Not surprisingly, many nonprofit board members do not fully understand financial statements—despite the fact that understanding those statements is key to good governance.
Expenses are allocated to show the total cost of activities, services, and projects. It is very important for the board and management to know the total costs of activities, s
One question I frequently ask nonprofit organizations I speak to is, “What processes are in place for identifying, responding to, and monitoring fraud risks?” Most times, the response describe
Corporations and organizations have long understood the value of systematic planning for worst-case scenarios to avoid unwelcome surprises, known as enterprise risk management (ERM).
Throughout the year, nonprofit organizations review their processes for improvement, cost savings, and areas where they can create greater operational efficiencies.
In a previous article, we described the importance of including multiple internal stakeholders when selecting and implementing an Association Management System (AMS).
Establish a policy for fixed assets detailing which fixed assets are capital (depreciated rather than expensed) assets. This will be included in the organization's footnote disclosures t
The internal control system needs to be documented (the expected results or outcomes of the system and what everyone does need to be put in writing) and constantly evaluated. A con
Managing a nonprofit organization’s overhead (management and general) expenses is just as important as managing program and fundraising expenses. Most nonprofits would not dispute this statement.
Internal Controls for Medium and Large Non-Profits-Part II, which is presented by Shawn Miller of Calibre CPAs, continues the discussion relating to controls that can be implemented to mitigate the
