5 Common Nonprofit Accounting Mistakes
No matter the size of a nonprofit or its mission, accurate financial reporting is critical. However, nonprofit organizations often make accounting mistakes. In a 2015 study, public charities reported a 60% higher error rate than publicly traded corporations. The most common accounting errors made by nonprofits include: Lack of Formal Accounting Procedures Every organization, no matter […]
The 5 Documents Nonprofits Need to Gain Tax Exemption
If you’re reading this article, congratulations, you’re close to the finish line for getting your nonprofit up and running. You’ve taken your first steps: forming your organization, creating your board, adopting your bylaws and maybe even rolling out programs. Now you’re ready to sit down with your accountant and make it IRS official. What about […]
Creating a Nonprofit Organization: An Overview
The National Sector for Charitable Statistics estimates that there are 1.56 million nonprofit organizations logged with the Internal Revenue Service (IRS) of the United States. The following is an overview of things to know when creating a nonprofit organization. What Are Nonprofit Organizations? Nonprofit organizations are tax-exempt businesses that exist with the sole purpose of making public aid accessible […]
Mistakes that Could Cost You Your Non-Profit Status
Keeping Up with IRS Requirements The IRS requires a bit more of you, as a non-profit organization. Aside from your regular returns and/or employee taxes, you are required to file a form 990. This is essential to file every year, otherwise, you will end up with a not so friendly letter informing you that you will lose […]
5 Tips For Managing Your Non-Profit’s Board
If you’re running a non-profit organization, then your board of directors is one of the most important aspects of that organization. The board provides guidance, structure, and many times it’s the board that sets your policy going forward. When your board is working together as a single unit, it can be an effective management tool […]
What is a Nonprofit Organization and Should You Start Your Own?
American Cancer Society, Habitat for Humanity, United Way, Boy and Girl Scouts of America, and PBS are just some of the popular non-profit organizations that have changed their communities for the better. Although not all nonprofits are so well known, all are established out of a personal passion to serve and help others. However being servant-hearted […]
3 Tips Avoid a Conflict of Interest When Forming Your Non-Profit’s Board
When you start to ask friends, family or business associates to become part of the board of your newly formed, non-profit, you are usually asking people who have a common interest in your cause. As you start to build your board, there are few IRS regulations you should keep in mind to ensure that you […]
How to Effectively Run Board Meetings
Many board members sometimes complain that going to board meetings is a waste of time. This can result in board members losing interest in your organization or your cause, finding reasons to skip meetings or even leaving the board all together. To help keep you and your board meetings running efficiently, here are a few […]