Compare all check logs for cash receipts to the amounts applied to receivables. This will be done by an individual separate from those processing cash receipts and accounts receiva
Establish a policy for fixed assets detailing which fixed assets are capital (depreciated rather than expensed) assets. This will be included in the organization's footnote disclosures t
The internal control system needs to be documented (the expected results or outcomes of the system and what everyone does need to be put in writing) and constantly evaluated. A con
From time to time, Organizations may face the prospect of an endowment going underwater, it may become especially relevant in uncertain economic times as markets fluctuate.
One of the most frustrating internal control processes for accountants and auditors alike is the dreaded company credit card and employee expense reimbursements. You might be thinking, let’s
State laws determine the minimum size for nonprofit boards. In most states it is three. However, the number varies so you should be familiar with your state statutes.
Very often, the first board is made of friends of the founder or is a group of similarly-thinking individuals who are interested in and committed to the mission of the organization.
