New guidelines from the Financial Accounting Standards Board (FASB) govern how gifts in kind must be reported and valued by nonprofit organizations that follow Generally Accepted Accounting Principles (GAAP). The changes are effective for interim periods within annual periods beginning after June 15, 2022, and annual periods beginning after June 15, 2021. Here is what
The COVID-19 pandemic has driven home many lessons for nonprofits, perhaps none so much as the importance of operating reserves. If your nonprofit is among those organizations with dramatically depleted — or nonexistent — reserves, here are some steps you can take to remedy the situation. Tips for Rebuilding Your Operating Reserves Achieve buy-in. It
The role of a nonprofit’s finance committee is probably more important now than ever Here are some of the areas your finance committee should focus on.
Operating reserves are often called “rainy day funds.” But stable reserves are critical for far more pressing reasons than the metaphorical rainy day.
Board members should always bear in mind their board member responsibilities and duties. Here are the three primary duties.
The past 18 months have been full of challenges for nonprofits. Adding on to the scope are several significant tax changes for nonprofits and updated guidance that has been released. Some changes can be traced back to the Tax Cuts and Jobs Act (TCJA) of 2017 and are just now receiving guidance or enforcement. Here
It’s important to keep up with the nonprofit trends if you are looking to build or enforce a strong foundation for your nonprofit.
It’s critical that organizations implement internal controls to protect their finances and accounting-related data. Here are some areas to survey.