nonprofit accounting

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 [...]