Nonprofit Accounting Basics

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Public Support Tests: Why You Might Prefer Public Charity to Private Foundation

Originally Posted: December 10, 2021

While the Internal Revenue Code Section 501(c) lists 29 different types of nonprofit organizations, most tax-exempt organizations are those described in Section 501(c)(3) and have a charitable, rel

Richard J. Locastro, CPA, JD

GRF CPAs & Advisors

Jan McDaid, CPA

Han Group LLC

Bhavin Patel, CPA

Councilor, Buchanan & Mitchell, P.C. (CBM) – CPAs & Business Advisors

Capital Budgets Play an Important Role in Nonprofit Planning

Originally Posted: November 26, 2021

Annual operating budgets for nonprofit organizations will always be center stage, drawing the attention of senior management, Board, and staff.

Example Criteria for Major Decisions: A Strategy Screen

Originally Posted: November 19, 2021
General
 
  • The proposed action must align with the organization’s core mission.
  • The proposed action must serve all or a substantial subset of the organization’s

Examples of Decision-Making Procedures

Originally Posted: November 19, 2021
  • Define the decision to be made.
  • Set a specific deadline by which the decision needs to be made.
  • Identify who should be involved in the process and whether board approval will b

Decision Making Policy Example

Originally Posted: November 19, 2021

ORG Decision-making Policy

To promote making good decisions, ORG adopts the following principles:

Auditor’s Reports Will Soon Look Different

Originally Posted: November 11, 2021

Auditor’s reports will look different for audits of financial statements for periods ending on or after December 15, 2020.

Lobbying and Political Activities Chart

Originally Posted: October 27, 2021

Nonprofits are allowed to lobby, but the type of nonprofit determines the level of lobbying allowed.  Some nonprofits can engage in political activity, but not all are allowed that flexibility

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