What does a Nonprofit Treasurer Do?
A treasurer is responsible for sharing financial information effectively with stakeholders. Let’s explore what this role looks like in the nonprofit setting.
Changes to NFP reporting of gifts-in-kind
There is a new emphasis and an upcoming required change in how your NFP financials will present and disclose gifts-in-kind. Accounting Standard ASU No. 2020-07 has mandated this change. It will be effective for annual periods beginning after June 15, 2021. This Accounting Standard improves transparency for gift-in-kind transactions by requiring the following:
Mastering Nonprofit Budgeting and Cash Flow: Strategies for Financial Sustainability
Effective financial management is crucial for the success and sustainability of nonprofit organizations. Unlike for-profit entities, nonprofits face unique financial challenges, including reliance on donations, grants, and other variable funding sources. This makes budgeting and cash flow management essential to maintaining operational stability and achieving long-term goals. Key concepts such as budgeting, cash flow management, and financial sustainability are not just financial jargon; they are the backbone of a nonprofit's ability to fulfill its mission and serve its community.
Are Outsourced Virtual Accounting Services Worth It for Your Church?
Outsourcing can be a gamble. But when it comes to your church’s finances, outsourced bookkeeping could be the best decision you make.
Guide to Data-Driven Nonprofit Decision Making
In uncertain or difficult times, strong decisions count more than ever. For nonprofits, this means that financial and business strategies need to be informed by data.
Overcoming the Limitations: Challenges of Using Off-the-Shelf Accounting Software for Nonprofits
While off-the-shelf accounting software may seem like a cost-effective solution, it often falls short in meeting the specific requirements of nonprofit organizations, leading to various challenges. These generic systems typically lack the specialized features necessary for detailed fund tracking, grant management, and reporting that nonprofits require. As a result, organizations may face difficulties in maintaining financial transparency, reporting accurately to stakeholders, and ultimately, in achieving their mission effectively.
5 Ways a Virtual Accountant Can Help with a Church’s Finances
Wondering whether your church really needs accounting services? Here are 5 ways a virtual accountant can help improve your church finances.
Decoding the Essentials: Key Components of Nonprofit Financial Statements
In this article, we will delve into the key components of nonprofit financial statements, exploring their purpose, structure, and how to interpret the information they convey.
It’s been three years since COVID-19 hit. How have nonprofit finances changed?
It’s been three years since the COVID-19 pandemic “stopped the world.” In its wake, we have seen a significant, foundational impact on economies worldwide — and the nonprofit sector is no exception. From reduced funding and flat budgets to a surge in demand for services, nonprofits were challenged to adapt and rebuild on a massive scale. Even now, after the pandemic has seemingly faded into the past like a bizarre alternate reality, nonprofits are still feeling pressure from the impact of inflation on donors, in the ending of much emergency federal financial support, and in the scarcity of available (or retainable) talent. In this blog post, we'll explore a few pieces of how nonprofit finances have changed in the past three years since the pandemic, and what long-term effects you can consider as you navigate your own nonprofit’s finances. It’s been three years since the COVID-19 pandemic “stopped the world.” In its wake, we have seen a significant, foundational impact on economies worldwide — and the nonprofit sector is no exception. From reduced funding and flat budgets to a surge in demand for services, nonprofits were challenged to adapt and rebuild on a massive scale. Even now, after the pandemic has seemingly faded into the past like a bizarre alternate reality, nonprofits are still feeling pressure from the impact of inflation on donors, in the ending of much emergency federal financial support, and in the scarcity of available (or retainable) talent.
Questions to Ask an Accounting Firm before Working Together
The best way to find the right accountant for your company is by simply asking questions