For Nonprofit Boards, Numbers Are a Necessity As a Board member for a nonprofit organization, you’re expected to attend Board meetings, monitor fundraising and management, digest reports, and help the organization determine its strategic direction. You’re also expected—and, indeed, compelled by law—to oversee the organization’s finances as part of the fiduciary responsibility of a Board. …
After falling behind on annual audits, St. Columba’s recognized it was time to make a change and brought in a team from Chazin. The Sage Intacct Accountants Program partner conducted a full assessment of St. Columba’s financial operations and recommended specific next steps to revamp the Church’s processes. Chazin streamlined the Church’s chart of accounts,…
How can an accounting partner help your nonprofit overcome common challenges? The world of nonprofits is comprised of many different types of organizations. All 501c organizations face challenges that are unique to the nonprofit sector. One thing that all nonprofits have in common is the need for high-level accounting and financial oversight. Not having your…
For many nonprofits, going through an annual audit is like undergoing a root canal—it’s a painful, stressful, and expensive experience. The good news is that it doesn’t have to be that way (the audit, that is.) Through advance planning, organization, and knowledge of the audit requirements, nonprofits can embark on their annual audit with ease and…
One of the fundamental decisions a nonprofit organization needs to make is whether to use the cash or accrual accounting method. The method you select will determine how you classify, record, and report on your income and expenses. What is the cash method of accounting? Under the cash method of accounting (cash-basis accounting), revenue is…
If you’re running a nonprofit, odds are you’ve considered outsourcing all or a part of your accounting and finance function. That makes perfect sense. Outsourcing is a cost-effective way to access expert nonprofit accounting and finance resources and create a high functioning accounting and finance department. One of the common myths listed below, however, may…
Your organization’s Chart of Accounts is the building block for meaningful financial reporting. Optimize it and your accounting data will tell you the truth about what’s really going on. It will allow you to develop and track key performance indicators; it will tell you what you are doing wrong; it will highlight your financial successes;…
Leaders of nonprofits that are just getting started, or are relatively small, are generally focused on getting their organization up and running, raising money, and delivering on their mission. That’s to be expected. Properly tracking the financial activity of the nonprofit, and installing best practices, does not tend to receive the attention it deserves early on. There are accounting rules that…
IRS Form 990 is more than just a tax form that many nonprofits must file every year. It’s an opportunity to demonstrate to the IRS, as well as to current and potential stakeholders, that your organization is well-run and financially sustainable. It is also an opportunity to showcase key mission-centric programs. IRS Form 990 can…
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…