3 Tips To Keep Your Nonprofit Compliant With Uniform Guidance

May 2, 2023

If your nonprofit receives significant federal funds, it may be subject to the Office of Management and Budget’s Administrative Requirements, Cost Principles, and Audit Requirements (Uniform Guidance). In addition, if your nonprofit spends $750,000 or more in federal awards in a fiscal year, it probably requires a single audit, which is an annual financial statement…

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nonprofit audit

Why It Is Important for Nonprofits To Implement Time Tracking

April 20, 2023

Nonprofit organizations are obliged by federal and state wage-and-hours laws to perform a certain amount of time tracking. Funders may also stipulate timekeeping practices. Fortunately, timekeeping software can make the job a lot easier for staffers and managers. Here’s how to ensure your nonprofit complies. What’s required and what’s not You generally are required to document…

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nonprofit audit

4 Key Ratios Nonprofits Should Watch

April 13, 2023

To control your nonprofit’s expenses and improve operating efficiency, you need to keep an eye on the numbers. This should come as no surprise, but which measures are important? Which ratios can help you identify how much currently goes toward programming (as opposed to administration), how much you spend on fundraising (compared to funds raised),…

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corporate tax

4 Tips To Help Prevent Nonprofit Accounting and Tax Errors

March 30, 2023

Although failing to file a Form 990 with the IRS when required to do so is probably a more serious mistake, filing it with data errors isn’t recommended. Your nonprofit should strive to be as accurate as possible when preparing accounting and other tax documents. Carelessness can cost you support from donors and grantmakers and,…

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nonprofit auction

Tax Requirements for Your Next Nonprofit Auction

March 23, 2023

Whether your nonprofit is holding an in-person or online auction to raise funds, you need to be careful to adhere to tax requirements. For example, you should provide written acknowledgments to donors of items valued at $250 or more, including good faith estimates of any goods or services provided in return for contributions. Here’s an…

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financial audit

5 Types of Audit Evidence Used in Your Organization’s Financial Statement Audit

March 14, 2023

Organizations that understand how auditors verify account balances and transactions can minimize disruptions during audit fieldwork and maximize the effectiveness of financial statement audits. Here are five types of audit evidence auditors gather to help them form opinions regarding your financial statements. 1. Original source documents Auditors can verify an account balance or record by…

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