Found 1073 Results
Reply To: Net Assets & Restrictions
Hello Caroline. I agree with Wade that releasing a restriction is generally a reclassification rather than a change in total net assets. In simple terms,…
Reply To: Expense Reports
Hello John. For me, the key to a good expense policy is making the rules clear enough that nobody has to become a detective afterwards.…
Reply To: Checklist / costs for closing down?
Hello, Gwen. This is a sensitive subject, but it is certainly worth planning for. Some final costs, such as legal fees for dissolution and the…
Reply To: Does anyone self-insure for Unemployment Tax
Hello, Holly. This is a very practical question. I think the decision comes down largely to the organisation’s size and appetite for risk. For many…
Reply To: Is every board member legally responsible for the integrity of our books?
Hello, Kelle. While I am not a lawyer, I would lean strongly towards this being a shared board responsibility. The treasurer may provide financial oversight,…
Reply To: Article: Should you ask nonprofit donors to cover gift transaction fees?
Hello. This is one of those questions where there is no universal answer. I think asking donors to cover transaction fees can work if the…
Reply To: Allocating Severance Pay/ Retirement Insurance – Functional Allocations
Hello, Tony. This is a classic accounting conundrum. In my view, the answer depends largely on the nature of the expense. If the cost relates…
Reply To: Inconsistent IRS Guidance on Conflicts of Interest
This looks like a classic case where the sample policy is a starting point rather than the final word. The distinction between an “interested person”…
Reply To: Nonprofit Profit Reserves: The Real Deal – Reflection
The pandemic really demonstrated how valuable operating reserves can be when circumstances suddenly change. The stories shared here show that reserves are not only for…
Reply To: How do you capture obligations when a new grant award arrives?
When a new grant arrives, the obligation should be captured as soon as the award is formally accepted. The important thing is to record the…
