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…
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…
What’s So Different About Nonprofit Accounting? If you’ve never worked in the nonprofit environment, you might assume that the accounting is fairly simple and straightforward. In actuality, proper accounting for a nonprofit is much more complex than accounting for a for-profit business. Why? For starters, most nonprofits operate on an accrual, not cash, basis. This…
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