The right treasurer can be a treasure trove for a nonprofit

How financially competent is your nonprofit team? If yours is similar to many small nonprofits or charities, the board, management and staff are likely struggling to address financial challenges arising from the battered economy. Given these pressures, the treasurer's role...

Typical accounting functions for nonprofits

There aren't many people who choose to lead a nonprofit or charity or to sit on its board because they love bookkeeping and accounting. And yet, while "number crunching" may seem mundane, how well an organization's numbers are crunched can...

Taxing issues for nonprofits

For board members and executives joining the nonprofit community from other industry sectors, the issues around taxation can be quite novel. Nonprofits, for example, are exempt from paying income taxes. Yet every nonprofit has a number of important tax obligations,...

Six key items to consider when evaluating a new accounting system

Many nonprofits start out using entry-level accounting products that provide basic bookkeeping capabilities, but they soon see warning signs that their current system can't keep up with their special tracking and reporting requirements. These signs could be missed deadlines, time-consuming...

What your nonprofit’s financial statements can tell you

Among the key responsibilities of nonprofit leaders is protecting the financial health of their organization. This can be a considerable responsibility during the most buoyant economic times - and is especially weighty during times of economic turbulence. Still, the board...

What nonprofits should ask themselves in an economic downturn

Credit crunch and economic downturn - these terms have been bandied about so often lately that they've become commonplace in our vernacular. We've been warned of their impact and cautioned to brace ourselves in their wake. But how exactly do...

Better start planning how you are going to manage the impact of the recession

Research conducted that assesses which organizations will withstand the impact of the recession conclude that it is not necessarily those that are boasting the largest budgets or the most effective fundraising efforts in 2008. Organizations that are most likely to...

Getting back your GST

Now that you understand what the GST is and how it affects charities, it's important to take a look at how a charity can go about getting back the GST that they paid out during the year. This podcast discusses...

Understanding financial ratios

With so much beyond our understanding when it comes to the external economic situation, it can be reassuring to deepen our understanding of the internal financial situation of our own organizations. Equipped with insights regarding how a nonprofit is faring...

Managing endowments during difficult financial times

Many charities, and in particular foundations, that have established endowment funds are currently concerned about the impact caused by the recent downturn of the economy with regards to their reduced ability to meet their disbursement quota requirements under the Income...