3 Reasons for a Nonprofit to Conduct an Independent Financial Audit
Every nonprofit leader knows that their organization is subject to a number of regulatory compliance requirements. In many cases, this includes the need for the organization’s financial statements to undergo an audit, often on an annual basis. Checking off all the compliance-related boxes required by the local, state, or federal government is obviously important for…
Read MoreCould Your In-House Accounting Processes Use an Overhaul?
Small businesses and fledgling nonprofit associations often get their start with a single individual and a big vision. With hard work and time, many of them grow and scale, so much to the point that they can no longer do everything on their own. They start assembling a team. This spells success and it’s a…
Read MoreAre Your Nonprofit Financials Ready for Year End?: A 5-Step Recipe for Sweet Success
It’s the end of the year (I know, we can’t believe it, either!) and along with holiday parties, gift buying, and goal setting, lots of our clients are thinking about their finances, especially in terms of whether or not they are in good shape to end the year. At Lumix we work with many organizations…
Read More3 Reasons You’ll Be Thankful for Outsourcing Your Accounting
It’s the season of giving thanks and expressing gratitude! I always appreciate this holiday’s ability to offer us the opportunity to become more aware of all that we have to be thankful for and to express our gratitude more intentionally. We typically think of thankfulness in relation to our personal lives, but it extends to…
Read MoreHow to Avoid Getting Spooked by Your Statement of Activities
Gather round, it’s (not-so spooky) storytime–nonprofit accounting style! It might be the season of tricks and treats, but I promise you, reading your Statement of Activities doesn’t have to be scary. 👻 Can it be a bit tricky, though? Yes! That’s why I am here to share what it is and how it can be…
Read MoreA CPA’s Guide to Navigating Nonprofit Finances: Top Five Tips
As a CPA that is entrusted with the finances of a great many nonprofit organizations, the team at Lumix frequently finds itself fielding questions related to nonprofit finances. We gathered five top tips to point your nonprofit in the right direction on where to focus financially based on our in-depth understanding of the nonprofit sector…
Read MoreThe Power of Financial Transparency for Nonprofits: How a CPA Can Help
Nonprofits face many unique challenges when compared to other sectors. One hardlined reality? Nonprofit finances are susceptible to a high level of scrutiny. The general public, donors, and governmental authorities can all be sources for an eagle-eyed analysis of a nonprofit’s financial records. As a CPA and financial advisor to nonprofit associations and organizations, this…
Read MoreUnderstanding Overhead: The Good and Bad for Nonprofits
Overhead expenses are unavoidable when running any kind of organization, including those in the nonprofit sector. Overhead line items tend to be highly scrutinized in the nonprofit world, where charities and other organizations are judged by how they allocate their funds to anything outside of the scope of mission-driven programmatic spending. In this article we…
Read MoreAt What Point Do You Have to Say ‘NO’ to a Grant?
There is nothing like the excitement of hearing that you are being awarded a generous grant. As a mission-driven organization, your goal is to provide a valuable service to your community. Grant money can feel like the essential “blood” that courses through the work you do and brings “oxygen” to a variety of programs and…
Read More3 Tips for Getting Your Nonprofit’s Finances Ready for Summer
The peonies are in full bloom, the weather is lovely, and I have taken my white capri pants from the back of my closet. That can mean only one thing, summer is close! There is nothing like the prospect of summer to bring a spring to our collective steps. Summer comes with the idea of…
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