Financial Management

A sample audit committee description, which includes the purpose and primary responsibilities of its members.

IRS Publication 526, Charitable Contributions - To be tax-deductible, clothing and household items donated to charity generally must be in good used condition or better. A clothing or household item for which a taxpayer claims a deduction of over $500 does not have to meet this standard if the taxpayer includes a qualified appraisal of the item with the return.

Like families, organizations need financial nest eggs for different purposes. One of the main purposes is an operating reserve — sometimes called an operating contingency fund. They are a first line of defense against financial uncertainties ranging from uneven cash flow to cutbacks from major funders. 

© North Carolina Center for Nonprofit Organizations, Inc. From Common Ground, a publication of the North Carolina Center for Nonprofits, www.ncnonprofits.org.

A template by the American Society of Association Executives for writing your own Request for Proposal (RFP) for Outsourced Accounting Services.

Reporting Requirements for Nonprofits with State Grant Funds is a quick, helpful summary table for reporting requirements for nonprofits with state grant funds. Additionally, for online reporting, the N.C.

Not sure how to thank your donors? Use the templates below to guide your message, which include sample language for chartiable event ticket purchases, capital campaigns, and determining the fair market value of a gift in exchange for a donation. 

Most grantors require a final project report, including a financial report. This sample illustrates a final financial report outlining budgeted expenses, actual expenses and the expenses allocated to that particular funding source. (Maine Association of Nonprofits)

Appropriate document retention is important for a nonprofit's compliance with state and federal law, while balancing the need for managing storage space (both physical and digital). A clear policy for staff can prevent the innocent destruction or disposal of documents.

See this sample spreadsheet for tracking the bids and information for firms you are considering for your audit, after you’ve sent your request for proposals (RFP).  You should provide your audit committee with information about the partners and firms that you are considering.  You will also want to ask the firms for references from other nonprofits in your area.