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 [...]
Politics and Nonprofits Don’t Mix
Election fever is under way and it may be easy for your nonprofit organization to get caught up in the fray depending on your specific mission. If your organization is not already aware, take caution: mixing nonprofits with political campaigns is a big no-no. Under the Internal Revenue Code, all section 501(c)(3) organizations are absolutely [...]
Disclosure Rules for Nonprofits
The IRS states that under IRC 6104, nonprofit organizations must make their three most recent annual returns publicly available. Congress’s reasoning behind this law was to allow the general public access to the returns of organizations and trusts that accept donations from the public. Documents that are covered under the disclosure law include: Form 990 [...]
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