As we approach 2025, nonprofit organizations are navigating an evolving landscape of audit requirements and best practices. Effective nonprofit audit preparation remains crucial for ensuring compliance, enhancing transparency, and maintaining stakeholder trust. In this comprehensive guide, we'll explore key aspects of preparing for your 2025 nonprofit audit, including lessons learned from recently implemented standards, emerging best practices, and strategies to navigate common challenges.
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A Brief History of FASB Standards for Nonprofits
In 1993, FASB introduced SFAS 116 and 117. These standards revolutionized nonprofit financial reporting. They established guidelines for contribution recognition and financial statement presentation. For over two decades, these standards served as the backbone of nonprofit accounting. SFAS 116 focused on accounting for contributions received and made. It provided clear guidance on how to recognize […]
Read MoreBack-to-School Budgeting: Implementing and Managing Educational Programs
Recruiting and managing volunteers effectively is essential for running successful educational programs. To attract volunteers, churches can utilize a variety of strategies, such as reaching out to current congregants, promoting opportunities through social media, and hosting informational sessions that highlight the impact of volunteer work.
Read MoreGuiding Your Nonprofit’s Future: Mastering the Art of Financial Forecasting
Unlock the power of nonprofit financial forecasting with Temple Management Consulting. Gain insights and strategies for sustainable decision-making, risk mitigation, growth planning, and enhanced financial health. Learn how to navigate the complexities of data collection, assumptions, forecasting methods, and the importance of feedback. Chart your organization's secure financial future today.
Read MoreBack-to-School Budgeting: Aligning Church Finances with Educational Initiatives
As the back-to-school season approaches, churches have a unique opportunity to positively impact their communities by aligning their financial resources with educational initiatives. This article aims to highlight the importance of strategic financial planning for church leaders, emphasizing how such efforts can support educational programs that benefit students and families in need.
Read MoreNavigating Transparency: Unveiling the Essentials of a Comprehensive Church Financial Report
A church's comprehensive financial report, carefully prepared by treasurers, sheds light on its financial health through key components like income statements, balance sheets, and budget comparisons. Supported by accurate accounting and bookkeeping, this report fosters transparency, trust, and informed decision-making, marking a path toward responsible stewardship and financial stability.
Read MorePodcast Episodes
Women: The Traits of A Good Investor
Regardless of your investing experience, certain traits can be advantageous for anyone investing. Let’s see what they are.
Five mistakes you might be making with your money.
In this episode, we talk about what you could be getting wrong concerning your finances.
529 College Savings Plan
In this episode, we share some basics about the popular 529 college savings plan, including tax advantages and college costs that can be paid from distributions from the plan.
Keep your business finances from falling through the cracks.
Whether you are a small business or a nonprofit organization, there will always be bumps in the road. Here’s how you can keep your business or organization’s finances from falling through the cracks.