4 Best Practices for Managing Advocacy Group Finances

2024-05-24T07:27:25-04:00

Effective financial management is essential for any organization. No matter your purpose, well-managed finances yield data-driven insights that allow those in financial positions to plan and achieve the organization’s goals. Financial management is especially important for advocacy groups since these organizations tend to work under tight budgets and face greater challenges with maintaining public trust. To help, we’ve compiled this list of four best practices your advocacy group can implement to manage its finances more effectively. 1. Establish clear financial policies As various team members interact with your advocacy group’s finances, they’ll need clear guidelines for handling money within your organization. [...]

4 Best Practices for Managing Advocacy Group Finances2024-05-24T07:27:25-04:00

Understanding the 4 Key Nonprofit Financial Roles: A Guide

2024-02-13T16:48:49-05:00

Nonprofits are typically composed of hardworking professionals who wear many hats. While each staff member may have a specific title like “fundraising director” or “project manager,” they often take on a wider range of responsibilities. This could mean handling tasks from donor communications to procurement to event planning to accomplish everything that needs to be done to further the organization’s mission. However, some areas of nonprofit work require more specialization. In particular, effective financial management relies on having experts on your team with specific skills and knowledge in that area. That’s right, experts, plural. In this guide, we’ll cover the four financial roles your [...]

Understanding the 4 Key Nonprofit Financial Roles: A Guide2024-02-13T16:48:49-05:00

Diversifying Your Revenue: 4 Effective Ideas for Nonprofits

2023-10-19T13:36:54-04:00

Picture this: As the new year begins, you review your nonprofit’s year-end donation revenue and realize you’ve fallen short of your projected fundraising goals. As fundraising reports have shown, end-of-year donations can account for up to 22% of a nonprofit’s total annual fundraising, meaning potential shortfalls can impact your programs for the rest of the year. These situations can happen, especially if unexpected circumstances arise. Fortunately, your nonprofit can mitigate them by diversifying its revenue with a variety of fundraising sources beyond just donations.  By expanding your revenue sources, you’ll be able to give your nonprofit added financial security and provide your donors with [...]

Diversifying Your Revenue: 4 Effective Ideas for Nonprofits2023-10-19T13:36:54-04:00

Switching to E-Filing Nonprofit Taxes: An Ultimate Guide

2023-08-07T12:26:31-04:00

As a nonprofit professional, you know that every dollar counts when it comes to pursuing your mission. Fortunately, the government empowers nonprofits to achieve their goals by exempting them from paying taxes. A lot of work goes into complying with IRS regulations and preserving your nonprofit’s tax-exempt status, namely filing your Form 990 or one of its variants. Gathering your physical documents and filling out your forms by hand adds an extra layer of challenges. However, e-filing technology can make preparing Form 990 straightforward and stress-free. Let’s explore everything you need to know about Form 990 and the benefits of filing online. Understanding the basics [...]

Switching to E-Filing Nonprofit Taxes: An Ultimate Guide2023-08-07T12:26:31-04:00

Nonprofit Financial Audits: 5 Frequently Asked Questions

2023-06-29T14:06:33-04:00

One of the main benefits of registering as a 501(c)(3) nonprofit is that your organization is exempt from paying most taxes. With this provision, you can reinvest all of your revenue back into your organization to help further your mission. However, it might lead you to wonder whether your nonprofit is also exempt from audits. Although the answer to that question is no, nonprofit audits tend to work differently from audits of businesses’ or individuals’ finances, which are usually conducted by the IRS. While there are occasional exceptions, most nonprofit financial audits occur independently of the IRS and are instead conducted by third-party auditors. [...]

Nonprofit Financial Audits: 5 Frequently Asked Questions2023-06-29T14:06:33-04:00

Diversifying Your Revenue: 3 Effective Ideas for Nonprofits

2022-11-03T15:43:45-04:00

Picture this: as the new year begins, you review your nonprofit’s year-end donation revenue and realize you’ve fallen short of your projected fundraising goals. As fundraising reports have shown, end-of-year donations can account for up to 22% of a nonprofit's total annual fundraising, meaning potential shortfalls can have impacts on your programs for the rest of the year. Situations like this can happen, especially if unexpected circumstances arise. Fortunately, your nonprofit can mitigate situations like this by diversifying its revenue with a variety of fundraising sources outside of just donations.  Of course, acquiring donors and cultivating donations will continue to be [...]

Diversifying Your Revenue: 3 Effective Ideas for Nonprofits2022-11-03T15:43:45-04:00

10 Internal Controls for Safe Nonprofit Finances

2022-08-24T10:57:05-04:00

Nonprofit accounting is unique when compared to for-profit accounting. This is primarily because nonprofits agree to reinvest all of their revenue back into the mission at hand in exchange for tax-exempt status. This means nonprofits need to be a lot more transparent about their finances in order to ensure accountability to their generous donors. Due to this transparency and the need to be accountable to donors, nonprofits carefully implement internal controls designed to keep finances safe and prevent misuse. Internal controls are policies and decisions made to prevent the misappropriation of nonprofit funds. In this guide, we’ll dive into ten common [...]

10 Internal Controls for Safe Nonprofit Finances2022-08-24T10:57:05-04:00

Nonprofit QuickBooks Q&A with Gregg Bossen

2019-01-03T16:45:18-05:00

I'll be the first to admit that QuickBooks and accounting, in general, is not my favorite part of running an organization. I also recognize that it is an area of improvement for most nonprofits. For this reason, I sought out someone who specializes in helping nonprofits successfully leverage Quickbooks. Gregg Bossen is a practicing CPA with a full-service accounting firm located in Atlanta, Georgia that specializes in Nonprofits using QuickBooks. Since 2000, Gregg has been teaching QuickBooks seminars around the country and is considered to be the Nation’s expert when it comes to Nonprofits that use QuickBooks. Gregg’s teaching style is [...]

Nonprofit QuickBooks Q&A with Gregg Bossen2019-01-03T16:45:18-05:00

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