It's been a decade since the Great Recession gave way to the last wave of "best practice" regarding financial reserves. A lot of organizations had rebuilt their reserves, in many cases with increased sophistication. However, the COVID-19 pandemic has required organizations to lean on reserves in new ways to navigate otherwise impossible choices.
Last updated: February 10, 2022
David Heinen, Vice President for Public Policy and Advocacy, North Carolina Center for Nonprofits
As we enter the start of tax season, nonprofit leaders are concerned that their organizations’ finances may be challenged this year by the recent expiration of several temporary tax provisions, including the expanded child tax credit, the Employee Retention Tax Credit, and three tax incentives for charitable giving.
The Expanded and Improved Child Tax Credit
Charitable nonprofits are required to comply with a wide array of federal and state laws and regulations. Nonprofit staff and board members, attorneys, CPAs, and consultants will get a better understanding of the common nonprofit legal compliance policies, rules, and issues that affect nonprofit organizations.
A One-Hour Crash Course in Legal Compliance for Nonprofits – Ed Chaney and David Heinen
Sample Nonprofit Forms and Policies compiled by Wegner CPAs is a treasure trove of common nonprofit policies, almost all of which are available as editable Word files. Examples of templates policies include:
Washington Nonprofits and Jacobson Jarvis, PLLC worked in partnership to develop the Finance Unlocked for Nonprofits (FUN) Oversight Kit. Finance Unlocked for Nonprofits was designed to increase nonprofit finance literacy in ways that help board members to grow their mission and protect their assets.
By Rob Zuengler and Jenny Dominguez, CliftonLarsonAllen
Reprinted with permission from CliftonLarsonAllen
Could your nonprofit afford to lose $639,000? According to a recent study, that amount of loss due to fraud is not out of the question. Occupational fraud is a real threat to nonprofits and it could be committed by anyone from an employee to an executive.
Marshall Whittey, Regional Sales Director, First Nonprofit
The StrongNonprofits Toolkit has been developed and maintained by the Wallace Foundation since 2009. It covers topics in nonprofit budgeting, cash flow, operations, data and analysis, audit readiness, plus governance and strategy. The toolkit has customizable resources to use in managing operations, pre-loaded calendars, and self assessment quizzes or checklists that seek to bolster a nonprofit's finance operations to build operational excellence.
A fiscal sponsor is a nonprofit organization that provides fiduciary oversight, financial management, and other administrative services to help build the capacity of charitable projects. For further explanation, see: What is fiscal sponsorship?