Non-Profit Accounting
Work-Life Balance? Really?
“Work and life balance.” Sound like a pipe dream? Not at Foster Results! One of the primary reasons Accountant Emily McIntosh had in joining the firm is the freedom and flexibility it offers versus the structured routine of the “corporate” world, she’s said. And Staff Accountant and CPA Kelly Spaulding agrees. She previously worked for [...]
“Thank You”: Time to Send Out Donor Tax Receipts
Donors must have a donor acknowledgement (“thank you”) letter from your organization by the time they file their income tax return so be sure to send out this information within the first couple of months of the New Year. Don’t wait until a donor calls you to ask for the information, be proactive. Consider it [...]
Proof of Impact
In today’s world, nonprofits are increasingly pressured to prove their effectiveness. Nonprofits can tell stories about individuals and groups they have helped, but stories are no longer enough. Nonprofits need to collect increasing amounts of information to demonstrate to others the effect they are having on their service recipients. Donors, especially younger ones, increasingly want [...]
End of Year Challenges for Nonprofits
Although the economy has bounced back a bit this year, experts predict a difficult end-of-year climate for nonprofits, especially for smaller organizations with less than three months of operating reserves. There have been some significant events this year that may cause would-be donors to change their behavior. The recent presidential election has generated anxiety concerning [...]
More Cost Cutting Ideas for Your Nonprofit
There are always ways to save money in your organization. No matter how small it may seem, each reduction in expense will help your bottom line and in turn help your organization fulfill its mission. Here are some more ways to cut costs: Put the board to work The board of directors should be helping [...]
Cutting Costs in Your Nonprofit
In a nonprofit organization, saving money is just as important as increasing revenue. One way to perk up your financials is to institute some cost cutting measures. Reducing expenses, even just a little, in a variety of areas can really add up. Here are some ways to cut costs: Partner with local businesses Ask if [...]
What to Expect During the Audit Process
For many nonprofits, the annual audit is an essential component for closing the fiscal year and demonstrating that donated financial resources were properly used. If your organization undertakes an audit, it is important that your organization understands the audit process and ensures the audit is conducted by an independent, objective third party. Some of the [...]
Ways to Maximize the Audit Process
Smaller nonprofits are less likely to hire an external auditor than large organizations. If your nonprofit is small and you choose to do an audit, make sure you are maximizing your dollars on the audit process. Keep the following in mind to get the best audit for your money: The board should drive the audit [...]
Nonprofits & Independent Audits
Federal legislation that has become known as the Sarbanes-Oxley Act requires publicly traded companies conform to new standards in financial transactions and audit procedures. Elements of this law should be incorporated into the nonprofit sector as well. In the wake of various scandals, nonprofits need to be mindful of promoting effective oversight of their organizations. [...]
Red Flags for Nonprofits
From time to time nonprofits can run into some financial trouble. Whenever this happens, usually the first question asked is: was it possible to see this coming? The answer is typically yes and no. There are usually red flags, but the board misses them because they don’t know where to find them. The Board of [...]