Category: Nonprofit

On its most basic level, the internal audit function provides assurance of compliance with a nonprofit’s internal controls and their effectiveness in mitigating financial and operational risk. Potential risks include fraud, insufficient funds to support programming and rep...

Financial audits conducted by outside experts are among the most effective tools for revealing risks in not-for-profits. They help assure donors and other stakeholders about your stability — so long as you respond to the results appropriately. In fact, failing to act on is...

Employees or independent contractors? It’s not only for-profit companies that struggle with the question of how to classify workers for federal tax purposes. Not-for-profit organizations must withhold and pay Social Security, Medicare and unemployment taxes for employees, ...

Not-for-profits increasingly are adopting a corporate world tool: financial dashboards. A dashboard is a summary of an organization’s progress toward a specific goal over time — or a snapshot of its current situation. Dashboards are designed to help boards and other cons...

Last week, the Federal Reserve announced that not-for-profit organizations now may apply for loans under the $600 billion Main Street Lending Program. Previously open only to for-profit businesses with more than 100 employees, the program offers low-interest loans with relat...

Want to increase your not-for-profit’s revenue? First try analyzing current income as a professional auditor might. Then, you can apply your conclusions to setting annual goals, preparing your budget and managing other aspects of your organization. Find new nonprofit reven...

Your not-for-profit has a board of directors — so why would it need an additional advisory board? A nonprofit advisory board can complement your board of directors. Some organizations assemble advisory boards to provide expertise for a specific project, such as a fundraisi...

There are many ways for a not-for-profit organization to lose its tax-exempt status — including participating in lobbying and campaign activities, receiving excessive unrelated business income and allowing board members to financially benefit from their positions. But the ...

In times of turmoil, your board of directors should be your not-for-profit’s rock-solid foundation. But what if your board is understaffed or simply doesn’t provide the leadership requires? Think about rebuilding your nonprofit’s board — and the sooner the better. Fi...

The latest news on nonprofit fraud is here. Every two years, the Association of Certified Fraud Examiners (ACFE) publishes what has become the definitive guide for preventing and detecting workplace fraud. The recently released Report to the Nations: 2020 Global Study on Occ...

One of the strongest predictors of a not-for-profit’s long-term survival is multiple revenue streams.  Nonprofits need multiple revenue sources. Many organizations with only one or two found that out the hard way when they failed during the 2008 recession. The same is lik...

SBA came out with the PPP forgiveness application late Friday, which provides some of the guidance that we’ve been waiting for since the program started in late March. Plan to watch our webinar on Tuesday for more details....