Posted Jul 03, 2017 01:15 PM
Sound financial management is a must for nonprofits. It's necessary for maintaining compliance with local and federal laws, reporting back to funders, and keeping the organization running smoothly. We share with you important resources on financial management that you should keep bookmarked for future reference.
For additional resources, visit our Financial Management page.
- It is a best practice for larger organizations (especially ones with federal contracts) to complete an annual independent audit. Smaller organizations can do an audit every two or three years or contract with a CPA firm to do a financial review or compilation. The National Council of Nonprofits’ Nonprofit Audit Guide can help you get started.
- Internal controls can ensure more efficient operations, compliance with local and federal laws, and the ability to create accurate reports. This Internal Controls Checklist will ask you key questions that you should be able to answer.
- Are your procedures for processing accounts payable, accounts receivable, billing, and cash receipts orderly? Review The Wallace Foundation’s Checklist for Monthly Closing Process.
- Jacobson Jarvis & Co, PLLC – a Resource Directory specialist – provides a booklet letting you know how to remain in compliance with local and national tax laws.
- According to WAC 434-120-107, charitable organizations with an annual gross revenue exceeding $3 million over the three preceding fiscal years must file an audited financial statement prepared by an independent CPA. Nonprofits with revenues of less than $3 million but more than an average of $1 million during the last three years must disclose publicly either an audited financial statement or a federal financial reporting form (Form 990).
Tap into 501 Commons’ Financial Expertise
Need help with your Form 990? We can lend a hand! 501 Commons’ experienced accountants and CPAs can review and help prepare your Form 990 so that it best tells your financial story. Complete a Request for Assistance Form to get started.
Finance Quick Consult: Do you have a financial question that needs a quick response? Try Finance Quick Consult for $25 per 15-minute increment to receive professional guidance at an affordable rate. Email firstname.lastname@example.org today!