Nonprofit Accounting Basics

Recent Articles

Changes to Fair Value Disclosure requirements - What You Need to Know

Originally Posted: November 14, 2022

The FASB’s new guidance in ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, impacts the fair value d

FASB ASU 2016-14: Liquidity - Organization Liquidity is More than Cash

Originally Posted: November 14, 2022

The nonprofit financial statement format has a number of major areas affected by the new standard and the Liquidity is one of them.

Understanding Contributed Services

Originally Posted: November 14, 2022

Contributed services are professional services that have been donated by someone outside of your organization with specialized skills — such as those provided by doctors, nurses, lawyers or account

What Board committees are recommended for a newly formed nonprofit?

Originally Posted: October 31, 2022

Question: I will be forming a new nonprofit organization soon and I am in the process of recruiting the initial Board of Directors and drafting governing documents.

Nonprofit Funding Sources (Donor Types)

Originally Posted: October 31, 2022

Funding comes from a variety of sources for nonprofits. Every nonprofit has a niche and a funding strategy to match.

Protocol for Issues Involving Prior Period Checks

Originally Posted: October 17, 2022

Situation:  

A check from a Prior Year (or prior period) has not cleared the cash account (lost, destroyed, etc.).

Solution:

Accounting Made Easy: 5 Steps to Fast, Easy, and Accurate Bank Reconciliations

Originally Posted: October 17, 2022

One of the more fundamental and important processes in the monthly close is the reconciliation of bank accounts.

What You Need to Know About the 2022 Compliance Supplement

Originally Posted: October 3, 2022

All non-federal government agencies and nonprofit organizations that expend $750,000 or more in direct federal awards and federal awards passed through state agencies in a given fiscal year are req

Budgeting and Financial Planning

Originally Posted: September 1, 2022

Effective financial management is an ongoing process that features a cycle of good management habits.

Public Support Tests: How a Public Charity is Defined Under Sec. 509(a)(2)

Originally Posted: September 1, 2022

The IRS has four categories under Sec. 509 that allow an organization to be a public charity, but the two most common are 509(a)(1) and 509(a)(2).

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