Most nonprofit organizations, with a few exceptions, are required to file an annual form with the Internal Revenue Service (IRS). The form is officially named “Form 990, Return of Organization Exempt from Income Tax.”

If your organization has a “calendar year” fiscal year, the falling leaves of autumn will most likely bring budgeting for the coming year to mind.

As a nonprofit leader, you’ve spent significant time and energy planning for your organization’s long-term growth. To put those plans into action and maximize your impact, it’s crucial to prioritize your nonprofit’s financial future, too.

Nalanda Institute for Contemplative Science has experienced the benefits of outsourcing their accounting to 501 Commons’ Financial Services.

Your nonprofit’s fundraising events serve a myriad of purposes, from building relationships with donors to spreading awareness for your cause. But, primarily, your events aim to raise money.

For WA-based organizations, be sure that you stay legally compliant and implement the new minimum wage on January 1. You also need to check to see if you have exempt staff that qualify for overtime because their pay is below the new threshold.

For decades, nonprofit organizations have played a vital role in building healthy communities. One challenge that constantly faces them, however, is how to sustain operations during an economic downturn.

Most organizations are experiencing some level of financial stress. Even those receiving additional direct service funds may find that having a growing program is stretching administrative staff and operating systems.

Few accounting software programs can compete with Intuit’s QuickBooks for smaller to mid-sized organizations. Many nonprofit organizations use it for bookkeeping, payroll, and managing fundraising activities.

Nonprofit accounting brings unique challenges, rules, and reporting requirements that for-profit companies don’t have to deal with. If anything is confusing you or causing you to lose sleep at night, partner with us and we can guide your way to better bookkeeping practices.