

Posted on February 28, 2024 by Haley Neitzel

If you are approaching an annual audit or if you’ve had an annual audit, you’ve likely encountered the term “PBC.” But what exactly does it entail? To truly grasp the significance of an audit, it’s essential to redefine its purpose. Many organizations perceive audits solely as a means to generate financial statements. It’s not uncommon…

Love in the Ledger: 3 Nonprofit Accounting Tips to Woo Stakeholders This Valentine’s Day (and Every Day!)

Posted on February 14, 2024 by Haley Neitzel

For a nonprofit, your stakeholders are more than just donors, board members, or volunteers. They’re the lifeblood of your mission and the lovestruck supporters who champion your cause. Valentine’s Day is a celebration of love and connection, and what better time to reflect on the relationships you build with stakeholders? Just as in any healthy…

Crafting an Effective Operating Reserve Policy: 5 Essential Guidelines

Posted on January 31, 2024 by Haley Neitzel

For nonprofits, it is essential to sustain a consistent cash flow to fulfill obligations. Establishing an operating reserve serves as a strategic measure, offering a safety net against unforeseen events that could temporarily impact cash flow. Here are five key practices to consider when developing your operating reserve policy, ensuring its effectiveness and availability when…