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…
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