Nonprofit Core Values
The establishment of core values in the early stages of a nonprofit’s operations is important because these core values allow donors to better understand the purpose of the organization.
Role of Board Treasurer in a Nonprofit
The expectations and underrated role of a board treasurer for a nonprofit organization vary widely. The treasurer of a nonprofit is usually appointed by the members of that organization’s board, and the position requires financial expertise as well as dedication, time and patience.
Don’t FALL Into Fraud
One of the best ways to protect an organization from fraud is by staying proactive when determining risk areas and properly addressing these areas to limit opportunities for fraud. The fraud triangle suggests that 3 key elements are required for an individual to commit fraud.
The Importance of Reading Your Organization’s 990
Annually, nonprofits must file the appropriate type of Form 990 tax return. What would a potential donor think if they read the organization’s tax return online through sites such as www.guidestar.org?
New Nonprofit Financial Statement Standards:
After almost twenty-five years, change has come to the financial statements for nonprofit organizations! The Financial Accounting Standards Board has issued ASU 2016-14, Not-for-Profit Entities (Topic 958).
Required Documents for Nonprofit Organizations
The internal Revenue Service (IRS) requires 501(c)3 nonprofit organizations to have certain documents available to the public, and these documents must be provided upon request.
Cash Management Best Practices for Nonprofits
Proper cash management is vital for a nonprofit organization to ensure the organization is budgeting effectively and complying with that budget.
Bank Statement Review Guidelines
It is important for bank statements to be reviewed and bank reconciliations to be completed each month to ensure the activity is accurate.