If your nonprofit organization has more than 300 transactions a year (just a thumb rule), it’s better to graduate from manual accounting system to more specialized Nonprofit Accounting and Book Keeping Software programs. Although these programs will require you to invest some money and time in getting used to their interface, they are worth giving Read rest of it.
Gone are the times, when it was enough for a nonprofit organization to focus on its programs and do well at its mission. With financial scams rocking the world, stakeholders don’t’ just want to know who you are helping. More than ever, they now want to see proof of how wisely your nonprofit organization is Read rest of it.
You will often come across the term ‘restricted contribution’ or ‘restricted net assets’ in balance sheet of nonprofit organizations. Not a very common sight in financial statements of ‘for-profit organizations’. This article explains meaning and treatment of ‘restricted net assets’ in the books of non-profit organizations. Meaning: Some donors place restrictions on their contribution. Many Read rest of it.
Valuation of in-kind or non-cash donation is a tricky and complex issue faced by many nonprofit organizations. Many a times, a donor would like to inflate the value of in-kind donation made to your organization for getting higher tax advantage. It is the duty of directors of non-profit organizations to arrive at and reflect a Read rest of it.
Critical review of Non Profit Accounting for Dummies Accounting and proper book keeping plays an important role in any nonprofit organization. Like any for profit organization, a nonprofit organization is subject to evaluation and monitoring by a large assortment of entities like public watchdogs, governemnt, investors, donors, bankers and even creditors. IRS is also very Read rest of it.