Not-for-profit Archives
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Understand Deferred Revenue and Contributions: a NFP Board Member’s How-to Guide
Deferred revenue (or unearned revenue) and deferred contributions (and/or restricted contributions) are likely among the most difficult concepts to understand in your financial statements, yet these amounts often significantly impact your results from operations.
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Understand Accounts Payables and Accrued Liabilities: a NFP Board Member’s How-to Guide
Accounts payable and accrued liabilities generally are more problematic to capture completely in internal statements due to the number of estimates involved, or the delays in receiving information. Nevertheless they are as important as accounts receivable, if not more
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Understand Receivables: a NFP Board Member’s How-to Guide
All board members, including those involved with non-profit organizations, are held to a minimum standard of care and diligence when it comes to the finances of an organization. This is why, at a minimum, it is important for a non-accountant to understand what
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Understand Financial Statements: a NFP Board Member’s How-to Guide
Board members are often bored during the financial discussion or financial statement presentation at a meeting. If they are lucky, they have someone with a financial background as a treasurer or chair of the finance committee. This article addresses how the financial
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Duties of Charity & Not-For-Profit Board Members During the Pandemic
While we all grapple with the challenges of the pandemic at home and at work, boards members of charity and not-for-profits have the added responsibility of fulfilling their duties as directors. Key issues for charity and not-for-profit board members to consider are:
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Assessing the Auditor
Evaluating your auditor is important for a non-profit organization (NPO). It is the Board of Director’s responsibility to assess the performance of the auditor at the conclusion of an audit engagement. This assessment should focus on the following key areas: The
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