Make the Leap to a Better Payroll System

By CarolCarrie / November 20, 2017 /
FILED UNDER

The start of a new year is fast approaching, bringing with it an opportunity to do things differently than you did them in 2017! If your payroll system has been one of those problems you’d like to leave behind, the new year is a prime time to start anew. While your fiscal year for accounting…

Read More

The Problem with Duplicate Transactions in QuickBooks

By CarolCarrie / November 13, 2017 /
FILED UNDER

Do you sometimes discover transactions entered into your nonprofit organization’s QuickBooks more than once? Twins are cute, but not in your books! Duplicate transactions cause your financial reports to be inaccurate and can be time consuming to fix. Clues that you have duplicate transactions can be found in your monthly bank reconciliation. Look closely at…

Read More

ASU 2016-14: Cash and Nonprofit Liquidity

By CarolCarrie / November 6, 2017 /
FILED UNDER

We’ve heard many times from nonprofit executive directors: “My board only understands cash.” Even executive directors themselves often admit to being more comfortable with cash basis than with accrual basis financial statements. And we can’t blame you – all you cash basis fans out there are rightly concerned about, well, cash! Introducing ASU 2016-14 And…

Read More

Understanding Functional Expenses – Part 4 of 4

By CarolCarrie / October 23, 2017 /
FILED UNDER , ,

This post is the fourth and final (but probably not the last) in a series of posts on functional expenses. Actually five posts if you count the introductory post, Demystifying Nonprofit Overhead. Here’s a quick overview of the topics in each post: Demystifying Nonprofit Overhead: Deconstructed the term “overhead;” why you should care about it.…

Read More

Understanding Functional Expenses – Part 3 of 4

By CarolCarrie / October 16, 2017 /
FILED UNDER , ,

This post is the third in a series of four posts on functional expenses. An introductory post, Demystifying Nonprofit Overhead, clarified the term “overhead” and made the case for why you should care about it. In Understanding Functional Expenses – Part 1 of 4, we covered the definition of cost vs. expense and went into…

Read More

Understanding Functional Expenses – Part 2 of 4

By CarolCarrie / October 9, 2017 /
FILED UNDER , ,

In our last post, Understanding Functional Expenses – Part 1 of 4, we covered the definition of cost vs. expense. We then dove into the nitty gritty of what expenses are considered to be fundraising. The post just prior to this series, Demystifying Nonprofit Overhead, made the case for why you should care about overhead and…

Read More

Understanding Functional Expenses – Part 1 of 4

By CarolCarrie / October 2, 2017 /
FILED UNDER , ,

In our last post, Demystifying Nonprofit Overhead, we began to tackle the concept of “overhead” and why it’s sooooo important for you to understand it. Overhead refers to expenses that are NOT program expenses. You may find it helpful to read that post if you haven’t already. To quickly review, Form 990, the annual information…

Read More

Demystifying Nonprofit Overhead

By CarolCarrie / September 25, 2017 /
FILED UNDER ,

Overhead.  It’s a loaded word in Nonprofit Land. And scary because so many people talk about it with confidence when they clearly have no idea what they are saying. You hate to correct them because you are a little unsure about it yourself. You know overhead is essential. How can you set the record straight?…

Read More

Bank Fees: Hole in Your Organization’s Pocket

By CarolCarrie / September 18, 2017 /
FILED UNDER

Bank fees can be a sneaky hole in your organization’s pocket, draining hundreds or even thousands of dollars each year if you don’t pay attention. In working with a client recently, we noticed multiple bank fees for monthly service charges and overdrafts. Ouch! How would a donor feel knowing this is where donations were spent?…

Read More

How to Value and Record Volunteer Services

By CarolCarrie / September 4, 2017 /
FILED UNDER ,

We often receive the question, “How do I record volunteer services?” From our last post, Why Record Volunteer Services?, you know some volunteer services must be recorded as defined in Generally Accepted Accounting Principles (GAAP). Other volunteer services, while valuable to the organization, do not meet GAAP criteria for recording. However, you still may wish…

Read More