By Rob Zuengler and Jenny Dominguez, CliftonLarsonAllen
Reprinted with permission from CliftonLarsonAllen
Could your nonprofit afford to lose $639,000? According to a recent study, that amount of loss due to fraud is not out of the question. Occupational fraud is a real threat to nonprofits and it could be committed by anyone from an employee to an executive.
Marshall Whittey, Regional Sales Director, First Nonprofit
The StrongNonprofits Toolkit has been developed and maintained by the Wallace Foundation since 2009. It covers topics in nonprofit budgeting, cash flow, operations, data and analysis, audit readiness, plus governance and strategy. The toolkit has customizable resources to use in managing operations, pre-loaded calendars, and self assessment quizzes or checklists that seek to bolster a nonprofit's finance operations to build operational excellence.
A Guide to Cash Flow Forecasts for Nonprofits explains the value of tracking expected incoming cash and using it as a tool to adapt to immediate financial challenges stemming from cash deficits. The article is accompanied by a free webinar recording "Helping Your NFP Organization Weather the Economic Storm" done in partnership with the Canadian back office solu
The Nonprofit Overhead Toolkit by the California Association of Nonprofits gives a thorough crash course on the conversation around attempts to shift the overhead paradigm. The toolkit covers accounting techniques, overhead and profitability, indirect costs in government contracts, indirect costs and foundation grants, raising the issue with your funders, and messaging to the public about overhead.
A fiscal sponsor is a nonprofit organization that provides fiduciary oversight, financial management, and other administrative services to help build the capacity of charitable projects. For further explanation, see: What is fiscal sponsorship?
Financial Policies and Procedures Manual is a "fill in the name of your organization" sample manual on which a nonprofit might model new or compare current policies, while adjusting the text to suit the individual needs of the organization. (Financial Technologies & Management CPAs, 2019)
Topics covered include:
Nonprofit Cost Analysis Toolkit: Six Steps to Finding the True Costs of Programs asserts that an "effective true-cost analysis accurately allocates direct as well as indirect costs across focus areas such as programs, geographic sites or particular products, allowing nonprofit leaders to make more informed decisions about strategy and funding." The guide's steps are to first determine the scope of the analysis to be conducted, g
State Taxation and Nonprofit Organizations "is designed to provide nonprofit organizations with guidance regarding their filing and reporting obligations to the North Carolina Department of Revenue ("Department') for tax purposes." It gives an overview of provisions and filing requirements for nonprofits dealing with franchise and corporate income tax, sales tax, use tax, property tax, motor fuels tax, and withholding tax.
The recent passage of the American Rescue Plan Act includes updates and changes to the Employee Retention Tax Credit (ERTC). Join presenter Jennifer Rohen with CLA to explore what the employee retention credits are, eligibility criteria and amounts for 2020 and 2021, and what it means for your nonprofit. We'll also discuss the changes that continue the credits through the end of 2021.
Watch now!