Nonprofits

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.

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.

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.

Today’s tight labor market can make it hard for nonprofits to recruit and retain good people. This short article gives readers several low-cost tools for holding on to the staffers they have, including career development paths.

For nonprofits, increasing corporate support is similar to establishing relationships with individual donors. But while emotional factors generally drive individuals to support a charity, companies need both emotional and strategic rationalizations. This article suggests ideas for engaging companies, including providing ways for corporate donors’ employees to get involved.