Accounting and Reporting
The Basics of Unrelated Business Income Tax (UBIT) and What Nonprofit Organizations Need to Know
One benefit of being designated a nonprofit organization is being exempt from paying income taxes. Many nonprofits that have approved…
Healthcare Accounting Model for Government Grants
Healthcare accounting applies to for-profit and nonprofit healthcare businesses as well as government-run healthcare facilities. While governmental and nongovernmental entities…
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…
SUBSCRIBE
Sign up for our newsletter to receive helpful tips & updates from JFW Accounting Services!
By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact
RECENT POSTS
A Step-by-Step Guide to the Nonprofit Organization’s Accounts Receivable Process
Making Accurate and Feasible Financial Projections for Your Nonprofit Organization (The Basics)
Understanding The Nonprofit Annual Report (The Basics + Downloadable Template)
What Is A Statement of Financial Position?
How to Read Nonprofit Financial Statements
Do Nonprofit Organizations Have Profit and Loss Statements?