Nonprofit organizations (NPOs) that serve low-income communities often have difficulty raising funds to pursue their missions. The COVID-19 pandemic made fundraising even more difficult. Many NPOs...
A set of accounting standards for leases is now mandatory for most business entities in the U.S., including not-for-profit organizations (NFPs). These standards, known as ASC 842, began to take...
Government funding brings some rather complicated reporting and auditing requirements. This can apply to both for-profit businesses and not-for-profit organizations (NFPs) that receive federal...
Inflation has recently soared to the highest levels the United States has seen in about four decades. In June 2022, the U.S. Bureau of Labor Statistics reported that prices had risen 8.6 percent over...
Believe it or not, the new year is just around the corner. With 2023 fast approaching, not-for-profits are starting their budgets for the new year. It is easy to put the budget on the back burner or...
Charitable organizations rely on donor support to maintain their operations and engage in their missions. Numerous recent economic factors, from the COVID-19 pandemic to the highest rates of...
Planned gifts, also called legacy gifts or deferred gifts, is an agreement to give a donation at a later date and come in all shapes and sizes. Nonprofit organization can choose to offer simple...
In my desire to be more philanthropic I began serving on a finance committee for a foundation. During this time, I was introduced to one of the most impactful giving tools—the donor advised fund. We...
On May 5, 2020, the Government Audit Quality Center (GAQC), issued an industry alert No. 404 to professionals that serve organizations subject to Government Auditing Standards. Below are the two key...
