How 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…
Read MoreSix Steps to Follow After Receiving a Federal Award
Contributed by our Director of Grants & Compliance, Victoria Hougham You’ve just received a Federal funding award. Congratulations! But, what now? As a Federal grant award recipient you are required to follow all statutory and regulatory requirements. Understanding all of the grant compliance requirements and navigating the many systems can be confusing. While each award…
Read MoreSigns That Your Organization May Be Need Outsourced HR Services
Have you ever sat at a board meeting with a feeling that the Executive Director may be exhibiting unstable behavior or may be running the organization into operational or financial instability?
Read MoreCase Study on a Federal Award Recipient
Recently, we were engaged by a nonprofit organization to help them during a significant finance team staffing shift. In addition to replacing their CFO to complete their 4-person finance team, they were also in the middle of a very rigorous Single Audit and needed an outsourced CFO to step in and help get them through…
Read MoreHow can a specialized grants management team add value to your organization?
Hiring an expert team to establish structure, efficient systems, and processes will help you comply with government grant requirements and will add value to your organization in many ways: This team focuses on government grant compliance and accounting issues – nothing else! You have a good finance team in your organization, but they have a…
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