Fraud within an exempt organization will never be 100% preventable. However, understanding the characteristics and typical signs associated with fraudulent behavior can help mitigate some of the risks posed to an exempt organization, specifically a smaller exempt organization where complete segregation of duties may not be feasible. Common Fraud The most common type of fraud […]
Last month we had the opportunity to interview Lina Lumme, Executive Director and CEO of The Youth Center in Los Alamitos, California, where she shared key learnings from the organization’s 70-year history. The Youth Center is a nonprofit dedicated to transforming the lives of Orange Country children and teens through educational, recreational, and social after-school […]
We’ve reached the end of our three-part series on Nonprofit Accounting Quick Tips, but not before we talk about how to properly record non-cash (in-kind) gifts. It is inevitable that most charitable organizations will receive non-cash contributions at one point or another. Non-cash contributions can take the form of goods, securities, supplies, or services. Properly […]
Creating and maintaining a fiscally responsible budget is something that many exempt organizations struggle with on an annual basis. Monitoring financial stability and tracking financial goals is a significant component in any business, but it is possibly more important for an exempt organization due to the responsibility owed to the public. As most calendar year-end […]
In 1981, Karen Olson, founder of Family Promise, was walking down the streets of New York when a homeless woman asked her for help. Karen stopped and bought the woman named Millie a sandwich and then stayed to listen to her story. Millie shared with her what homelessness felt like and how people treated her. […]
Last month we kicked off a 3-part series of Nonprofit Accounting Quick Tips for maintaining best accounting practices. Today we’re talking about the Segregation of Duties. Though it may be tempting to assign one person all financial related tasks, especially if you have a small or new organization, it’s critical that you segregate duties when […]
California implemented a new law mandating all companies with five or more employees offer a retirement plan to all workers by June 30, 2022. Organizations that do not have a retirement plan in place can register with CalSavers, the state-sponsored individual retirement account (IRA). And you guessed it, nonprofit organizations are not exempt from this […]
Proper record keeping is the foundation of any healthy organization but getting the books in proper accounting shape can be overwhelming. In this series we’ll be sharing simple, bookkeeping quick tips for maintaining best practices when it comes to a nonprofits’s accounting functions. Accounting General Tasks Schedule time on your calendar to tend to the […]
Getting a financial statement audit sounds at most terrifying and at least intimidating. Coming from this side of the table (the people who do the auditing), we promise it doesn’t have to be either. It might not be the highlight of your year, but if it’s on your list of to-dos, then we’ve listed out […]
Jehron Petty, founder and CEO of ColorStack, knows the value of community and the cost of pursuing a goal. ColorStack is a 501(c)(3) collegiate member organization for Black and Latinx Computer Science majors. Supporting over 2000 students at 500 schools across the country, ColorStack is dedicated to resourcing students with the support they need to […]
