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Choosing the Right Form 990: A Simple Guide for Nonprofits
Which Form 990 should you use? It's a question that resonates with many nonprofits — but don't worry. We'll break down the decision-making process in a way that's easy to understand. Keep reading to learn more about Form 990, the options available, and how easily to...
Optimize Your Nonprofit’s Pre-Tax Season Checklist: 5 Essential Steps
Navigating tax season can be challenging for nonprofits, especially considering their exemption from federal taxes. While 501(c)(3) organizations don't have to pay taxes, they must file Form 990 annually to maintain their tax-exempt status. As you may know, Form 990...
Want to Outsource Your Nonprofit Accounting? Key Questions to Ask First
Nonprofit organizations, like for-profit businesses, rely on effective financial management to thrive. Hence, accounting and bookkeeping are equally vital and demanding parts of daily operations, requiring more resources due to their complexity, time consumption, and...
Calendar Year-End vs. Fiscal Year-End – What Works Best for Your Nonprofit?
We already know that nonprofits are special. But when it comes to year-end, they're even more so. Why? Because nonprofits are the only organizations that get to choose how to file their taxes — either by calendar year or their fiscal year. Of course, the timeframe for...
More Than Dollars: The Real Value of Nonprofit Donors
In the nonprofit world, the never-ending pursuit of funds often overshadows the significance of donors themselves. Sure, the dollars are essential, but let's not underestimate the power of the generous people on a mission to improve the world. Donors are not just a...
Top 10 Reasons to Outsource Your Nonprofit Accounting to Qbix Accounting Solutions
Nonprofit organizations face unique challenges — especially with the hefty task of managing financial operations while remaining focused on the core mission. Many nonprofits have discovered ways to streamline their financial management through outsourced accounting...
How Nonprofits Make Money: Exploring Diverse Income Sources
Nonprofits are key players in serving the public good, yet their financial landscape can be intricate. Despite the "nonprofit" label, these organizations have diverse income streams. Let's delve into why nonprofits need revenue and the innovative paths they take to...
Nonprofit Financial Planning: 4 Vital Reports for Success
Developing a robust financial plan is crucial for the success of your nonprofit, as it not only ensures sustainability but also drives the fulfillment of your mission. Unlike for-profit companies, nonprofits have unique financial goals, requiring accountability,...
Six Financial Management Tips for Small Nonprofits
It's no secret that small nonprofits try to do more with less. But to make the most significant impact, effective financial management is critical. Unorganized finances can lead to unnecessary purchases, improper fund allocation, and poor financial decisions —...
Nonprofit Travel Expenses: Essential Reimbursement Guidelines You Need to Know
Reimbursing your nonprofit staff and volunteers for their travel expenses may seem simple, but only if you have the right plan in place. More specifically, an "accountable plan," as the IRS calls it. But what is an accountable plan, and how do you create and comply...
Five SECURE 2.0 Changes That Impact Nonprofits
If your nonprofit handles employee's retirement plans (like a 403(b)), you'll want to know how SECURE 2.0 affects them. To give you some background, at the end of 2022, President Biden signed into law H.R. 2617, the Consolidated Appropriations Act. One of the...
How to Utilize Donor-Restricted and Unrestricted Funds Effectively
Understanding your nonprofit's net assets equates to understanding your organization's ability to survive and thrive. Net assets are the value of what the organization owns (assets) minus what it owes others (liabilities). It's simply the amount of money left over if...
Mastering Nonprofit School Finance: Tackling the Top 4 Challenges Head-On
..Financial management for nonprofit schools is often tricky, but it doesn't have to be. The four top challenges to be aware of are endowments, fundraising, audits, and strategic planning. Sure, it seems like a lot, but don't worry — we're here to educate you on the...
Keeping Your Public Charity Status is a Breeze
If you follow our blog, you may have seen our recent article about the pros and cons of public charities and private foundations (and how to decide which is best for your nonprofit.) Most founders concentrate on obtaining 501(c)(3) status – a public charity,...
Starting a Nonprofit? Pros and Cons: Public Charity vs. Private Foundation?
If you are thinking about starting a nonprofit organization, setting it up correctly right from the start will make life easier for you and your team in the long run. First, you must determine whether your nonprofit will be a public charity or a private foundation....
Nonprofit Accounting Year-End Checklist
As this year draws to a close, most people are dreaming about festive holidays and new year celebrations. However, the term "year-end" may harbor some anxiety for those in the nonprofit industry. There are seemingly tons of tasks to address before the current year...
Unlocking Growth: How Bookkeepers and Accountants Boost a Nonprofit’s Mission
Choosing the Right Form 990: A Simple Guide for Nonprofits
Optimize Your Nonprofit’s Pre-Tax Season Checklist: 5 Essential Steps
Want to Outsource Your Nonprofit Accounting? Key Questions to Ask First
Calendar Year-End vs. Fiscal Year-End – What Works Best for Your Nonprofit?