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Does Your Nonprofit Receive Donations of Services, Supplies or Equipment? Changes are Coming!
Changes to How Nonprofit Organizations Report In-kind Contributions of Nonfinancial Assets It is common for nonprofits to receive donations and contributions of nonfinancial assets, more commonly known as in-kind contributions. Typical examples of in-k …
Alleviate Accounting Systems and Staff Training Chokepoints to Power Nonprofit Missions: A Case on How One Oregon Nonprofit Did It
Part 2: Personal to Personnel In 2019, I came to Lost Valley Education and Event Center (LVEC), first as a student, then as LVEC’s bookkeeper, with no prior training in the craft other than management of my own finances and my stint as an Air Force Int …
The Employee Retention Credit: What Nonprofits Need to Know
Originally enacted as part of the CARES Act in March 2020, and subsequently voted into law last December, the Employee Retention Credit (ERC) may now be claimed by eligible employers—and that includes tax-exempt nonprofit organizations—that previously …
Alleviate Accounting Systems and Staff Training Chokepoints to Power Nonprofit Missions: A Case on How One Oregon Nonprofit Did It
Part 1: Innovation is Iterative In 2019, I came to Lost Valley Education and Event Center (LVEC), first as a student for the Holistic Sustainability Semester (HSS), one of LVEC’s programs, and then began employment as LVEC’s bookkeeper, with no prior t …
Running Your Nonprofit’s Accounting Department During Covid-19 and After
When stay-at-home orders hit a year ago, was it a seamless transition for your nonprofit, or was your bookkeeper sneaking into the office early on Saturday mornings to scan documents and do work on your desktop version of Quickbooks? Your organi …
A Primer on Nonprofit Contributions and Revenue from Contracts with Customers
The Impact of ASU 2014-09 on Nonprofits You may have heard the buzz about the new revenue recognition standard, Revenue from Contracts with Customers, (ASU 2014-09), which is now effective for all nonprofits. You’re wondering what kind of impact, if an …
IRS Tax Form 990 [Deadline Extended]: How to File It, When to File It, and Why It’s So Important
Special Covid-19 note: The IRS is giving a break this year to individuals and businesses. The IRS states in Relief Notice 2020-23 that filing due dates, including extensions, which were due after April 1st but before July 15th, can be postponed until J …
No Budget, No Mission: A Guide to Basic Nonprofit Budgeting
What has always drawn me to a nonprofit organization is the mission. The mission of an organization speaks in ways that numbers do not. The mission instills hope, meaningful change, and impact. It elicits images of a stronger community and evokes the p …
Accounting Procedures Manual Template
Has “Create an Accounting Procedures Manual” been on your To Do list for several months now? For several years? You aren’t alone. We often stumble on this task for two, curiously contradictory reasons: Creating an Accounting Procedures Manual se …
Get the Most Value from Your Audit
Audits are expensive in terms of money, staff time, and board attention. CPA Dennis Walsh tells us how to wring the most value from them: An IRS tax audit has been described as an autopsy without the benefit of death. The financial statement …
