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Nonprofit Gift Acceptance Policies: Your FAQs Answered
Today, gifts given to nonprofits come in various forms. They could be cash, securities, real estate, timeshares, art, or perhaps something more unconventional, like cryptocurrency donations. No matter what it is, your nonprofit should evaluate each one to determine if...
The Nonprofit Accounting Cycle: 8 Steps You Should Know
Whether you perform bookkeeping in the nonprofit or for-profit world, knowledge of the accounting cycle is a crucial asset. It helps paint a clear picture of your organization's financial health. But, what is the accounting cycle? We define it here, along with the...
Month-End Close: 3 Best Practices for Speedy Success
How long does it take to complete your nonprofit's month-end close? According to a survey by Sage, about two-thirds of small to mid-sized businesses close their books in 15 days or less. However, 26% of those surveyed closed in one week or less (considered a best...
Will Your Nonprofit Face a First-Time Single Audit?
Pandemic Funding: Nonprofits Facing First-Time Single Audits Did your nonprofit receive any type of stimulus funding from the federal government during the pandemic? If so, your organization may be subject to an unexpected audit. Known as a "Single Audit," many...
Nonprofit Fraud: 6 Ways to Protect Your Organization
Most nonprofits base their culture on honesty, trust, and a solid commitment to goodwill. But sadly, an organization's honorable mission and public image are not always resistant to fraud. According to the Association of Certified Fraud Examiners (ACFE) 2022 Report to...
Nonprofit Compensation Systems Part II: Executive Pay and Credit Card Use
In our first installment of this two-part series, we shared the basics for building an ethical nonprofit compensation system. Here, in part two, we'll dive into another critical component — executive pay and credit card use. These are tricky in the nonprofit world,...
Nonprofit Compensation Systems Part 1: An Ethical Roadmap to Success
Creating a nonprofit compensation system is not as daunting as it may seem. Implementing an ethical program is simplified with the right strategies, structures, communication, and management. But to be successful, it's best to develop a plan — essentially a roadmap,...
How to Start a Nonprofit
If you're wondering how to start a nonprofit, kudos to you. It means that you want to make a positive difference and are willing to go above and beyond to ensure your mission is a success. Yes, it takes work, but what you put into it is what you get out of it — making...
Nonprofit Financials: What to Share With the Board and How Often
When it comes to nonprofit financials, it's wise to know what to share with the Board of Directors and how often to do so. A well-informed Board has all the financial information necessary to best fulfill the nonprofit's mission, strategies, and goals. What's more,...
Nonprofit Cash Reserves: Three Smart Ways to Handle too Much Cash
While it may seem rare, we've been seeing more instances of nonprofits receiving windfalls of cash. And as wonderful as 'too much cash' may seem, it's also daunting. Large cash reserves come with large amounts of responsibility — especially in the nonprofit world. So...
Nonprofit Audits: 5 Reasons to Do One, Even if Not Required
Wondering if you have to perform an audit for your nonprofit? While the IRS doesn’t require nonprofits to obtain audits, some other state and government agencies do. Much of it depends on the size of your organization and its spending. But whether your nonprofit must...
Nonprofit Event Revenue Reporting: Form 990 vs. GAAP
If you're a nonprofit that hosts events, do you know how to report the revenue accurately? Whether an auction, marathon, ball, golf event or gala, accounting for each is tricky. That's especially true when reconciling between GAAP financial statements and Form 990....
Multiple Streams of Revenue: 11 Ideas for Nonprofit Success
Are you interested in multiple streams of revenue for your nonprofit? If so, you’re not alone. Part of a nonprofit’s mission is to generate sustainable funding for its cause. Creating a broad mix of funding sources is the key to a nonprofit’s financial success. It...
Top Trends to Be Aware of in 2022
Nonprofits: Top Trends to Be Aware of in 2022 What are the top trends that nonprofits need to be aware of in 2022? It’s a good question considering the past few “unprecedented” years. While it’s impossible to predict the future, we’ve seen and experienced a lot with...
2021 COVID-19 Income Tax Deductions to Consider
Did COVID-19 impact your income taxes in 2021? If you're not sure, some lesser-known tax deductions could help you reduce your tax burden. Because of the pandemic, many people worked from home, bumped up their charitable giving, and sadly, some even experienced the...
Nonprofit Accounting: Top 5 Reasons to Move to the Cloud
With cloud-based accounting, you’ll have a clear understanding of where your business stands financially, anytime, and from anywhere you have internet access. It’s real-time data you can trust — a significant asset for any nonprofit organization working with Qbix Accounting Solutions.
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?
More Than Dollars: The Real Value of Nonprofit Donors