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…
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…
As we welcome a new year, nonprofits are presented with an opportunity to reflect and set meaningful resolutions. These resolutions go beyond personal aspirations; they will fortify your organization. This year let’s focus on three critical areas that every nonprofit should prioritize for a stronger, more accountable, and transparent financial future. Resolution #1: Implement Robust…
Understanding nonprofit accounting is essential for anyone operating within the nonprofit sector, and staying prepared for the challenges of 2024 requires a keen awareness of the distinctive features that set it apart from for-profit businesses. Contrary to common assumptions, nonprofit accounting is far from simple and straightforward. One key difference is that most nonprofits operate…
Running a nonprofit organization comes with unique challenges that demand impeccable financial management. From budgeting and grant reporting to compliance and stakeholder stewardship, managing the financial side of a nonprofit can be a daunting task. While many nonprofits rely on internal accounting staff to handle these responsibilities, there are instances when supplementing them with outsourced…
As the pace of change continues to accelerate, nonprofits are finding new and creative ways to keep up. Today’s leading nonprofits are perfecting the art of virtual fundraising and volunteering. They’re implementing fresh social media strategies. They’re creating innovative donor retention programs. And they’re driving their missions forward despite myriad ongoing global challenges. It’s a…
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…
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…
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…
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 & Company had the advantage of providing a fully remote approach well before the pandemic. With well-established methods and processes that replicate having someone “right down the hall,” we are considered experts in providing virtual nonprofit accounting services. In the…
Safeguard your nonprofit’s integrity and resources by detecting and preventing fraud with our essential e-book on unmasking deception.