NEW TO NONPROFIT ACCOUNTING?
Find out what you need to do next to reduce the overwhelm.
What are restricted donations? A restricted donation is one that a donor gives to a nonprofit organization (NFP) to be used for a specific purpose. For instance, a donor gives a check to a nonprofit that includes a restriction to pay for a computer program. This...read more
Preparing or Reading the IRS Form 990 for Charitable 501(c)3 Nonprofit Organizations: What Everyone Ought to Know
Why the Form 990 Matters Whether you are the 990 preparer, Executive Director, Board Member, or other nonprofit staff…the Form 990 is an important part of a Nonprofit Organization’s (NPO) responsibilities. It should involve a team effort to properly prepare and...read more
I admit it. In my first go-around working as an accountant in a nonprofit organization, I thought I had it all figured out. I had been doing accounting work for about 20 years before that. Mostly focused on small businesses but in different industries like service,...read more
If you are within your first month or first year working with the finance area of a nonprofit organization (NPO), you may have already come to realize that nonprofit organizations have different needs than for-profit businesses. For instance, they have: different...read more
Nonprofit Organizations (NPO) are different than small business clients. It’s important at the first meeting with your new client on DAY 1 that you consider different aspects for these nonprofit clients: different chart of accounts (with 3 net asset classes) different...read more
There are many important things that need to be tracked in a good bookkeeping system for nonprofits. However, I can’t emphasize enough the need to have a detailed system for tracking donors. As in a for profit business that wants to know everything it can about its...read more