Theo
Forum Replies Created
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I like the emphasis on stewardship here because board finance should be about more than simply checking whether the numbers balance. Board members need enough financial understanding to connect decisions with the organisation’s mission and the people it serves. That also means asking thoughtful questions rather than trying to become accountants overnight. I imagine the discussion around judgement will be particularly valuable, since not every decision fits neatly into a spreadsheet. A good board can bring perspective that finance teams may not always have. That balance between numbers and mission is worth exploring.
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Hello Bradley. It is a difficult situation when a volunteer feels unappreciated, especially when you are already relying on a small group of people. Rather than looking for one person to handle everything, could you consider a fractional CFO or bookkeeping service? They could handle areas such as deposits, reconciliations, and reporting without becoming caught up in internal board dynamics. For the passion side, I would also look at local agricultural colleges or the county extension office. You may find someone who understands finance and already has an interest in the fair.
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Hello Janet. This is certainly one of those standards that can make a relatively simple situation feel rather complicated. If your organisation has experienced very few write-offs historically, that experience is certainly relevant when estimating expected credit losses. I would be inclined to start with the actual historical experience rather than automatically applying a large percentage. That said, a zero loss rate may need some careful documentation and discussion with your auditor. You could also consider whether older receivables carry a slightly higher risk. I would keep the approach proportionate to the actual risk and clearly document the reasoning.
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Getting your head around the ERTC can feel a bit like having a first date with the tax code. The webinar sounds like a wise move, as the finer details can trip up even experienced professionals. One important point, as I understand it, is making sure you are not claiming wages that were already covered by PPP forgiveness. Think of them as separate pots of money serving different purposes. I would still have a professional review the calculations, particularly given how the rules and guidance have evolved. It is a complicated landscape.
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Ah, the classic DAF attribution puzzle. Many organisations get caught up in this, and it can feel like navigating a labyrinth. If you credit the individual, you risk misrepresenting the legal source when those grant letters arrive. The DAF sponsor is generally the legal donor for tax and audit purposes. I would suggest using a note field for individual recognition while keeping the main credit with the DAF entity. That way, your accounting reflects the facts while your stewardship still recognises the individual’s intent. It seems the safest way to keep everyone happy and the books in order.