Supplement your financial statements with timely flash reports
Timely financial information is critical to a successful business. In today’s dynamic marketplace, you may need to act fast to ward off potential threats and risks — and jump on new opportunities. But if you wait until your financial statements are released to react, you’ll likely miss out. Flash reports can provide real-time data that […]
Nonprofits: Ready, set, audit!
By scheduling annual financial statement audits, you can demonstrate your organization’s financial fitness to donors and other stakeholders. Plus, state governments and other grant makers may mandate them. But don’t assume that auditors will simply swoop in and take care of everything related to the process. You’ll need planning and preparation to make your audit effective, […]
Private foundations: “Disqualified persons” must color within the lines
Although conflict-of-interest policies are essential for all not-for-profits, private foundations must be particularly careful about adhering to them. In general, stricter rules apply to foundations. For example, you might assume that transactions with insiders are acceptable so long as they benefit your foundation. Not true. Although such transactions might be permissible for 501(3)(c) nonprofits, they […]
Make fundraising a year-round commitment
If your not-for-profit focuses all of its fundraising energy on the holiday season and the end of the year, it’s not misguided. After all, 26% of charitable giving to nonprofits occurs in December, according to the 2023 M+R Benchmarks Study. But that means almost three quarters of annual donations need to be obtained during the […]
Start cross-training your accounting team today
The accounting profession is facing a talent crisis. The U.S. Bureau of Labor Statistics estimates that roughly 17% of U.S. accountants and auditors have left their jobs over the past two years, leaving some open positions unfilled for many months. And the American Institute of Certified Public Accountants (AICPA) estimates that 75% of CPAs have […]
Overcoming benchmark resistance in your nonprofit
If your not-for-profit sets performance goals — and most organizations should — then you need benchmarks to measure your performance. Staffers and your board may not enthusiastically embrace benchmarking at first. But if you can show its value and make the process easy, you should be able to get everyone on board. Mission-focused work Employees […]
Do you need to shake up your nonprofit’s culture with new ideas?
Most not-for-profits develop a culture over time that comes to define the organization. But even if your organization has a successful record and reputation, your staffers can become complacent and growth and productivity can suffer. Here’s how to determine if you need to make cultural changes. Signs of trouble There are several signs that a […]
Is QuickBooks right for your nonprofit?
Not-for-profit organizations exist to achieve nonfinancial or philanthropic goals, not to make money or build value for investors. But they still need to monitor their financial health — that is, how much funding is coming in from donations and grants and how much the organization is spending on payroll, rent, and other operating expenses. Many […]
How to get the attention of high-net-worth philanthropists
Even if your not-for-profit’s fundraising results have been lackluster recently, one high-net-worth donor can turn your year around and make it a fundraising success. The question is: How do you find ultra-wealthy individuals with philanthropic intentions? Who they are A 2022 BNY Mellon study found that most individuals with at least $5 million in assets under professional […]
Why can’t my profitable business pay its bills?
If your profitable business has trouble making ends meet, it’s not alone. Many business owners mistakenly equate profits with cash flow, leading to shortfalls in the checking account. The truth is that there are many reasons these numbers might differ. Fluctuations in working capital Profits (or pretax earnings) are closely related to taxable income. Reported […]
