There aren’t many people who would call an audit “fun”…but there are certainly some steps you can take to ensure your organization has a relatively quick and painless audit experience.
Some in-kind (or non-cash) contributions can be difficult to identify and record. But by following a few basic rules and being aware of the most common types of in-kind donations, you can ensure that the value of these contributions are captured in your financial records.
When your organization buys a new computer, is that an asset or an expense? Your capitalization policy will help you determine how to properly account for each purchase.
Great news! Congress has retroactively repealed the unrelated business income tax (UBIT) on qualified transportation fringe benefits - a relief for many nonprofit organizations.
Is year-end catching you by surprise? Whether or not your fiscal year ends on December 31st, there are many financial tasks that need to be completed during this busy time of year.
Your organization’s Statement of Financial Position - or balance sheet - provides a snapshot of where you stand financially at a specific moment in time.
A chart of accounts is a numbered list that organizes your financial activity into different categories within your accounting system. Every nonprofit has a unique chart of accounts, but most follow the same general guidelines and numbering conventions.
Humane Societies and other animal shelter and rescue organizations have unique accounting needs based on the nature of the services they provide to humans and animals alike.
