Finances
Aren’t Nonprofits Penalized for Having a Reserve?
This is a question, and many times, a forceful statement I hear at least once a month. My clients and members of nonprofit boards I belong to have a deep misconception that nonprofits are not allowed to accumulate savings (aka reserves). Several years ago, I did an extensive search and asked various experts in the…
Read More“Is It Too Early to Start Saving for Retirement?”
I was a teenager when Congress created the Individual Retirement Account, and as soon as I had my first summer job, my father advised me to open an IRA. You can imagine my reaction; I didn’t yet have a full-time job, and my father was talking about retirement! However, my father managed to persuade me by…
Read More4 Fiscally-Responsible Changes You Can Make as a Board Treasurer
It is an honor being asked to be treasurer of the Board of a not-for-profit organization. What seems like a time-consuming task is truly an opportunity to make a fiscal difference for the organization you are invested in. As a CPA with an understanding of nonprofit experience, I have been lucky enough to serve on…
Read MoreCreating a 5 Point CFO Report
Providing monthly financial statements to the president or executive director of a non-profit organization is essential to help them guide their organization to meet their strategic objectives, but the financial statements should be geared towards board members, too. Unfortunately, many executives and board members may not understand what they are looking at. To help these…
Read More“My financial statements are always late!”
This is the number one complaint we hear from clients who reach out to us for services. About a year ago we started working with a new client. He reached out to us for our CFO services to help him understand whether his organization’s accounting work was too much for the one-person accounting department he…
Read MoreKeeping the Focus on the Mission
This blog was originally published on the Standards for Excellence Institute® website, for which Maribel is a peer reviewer. As a peer reviewer, she evaluates an organization’s application for compliance with the Standards for Excellence: An Ethics and Accountability Code for the Nonprofit Sector. You start with the mission – Point A. This is your intent. You…
Read MoreFinance Department on Steroids
I always appreciate the opportunity to talk to a prospective client who has not selected us for their services. Hey, it happens to all of us! A few days ago, I had a great chat with one such prospective client from whom I had not heard in several months. The great part about that conversation…
Read More5 Steps to Approving a Bank Reconciliation
Reviewing the monthly bank reconciliations is part of a complete set of internal controls for your organization’s financial process and will be an item your auditors will look for. However, for those of you new to this task or for those who simply want a quick break-down of the process, read on… I will try…
Read MoreHow Can Our Company Save Money With Outsourced Accounting?
Maintaining an in-house fully staffed accounting department weighs heavily on your overhead cost.
Read MoreNeed to use retirement funds right away?
In today’s economic turmoil, many face hardship and need to pull funds out of their retirement account in order to make ends meet.
Read More