Nonprofit organizations are often underfunded, which can cause financial stress and strain on the organization. What is budgeting? How can you start? Read on to learn more. What Are the Basic Elements of a Nonprofit Budget Budgeting is the process…
As a nonprofit leader, it is important to be prepared to explain your organization’s financial position to new board members or other interested parties. In this article, we will review five key financial numbers that every nonprofit leader should know….
We’ve all heard of audits. But we may be thinking of very different things. In this article, we are not talking about IRS tax audits, but rather independent financial audits. We’ll answer the question of whether audits are required or…
A nonprofit, charity, and other social enterprises may make us feel like using words from the business world is taboo. Do revenue, sales, income, and other terms feel inappropriate in the social sector context? In general, there are five types…
Congratulations. You’ve selected your nonprofit board members and they have agreed to serve. You’ve scheduled the first board meeting but wait, what has to happen at this first board meeting? Ensuring the right things happen at the inaugural board meeting…
It’s time to open a bank account for your nonprofit. But, what do you need before you can do it? We’re here to help. Opening a bank account for a nonprofit is best achieved by bringing the following 8 items:…
All nonprofits need the following 13 minimum financial internal controls, regardless of size: segregation of duties, monthly bank statement reconciliation, enforce cash handling procedures, limit credit card use, record and review all income, control the disbursement process, monitor and validate…
Nonprofits need strong internal controls for their finances. First-time external audits will review and make recommendations for improving nonprofit financial policies and controls. Don’t fret, we’ve written about the 13 basics you need in our related article. You’ll want to…
End of content
End of content
Nonprofit technology is a game-changer. Join our newsletter and get our Nonprofit Technology Checklist. We’ll send you useful nonprofit tips and resources without filling your inbox.
