The audit committee is generally responsible for selecting an independent auditor and overseeing the audit process, as well as reviewing financial information and monitoring compliance with the organization’s fiscal policies.
Nonprofit accounting standards require incoming contributions to be classified as one of two categories: contributions with donor restrictions, or contributions without donor restrictions.
Sponsorships and advertising are treated very differently by the IRS. If your nonprofit organization isn’t careful, you might wind up with additional tax complications that you weren’t expecting.
