Nonprofit Accounting
Thinking About Joining a Nonprofit Board? 5 Things to Consider
Joining a nonprofit board can be an exciting opportunity to contribute to a cause you care about. However before saying yes, it’s important to consider what board service involves – both in terms of your time and financial commitment. At Lumix CPAs and Advisors we help nonprofits navigate financial challenges and achieve long term sustainability.…
Read MoreChange Management for Nonprofits: Navigating Accounting and Financial Transitions
Change is hard, but most often it is inevitable. Whether change is necessary due to growth, regulatory updates, or funding it is important for your nonprofit to be open to change management. But what is change management? Change management is “actions a business takes to change or adjust a significant component of its organization.” At…
Read MoreHow to Get (and Protect) Your Tax-Exempt Status as a Nonprofit
As a nonprofit owner, achieving tax-exempt status is a significant milestone. It can provide financial benefits such as fewer state and federal taxes, and also increases your organization’s credibility. However, obtaining and maintaining tax-exempt status requires detailed planning and ongoing compliance. The team at Lumix wants to help because we know that every dollar our…
Read MoreTrends for Nonprofit Organizations in 2024
As we move through 2024 it will be essential for nonprofit leaders to keep an eye on new trends to maintain their success in the nonprofit sector. Fund raising, donor retention, board and stakeholder satisfaction, and compliance are all factors that directly impact a nonprofit’s success. There are some 2024 nonprofits trends that highly successful…
Read More3 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 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…
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