Author: Nicole Seaholm
Not-for-profit organizations depend heavily on the dedication of volunteers to advance their mission, ensure fiscal health, and navigate the complexities of legal compliance. At the helm of this governance is the ultimate volunteer: the board of directors. If you’ve ever considered serving on a not-for-profit board but were uncertain about...
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Ever been surprised by the balance in your bank account? Have you ever wondered, “Where did my money go?” or “How did my balance get so high?” If you’ve found it challenging to identify the reasons behind these changes, personal financial statements can help. They’re an easy way to track...
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Navigating the challenges that not-for-profit organizations face in their day-to-day operations can lead to unnecessary frustrations for staff, board members, and volunteers. Below are three of the biggest challenges not-for-profit organizations face. Tracking and Fulfilling Donor Restrictions: When a donor sends a donation to a not-for-profit organization, they can restrict...
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In an age where cash and wire fraud are increasingly more common, having strong internal controls over cash has become even more important. To help eliminate fraud risks, consider the following strategies: Perform Bank Reconciliations: On a monthly basis, review the transactions hitting the bank account and reconcile the activity...
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With the adoption of the new leasing standard (ASC 842), the first step is to identify your lease population, their payment terms, and the lease classifications. After you have identified these, where do you go from here? Finance and operating leases have different treatments in the financial statements. While both...
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