By Steve Carter, CPA, Principal
Recently, I have begun thinking more about the evolution of the COVID-19 pandemic upon our nonprofit clients. As government assistance is beginning to subside, and life somewhat slowly returning to measured normalcy, what does this mean to those nonprofits who have experienced the generosity of large and small benefactors helping meet society’s demands to feed, house, and provide other critical human and social services to the many impacted by the pandemic? (more…)
How does your board stack up? Is it a diverse, high-functioning, strategically-minded fundraising machine? Or is it more of a work in progress with opportunities for sharper performance?
It’s likely that your board is a little of both—high-performing in some areas and ripe for improvement in others. According to BoardSource’s most recent board study, more than 70 percent of chief executives and 80 percent of board chairs believe their board’s performance has improved in the past three years. Yet, there’s always room for improvement. (more…)
A lot has changed over the past 10 years, but certain values have not. According to the 2021 Deloitte Millennial Survey, millennials and Gen Zs have maintained their idealism, desire for a better world, and their belief that business “can and should do more to help society.”
These steadfast principles bode well for nonprofit organizations as millennials and Gen Zs enter and experience success in their careers and commit to causes they believe in. (more…)
Ensuring board diversity has taken on new urgency recently as leaders have more fully recognized the value of including more women and people of color in the boardroom. When boards don’t reflect the communities or populations they serve, they risk becoming stagnant and missing opportunities for growth and funding.
But just recognizing a need for diversity doesn’t make it happen. Building a diverse board requires a mindful, dedicated approach. Here are four ideas to help you cultivate diversity on your board: (more…)
There’s a soft spot in many hearts for nonprofit organizations as they pursue their worthy cultural, scientific, civic, medical, social, and recreational missions. So, it’s especially upsetting when nonprofits are the targets of fraud, and doubly sad when the perpetrator is an employee.
According to the Association of Certified Fraud Examiners Report to the Nations: 2020 Study on Occupational Fraud and Abuse, occupational fraud—which is fraud committed by employees against employers—is among the costliest types of financial fraud. The organization estimates that 5 percent of revenues are lost to fraud each year. (more…)
Last September, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-07 regarding the disclosure and presentation of contributed nonfinancial assets. The purpose of the update was to increase transparency about how these types of assets are measured, as well as how many of them are used in the nonprofit organization’s programs and other activities.
Nonfinancial assets include gifts, donations, gifts-in-kind, and donated services. They also include fixed assets such as land, buildings, and equipment, or use of such fixed assets, materials and supplies, intangible assets, and services. (more…)
Thankfully, the coronavirus is waning, but its impact on nonprofit organizations will be felt for a long time. If your organization hasn’t already taken advantage of all available programs to help nonprofits, it’s not too late for some assistance.
Late in 2020, the Consolidated Appropriations Act (CAA) of 2021 passed both houses of Congress, providing $900 billion in additional funding for COVID-related aid. This second round of funding extends certain programs, as well as broadens the application of funding, in some cases retroactively. (more…)
Once a year, you get to tell the world your story in long form and provide context on your strategy. Make the most of your annual report by answering four important questions:
- Who are you? Be loud and proud about your mission. If your mission statement is tired or unclear, craft a new one. This is your chance to tell your donors—both current and potential—why you exist.
Tip: Your report might be digital. Would a video work better? If so, production quality is key. (more…)
For some, working from a home office is not new and might have been a carefully considered choice. But the pandemic has forced many institutions to adjust, sometimes radically, to maintain an effective work environment.
Now many months into these new arrangements, signs of general fatigue threaten productivity and enthusiasm, not just for employees but for board members as well. People no longer consider virtual get-togethers after work clever and fun.
When it comes to your board, how do you fight lethargy and keep your board members engaged and enthusiastic? (more…)
