Part 1 of a 2 part series. Reporting to your board can be a stressful obligation. However, it doesn’t have to be. Following these helpful tips will keep you on track with your board members, and ensure that your nonprofit’s financial decisions are based on accurate information. You should be reporting to your board on a quarterly basis, providing them with a clear financial portrait of your programs and operations. Providing accurate information is critical, as it ensures that your board will be able to provide correct advice and proper strategy.
The purpose of a time study is to identify the proper allocation of expenses (typically employee’s pay) that are not classified, or are classified to a general or unallocated class. It is important to conduct these studies on a routine basis: a routine basis would typically be defined as quarterly for one year (or four quarters), and should occur every other year. In order to instruct your staff on these time studies, give them the following instructions.
A couple of weeks ago, a reader commented on my post of on the topic of internal control. Here’s what she wrote: "Working in a very small nonprofit, I’ve found creating internal controls to be very challenging. We have a contract bookkeeper who balances all of our bank statements, and our board members [are] the bank signers, including approving and signing checks, so that helps. What are some other ideas with a nonprofit that has only 1 full time and 1 part time staff?
If you are as confused as many of us are about how all of the Healthcare Reform legislative changes will impact your nonprofit, please attend tomorrow's FREE webcast, offered by one of our service partners, Automatic Data Processing (ADP).
An announcement from our partner, Idaho Nonprofit Center Idaho Gives is a day for philanthropy across Idaho A day for nonprofits to tell their stories and share with you how their work enhances communities throughout our state. A day for Idahoans to come together with one voice of support for our nonprofits, big and small. A day for you to find your passion and share it! We’re hoping you will join us here on May 2, 2013 to make a contribution to the nonprofit you support, and maybe find a few new friends.