Accounting and Reporting
A Guide to a Nonprofit Organization’s Form 990 Obligations
Many nonprofit organizations receive tax-exempt status from the Internal Revenue Service (IRS). While this means that the organization does not…
Updates on the Presentation and Disclosures of Gift-in-Kind Transactions
The FASB issued Accounting Standards Update (ASU) 2020-07 in September of 2020. The purpose of the update is to provide…
Updates on FASB’s Lease’s Standard and How to Implement It
Introduction The FASB issued Accounting Standards Update (ASU) No. 2016-02, Topic 842, on February 25, 2016. The update on FASB…
New Statements on Auditing Standards and How It Affects Nonprofit Audit Reports
Auditing standards do not generally affect an organization when it comes to daily operations. However, it is important for nonprofit…
Allocation of Functional Expenses (A Nonprofit’s Guide)
Nonprofit entities differ from for-profit companies because they must focus on accountability, rather than profitability. With accountability comes regulations about…
Invoicing Tips for Nonprofit Organization
What Is An Invoice? Invoices are essential to all businesses, including nonprofit organizations, because they coordinate payment collection. An invoice…
Payroll Management: What It Is and the Benefits of Using It In Your Nonprofit Organization
Staff members must get compensated for the time they spend contributing to the organization, payroll management describes the process that…
Basics and Best Practices of Nonprofit Accounting
Most for-profit companies are set up with one thing in mind: profit. Nonprofits are different. A nonprofit organization is built…
Leveraging Cloud Accounting Software for Arts, Culture & Humanities Nonprofits
Nonprofit organizations must run their businesses with more in mind than technology and the bottom line. Every decision made at…
Why Nonprofits Use Fund Accounting
Nonprofit organizations are different from for-profit entities in many ways. One significant difference is that they don’t have shareholders. For-profit…
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