3 Reasons I Love Nonprofit Accounting
Working for a nonprofit bookkeeping and accounting company may not provide the perceived prestige or the prowess that one receives from the Big 4 (Deloitte, PricewaterhousCoopers, Ernst & Young, and KPMG), but it does provide me with a few distinct returns. Depending on where you personally find value in your actions, nonprofit accounting can be an alignment of skills and passion that you’d never considered before. The following are three reasons why I personally enjoy nonprofit accounting and assisting our clients do their good works.
Recording Nonprofit Grant Monies Correctly
Recording grant money can be confusing, below are some recording guidelines to follow based on which grant your organization has received. Because recording these monies is largely determined by the type of grant you’ve received, we’ve broken recording down by grant type. Recording an unconditional gift An unconditional gift is one where the money is provided up front and has no restrictions. In this case, you would record the grant at the time you receive notification of the promise (usually an award letter).
6 Things You and Your Board Should Know About Nonprofit Accounting
1. How to provide a clear line of communication with your accountant Whether you utilize a firm like Jitasa or have an accountant on board at your nonprofit, your line of communication must be clear to allow for the best financial decisions. Remember that your board can be held accountable for the financial decisions they make, ensuring they are informed decisions cannot be reiterated enough. If you struggle with communicating at work, here’s an article from Forbes to get you started.
5 Nonprofit Blogs You Should Be Reading
1. Classy Blog Covering fundraising, marketing, and news in the nonprofit community Classy’s blog delivers great information in a straight to the point, easy to understand format. Check them out now for help with your yearend push. Follow them on twitter and facebook for more info 2. NP Tech for good This is a great blog for social media information. From crafting content to the best practices you should be using on social, NP Tech for good will have you connecting on a deeper level with current and potential donors in no time.
Financial Transparency and The Road to Donor Happiness
Financial transparency in the nonprofit community has been a major talking point for several years. Advances in technology, and a focus on fraud continue to raise donor expectations on the subject. They not only want confirmation that their donations are being utilized to assist the causes they are passionate about, they also want to know that your organization is honest and stable. What is Financial Transparency? According to Dave Manuel, Financial Transparency “means making information as accessible as possible” and that you are “being honest about your performance, even when it is subpar.