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 […]
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 […]
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 […]
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 […]
