Not all nonprofit organizations are required to have an independent audit of their financial statements. However, there are several circumstances that trigger a mandatory audit, including expending $750,000 or more per year in federal funds. Many state and federal contracts, bank loans, and private foundations may also require audited financials.
As important as they are, audits can be time-consuming, costly, and frustrating for nonprofit organizations, their boards, and staff. To ensure that the process goes smoothly, here are five ways to prepare: (more…)
The Women Give 2020 report by the Women’s Philanthropy Institute (WPI) at Indiana University explores giving and technology through a gender lens. It’s no surprise that the study concludes that there are differences in how women and men give and how they use technology and social networks in their giving.
The study used data from four case studies—Charity Navigator’s Giving Basket, GlobalGiving, Givelify, and Global Impact’s Grow Fund—to discern how women and men give via online platforms and apps. (more…)
Unfortunately, the pandemic has inspired scammers to figure out new ways to defraud and take advantage of individuals and organizations. With larger numbers of employees working remotely, your organization is at a higher-than-usual risk of fraud and cyber threats.
Here are seven ideas to help keep your employees and your organization safer: (more…)
Health officials have reminded us to be vigilant and smart as we go about our daily lives. The same is true for fundraising moving forward.
Don’t Stop
Studies have shown that organizations that stopped fundraising immediately after a crisis like 9/11 had a significantly harder time recovering financially than those that kept going. There is an inevitable decrease in donor activity during a crisis, but it’s critical for your organization to continue its efforts. Expect that there will be less to go around as donors reconsider their own financial situations. (more…)
COVID-19 has affected populations and economies around the globe. There is a palpable sense of unease as circumstances change daily. One thing to consider is that many of the world’s best innovations were conceived during the most challenging times.
By adjusting the way you operate, you may be able to not only bridge the crisis, but actually come out stronger. Here are some ideas to set your organization on the right path. (more…)
Building a board is a continuous improvement process. You want committed, passionate, and expert members to help guide your nonprofit—and you want to continuously fine-tune the board to be its best.
Recruitment Best Practices
It’s challenging to find people with the right skills for board positions. Here are a few best practices: (more…)
Does your staff cringe when you talk about goals? Do your coworkers roll their eyes when you discuss your objectives for the coming year?
If this is the case in your organization, it may be time for a new way of thinking about your aims—one that is well established, motivating, and clear.
Try using the SMART framework to make your goal setting more effective. SMART is an acronym for specific, measurable, achievable, relevant, and time bound. This technique can add clarity, structure, and motivation to your organizational goals. (more…)
By Nick Sabbatini, CPA, Audit Manager
Social distancing has led to a reduction of customer foot traffic and a shift towards a remote workforce, notably impacting revenue streams. For nonprofit organizations, this means finding ways to cope with a reduction in program participation while also grappling with ways to alter processes and program management to ensure health and safety. However, nonprofit organizations face an additional blow, as donations and grants, which often provide the bulk of funding needed for general operations, dry up due to the cancellation of fundraising events, and tightening of budgets during the crisis. Given this significant drain on operational funding, nonprofit organizations need to adjust operations and use existing resources to ensure their doors remain open. (more…)
Does your development strategy include pursuing grants from donor-advised funds (DAFs)? Considering the recent growth of these charitable investment vehicles, it should.
DAFs are managed financial accounts dedicated to charitable giving. Individual account owners establish and contribute to their own fund and then direct the account manager, also known as the sponsor, about which organizations should receive donations. Cash and other non-cash assets can be contributed to these funds, with the donor generally able to receive a tax deduction at the time of the contribution to the DAF. (more…)
