The Charity CFO

MAY 31, 2024

Transparency and accountability are two of the most important factors in nonprofit accounting. Being transparent in your nonprofit accounting helps build trust in your organization. For-profit businesses also call the statement of financial position a balance sheet, and many nonprofits do the same.

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The Charity CFO

MAY 31, 2022

In this article, we’ll walk you through the elements of nonprofit finance that every executive director, CFO, and accountant should know. But you won’t understand a nonprofit’s finances based on financial statements alone. And in most organizations, others on your finance committee or accounting team are glad to help.

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NonProfit Hub

JUNE 29, 2021

This blog will be a great place to start, but if you find yourself praying no one asks you questions about the financials in your next board meeting, you may want to check out our Nonprofit Accounting Essentials course in partnership with The Charity CFO. . I signed on to further a cause, not to be the accountant!

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The Charity CFO

JANUARY 25, 2022

The Statement of Financial Position is the Balance Sheet of a nonprofit organization. It gives you a snapshot of a nonprofit’s financial health at a point in time by displaying what the organization owns (assets), what it owes to others (liabilities), and its value (net assets). What is the Statement of Financial Position?

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The Charity CFO

JULY 12, 2024

The type of accounting your organization uses could be holding you back from getting the most out of your accounting system. While many nonprofits start with cash-basis accounting due to its simplicity, this method often falls short of providing a comprehensive view of a nonprofit’s financial health.

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The Charity CFO

DECEMBER 27, 2023

Tax-exempt status makes it easier for your organization to retain nonprofit revenue and meet the goals of your mission. However, your nonprofit may engage in revenue-generating activities that don’t relate to the purpose of your organization. The nonprofit must have control over the charitable activities of the venture.

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The Charity CFO

JULY 19, 2024

A Chief Financial Officer (CFO) is a senior executive in charge of the strategic direction and goal setting of a nonprofit’s accounting and financial management. The CFO role generally includes: responsible for the strategic direction and goal setting of a nonprofits accounting and financial management.

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Top Nonprofits

MAY 24, 2024

According to Double the Donation , board members have a fiduciary responsibility to monitor your organization’s financial activity and health, meaning financial oversight is their job. To receive individualized support for your organization, consult a professional accountant with experience in nonprofit finances.

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The Charity CFO

JANUARY 5, 2023

They should clarify the roles, authority, and responsibilities for essential financial management activities and decisions. . Accountability for everyone involved. Nonprofit fiscal policy. They provide a framework for the oversight and governance of financial operations and activities. Statement of activities.

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Blue Avocado

OCTOBER 22, 2024

Obtain permits and Licenses : Check on regulatory requirements before undertaking activities such as serving liquor at a special event, conducting a raffle, or starting a bingo night. It may be helpful as a starting point to talk to another nonprofit leader whose organization is engaged in the same activity.

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Get Fully Funded

AUGUST 16, 2024

While your nonprofit should be careful not to overload its COA with too many categories, you also must provide enough detail to accurately reflect your financial activity. Remember to consider how each category impacts your nonprofit’s financial decision-making. Work With a Nonprofit Accountant.

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The Charity CFO

MAY 22, 2024

You can use financial KPIs to get a better idea of the overall financial health of your organization. This ratio can help you get a better idea of your organization’s financial health and operational efficiency. Volunteer Engagement Good volunteer management is essential to successful nonprofit activities.

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The Charity CFO

JUNE 7, 2023

Nonprofit Financial Statements You are likely familiar with the different nonprofit financial statements that are typically included in a reporting package: Statement of Activities Statement of Financial Position Statement of Cash Flows Statement of Functional Expenses But we’d like to dive beyond the surface.

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The Charity CFO

DECEMBER 8, 2022

The IRS has strict regulations on how to handle grants and charitable contributions, so it is essential that you understand the best practices when accounting for them. Because accurate nonprofit accounting can help with reporting and auditing requirements, and ensure that the funds are being used in accordance with the grantor’s wishes.

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Top Nonprofits

FEBRUARY 23, 2024

Track their activities, including: Hours worked Overtime, if applicable Rate of pay According to Foundation Group’s 501(c)(3) status revocation guide , keeping complete and accurate financial records is the best way to protect your organization against noncompliance issues—and this includes employee data! Let’s get started!

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The Charity CFO

APRIL 5, 2023

Having a CPA as a resource, whether internally or outsourced will be crucial to understanding the basics of nonprofit accounting. experts in charity state registrations, provides a great starting point to begin to research and understand some of these requirements.

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Top Nonprofits

JULY 2, 2024

Managing your nonprofit’s finances is about more than just raising money and recording what you earn and spend. It also involves financial stewardship—the practice of saving, storing, and investing your cash reserves wisely to boost your organization’s long-term financial health.

Management 52

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The Charity CFO

JANUARY 12, 2024

It’s your guide for how you plan to spend and receive funds, kind of like a financial blueprint for the year’s activities. By projecting revenues and expenses, nonprofits can develop realistic budgets that align more closely with their goals and priorities. It’s not set in stone like your budget.

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The Charity CFO

JANUARY 4, 2024

A good health insurance plan and paid time off are requirements for a lot of great employees. While you can’t make money appear out of nowhere, your nonprofit accountant can likely help you determine how to make compensation more competitive. They’ll go over comparable salaries from other organizations and review your budget.

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Nonprofit Megaphone

JUNE 23, 2022

Considering these budgets separately takes into account some of the intricacies of nonprofit accounting like restricted funds. Therefore, your organization needs to be financially prepared to take on initial investments without displacing your other financial resources and activities. Contribute to your reserve fund.

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Fundraising Coach

APRIL 28, 2021

Your organization creates an annual budget to help determine your overarching financial health and goals. Gathering this intel before the campaign activities allows your organization to make the most accurate estimates about revenue possible to fill out your budget. Ready to dive deeper into profitable fundraising? Let’s get started.

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Fundraising Coach

APRIL 28, 2021

Your organization creates an annual budget to help determine your overarching financial health and goals. Gathering this intel before the campaign activities allows your organization to make the most accurate estimates about revenue possible to fill out your budget. Ready to dive deeper into profitable fundraising? Let’s get started.

Fundraising 52

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The Charity CFO

MARCH 2, 2022

This week on A Modern Nonprofit Podcast we discuss common red flags you can check today to verify your organization’s financial health. In this episode, Isabel Sippo joins me to talk about the most common reasons why your nonprofit’s finances might be a mess, and ways to clean them up. So you need to be.

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The Charity CFO

DECEMBER 22, 2021

The ONE thing that all financially sustainable nonprofits have in common (24:36). For more nonprofit accounting resources check out www.thecharitycfo.com. For more information on how to get your nonprofit financially established so that you can achieve your goals, visit CNRG Accounting Advisory @ [link].

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The Charity CFO

APRIL 27, 2022

For more nonprofit accounting resources check out www.thecharitycfo.com. To know that they’re really into mental health services for children on making something up. And then you keep doing more of the activities to stay on track with that. Why you need to “humanize” your communication. Thanks for watching.

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