According to the Center for Effective Philanthropy, practically all nonprofits in the United States (an astonishing 99% of surveyed organizations) say they solicit feedback from their clients when designing programs and services. However, resource constraints — lack of adequate staffing, funding and sophisticated technology — may mean that they don’t collect data as often as…Read More
In many organizations, the treasurer is the board of directors’ hardest working member. Depending on the duties outlined in your organization’s bylaws, this individual might manage cash flow, act as a liaison to outside auditors and craft investment policies. A role this critical to your nonprofit’s financial health should be filled by a highly qualified…Read More
Most research has found that nonprofit organizations are no more likely to fall victim to occupational fraud than their for-profit peers. On the other hand, there’s reason to believe that nonprofits underreport fraud incidents and are reluctant to prosecute thieving employees to protect their reputation with donors and the public. The fact is, according to…Read More
Donor-advised funds (DAFs) have been around since the 1930s, but they’ve exploded in popularity in the past decade. Between 2007 and 2016, DAF assets grew from $32 billion to $85 billion, according to the National Philanthropic Trust. Assets are expected to continue to grow exponentially thanks, at least in part, to the Tax Cuts and Jobs Act.…Read More
Nonprofit boards aren’t required to form audit committees, but having one can promote better financial reporting, fewer fraud incidents and a smoother audit process. This article explains that committee members can’t be employed by the nonprofit or its auditing firm. It also outlines some of the committee’s responsibilities.Read More
Nonprofit board members who come from the business sector may not grasp the differences between nonprofit and for-profit financial reporting. This article provides a cheat sheet on how financial approaches and statements, particularly for assets and liabilities, differ.Read More
This article summarizes ASU 2018-08, which the Financial Accounting Standards Board recently issued to resolve for nonprofits’ revenue recognition issues. It covers the 2014 standard that gave rise to questions, explaining when grants should be characterized as reciprocal exchanges vs. contributions and defining conditional contributions.Read More
The new tax law’s increase of the standard deduction means that fewer taxpayers will now itemize, and thus be motivated to make deductible gifts to charity. This article urges nonprofits to rethink their approach to holiday fundraising. For example, they should promote the idea of “bunching” donations, take part in deadline-oriented fundraisers such as Giving Tuesday and encourage supporters to make charitable donations in lieu of giving physical gifts.Read More
Celebrity spokespeople can help raise awareness of a charity’s mission, attract new audiences, generate donations and change public opinion on a subject. But as fallout of the #MeToo movement has shown, nonprofits can also be hurt by association with a disgraced celebrity. This article talks about how to handle celebrity-related PR disasters — and prevent them from happening in the first place.Read More
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