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Nonprofit Accounting Basics for Founders, Board Members & Executives

The Charity CFO

If you’re like most nonprofit leaders, you’re not researching nonprofit accounting basics to satisfy your curiosity. with this overview of nonprofit accounting basics. . What is nonprofit accounting? That’s really all that accounting is, so don’t let the terminology intimidate you. .

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Statement of Financial Position: Reading a Nonprofit Balance Sheet

The Charity CFO

PRO TIP: The Statement of Financial Position is the same report that a for-profit company calls the Balance Sheet. If your team or board are more familiar with the for-profit terminology, referring to the Statement of Financial Position as ‘Balance Sheet is fine.’ If not, it’s a non-current asset.

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The Complete Guide to Nonprofit Accounting Careers

The Charity CFO

The nonprofit sector is full of rewarding and impactful careers because it plays a crucial role in addressing various social, environmental, and humanitarian challenges. In this section, we will debunk the three most common nonprofit accounting myths. Ready to dive deep into this exciting realm?

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How to Step Up Your Nonprofit Social Media Strategy & Increase Donations

Nonprofit Marketing Insights by GlobalOwls

Get the most out of it for your nonprofit by following the tips below. The impact of your non-profit is something worth sharing in and off the web. As a nonprofit, you have access to benefits on social media that normal accounts and for-profit businesses don’t have access to. So what are your goals?

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ASC 606 Nonprofit Revenue Recognition Rules for Exchange Transactions

The Charity CFO

ASC 606 Revenue Recognition for Nonprofit Organizations. All US businesses, for-profit and nonprofit, were subject to new revenue recognition standards starting by 2019. Nonprofit accounting departments often move slowly, so while hopefully you’ve already implemented these standards, you should ensure that you have.

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Which IRS Form 990 Should Your Nonprofit File?

The Charity CFO

In fact, as a nonprofit organization, the expectations for transparency and accountability are higher than those for for-profit businesses. Why do nonprofits need to file Form 990? Full accounting of income, expenses, and donors. Balance sheet that matches the profit and loss information .

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Set Up a Nonprofit Chart of Accounts (Free Template)

The Charity CFO

If you’re brand new to nonprofit accounting, the Chart of Accounts might be the best place to start. Because even if you only have one bank account, bill, investment, or expense, you’ll need one. What is a Chart of Accounts? Equity is referred to as Net Assets in the nonprofit world.