Not-for-profit

Photo of a pen and calculator on a budget sheet.

Not-for-profit

What is a NP Budget and Why is it Necessary?

What is a non-profit budget and why is it important? What does it mean when someone suggests preparing a budget? The dictionary definition of a budget is, “an estimate of income and expenditure for a set period of time”. This […]

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Not-for-profit · Quickbooks

Best Practices for Tracking Restricted Funds in QuickBooks Online for Nonprofit Organizations

Nonprofit organizations play a crucial role in addressing societal needs and driving positive change. Effective financial management is vital for their sustainability and impact, particularly when it comes to tracking restricted funds. These funds, subject to specific donor-imposed limitations, require […]

Not-for-profit

Nonprofit Financial Management Best Practices

For a nonprofit entity, the budget serves as a guide to manage resources each month. Budgets are generally prepared by the management of the organization and reviewed and approved by the board of directors. The budget will include all types […]

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Not-for-profit · Quickbooks

The Best Way to Track Grants in QuickBooks®

QuickBooks® offers several dimensions to track transactions including the chart of accounts, classes, locations, tags, vendors and customers. Within the customer dimension you can further drill down to track projects for specific customers. This blog will briefly explore each dimension […]

Not-for-profit

Nonprofit Accounting: Does My Nonprofit Need a 1023?

Here is a question we hear quite often: “Our Nonprofit Made Changes to Its Programs, do we Need to Update Our Form 1023?” Has your organization made significant changes to its original mission or program services and now you are […]

Accounting · Not-for-profit

Fiscal Agent versus Fiscal Sponsorship

Fiscal agent or fiscal sponsor? While they have confusingly similar names, they both have unique advantages that can help nonprofits and increase a sense of community. To know which one is best for you, it helps to know the difference […]

Not-for-profit

Year-End Giving to Charity or Loved Ones

The holiday season is here and many people plan to donate to their favorite charities or give money or assets to their loved ones before the end of the year. Here are the basic tax rules involved in these transactions. […]

Not-for-profit

Nonprofit Budgeting Considerations

One of the best ways a nonprofit organization can measure how well it is doing financially is by preparing a budget for a period and then comparing the actual results to that budget. However, to make budgeting a meaningful tool […]

Law infographics displayed in blue hexagons.

Not-for-profit

Are Government Grants Contributions or Exchange Transactions?

Why do the accounting standards keep changing words around on us? And what is a government grant now? Under the new revenue recognition standards for not-for-profit entities in FASB (the Financial Accounting Standards Board), there are two main classes of […]

Volunteers looking at photo album with homeless person

Assurance · Not-for-profit

Nonprofit Financial Statements: Best Practices

Nonprofit organizations produce financial reports for a number of reasons: internal financial reports for management and the board of directors; financial reports provide to grantors, whether with applications or reporting; the Form 990 filed with the IRS; and audited financial […]