Nonprofit accounting is the process of recording, managing, and preparing compliant financial statements for 501(c)(3) organizations. This includes everything from tracking income and expenses to tax returns to generating financial reports necessary for maintaining tax exempt status.
[Read more…] about Nonprofit Accounting: Best Practices for Preparing Financial StatementsNonprofit Financial Statements
8 Reasons Why Financials for Nonprofits Are More Difficult than For-Profits
Financials for nonprofits require an in-depth understanding of the sector as well as exposure to some of the challenges that make it so unique.
[Read more…] about 8 Reasons Why Financials for Nonprofits Are More Difficult than For-ProfitsNonprofit Cash Flow Forecasts: How To Avoid Deficits
Nonprofit cash flow forecasts predict when revenue comes in and when revenue goes out. It is an excellent tool to avoid cash shortfalls. By pinpointing deficits during a 12-month period, your nonprofit can avoid a crisis before it becomes a major problem.
Nonprofit Financial Transparency: Best Ways to Build Donor Trust
Nonprofit financial transparency is essential, both legally and ethically, for building trust and accountability to funding sources.
[Read more…] about Nonprofit Financial Transparency: Best Ways to Build Donor TrustGAAP for Nonprofits: Standards for Financial Reporting
GAAP for nonprofits has set new fund classifications under FASB, altering the presentation of financial reporting.
[Read more…] about GAAP for Nonprofits: Standards for Financial Reporting