How to prepare your nonprofit for a financial audit
Outside financial audits may seem like an extravagance to not-for-profits working to contain costs and focus on their mission. But undergoing regular audits allows your organization to identify risks early and act quickly to prevent problems.
Can your board recognize financial red flags?
A key fiduciary duty of your not-for-profit’s board of directors is to oversee and monitor the organization’s financial health. Some financial warning signs — such as the loss of a major funder — may jump out immediately. But other red flags can be more subtle. Here are some of them.
Solving the skilled labor dilemma with military veterans
The shortage of skilled labor available for hire is bad — and it’s worldwide. New research conducted by the Manpower Group for the 2020 World Economic Forum in Davos revealed that 54% of employers surveyed globally were struggling with skilled labor shortages.
Considerations for capital asset controls
Capital assets often are one of the largest areas on your statement of net position; however, for many entities, little time is devoted to establishing controls around capital assets.
Disaster Recovery
Technology plays a critical role in our job functions, and this dependence on technology creates risks.
Reporting contingent liabilities
Contingent liabilities reflect amounts that your business might owe if a specific “triggering” event happens in the future. Sometimes companies are unclear when they’re required to report a contingent liability on their financial statements under U.S.
Getting help with a business interruption insurance claim
To guard against natural disasters and other calamities, many companies buy business interruption insurance. These policies provide cash flow to cover revenues lost and expenses incurred while normal operations are limited or suspended.
How taxes affect your nonprofit’s donors
The deductibility of most charitable gifts hasn’t changed since passage of the Tax Cuts and Jobs Act, but some recordkeeping requirements have.
Dealing with deposits in QuickBooks
Where do the payments you receive in QuickBooks go? The software provides tools for managing deposits.
Look closely at your company’s concentration risks
The word “concentration” is usually associated with a strong ability to pay attention. Business owners are urged to concentrate when attempting to resolve the many challenges facing them.