Category: "Compliance"
June 16, 2020
AP Auditing 101: A Guide for BeginnersEfficient nonprofit organizations pay their vendors, suppliers, utility companies, contractors, and others who provide services or goods in a timely manner. Not giving proper attention to the accounts payable process can really tie a knot in organizational plans, resulting in tense vendor relationships and audit-related headaches. As an accountant, you need to advocate for reliable and…
April 16, 2018
How To Reduce Financial Risk for Your NonprofitMany nonprofits walk a razor-edge financially. Nonprofits address society’s most difficult issues, compete for limited funding and struggle to find and keep qualified staff to run their organization. A new report by Oliver Wyman, SeaChange Capital Partners, and GuideStar, which examines the finances of more than 219,000 U.S. nonprofits, reveals sobering realities: Around 50% have…
February 6, 2018
Outputs vs. Outcomes: What’s the Difference and Why Does It Matter?Donors want to know if their donations are impacting the work of your nonprofit through its mission. Increasingly, this means telling your story through numbers—something that nonprofits don’t always do well. Marc J. Epstein, co-author of the book, Measuring and Improving Social Impacts: A Guide for Nonprofits, Companies, and Impact Investors, says that “The need…
January 5, 2018
Nonprofits in the Cloud: It’s More than Cost SavingsMoving your nonprofit financials to the cloud from an on-premises solution can significantly reduce your costs. There are other benefits you may not have considered, though—pluses that are just as beneficial as bottom-line savings. Your fund accounting becomes more efficient, compliance is easier, and you have a better view of your organization’s performance. A closer…
February 23, 2017
A Practical Guide to the FASB ASU 2016-14 for NonprofitsLast August, the Financial Accounting Standards Board (FASB) announced some major changes to accounting rules titled, “Presentation of Financial Statements of Not-for-Profit Entities.” By implementing these changes, the FASB hopes to bring increased visibility into nonprofit financial statements, what goes into the statements, and how the statements are presented. While this shouldn’t be a surprise…
January 4, 2017
Key Fund Accounting Questions Your Board Should Be AskingAll nonprofit board members have a fiduciary responsibility to diligently oversee the fund accounting and financial operations of the nonprofits they govern. Failure to receive timely, accurate information from the organization’s finance team can prevent the board and the finance committee from successfully executing on their responsibility. This can create disastrous consequences for the board…
September 21, 2016
A Cloud Solution Should Provide More Value, Not Create More WorkNonprofit organizations need to remain focused on the mission, not distracted by software systems. Whether you have a strong IT team or not, a cloud-based financial management solution may provide more value and versatility than you may think. Here are three benefits for replacing inefficient software with a cloud-based solution. The technology available to nonprofit…
August 8, 2016
Management Reporting vs Compliance ReportingNonprofit organizations are well-versed in the reporting process. Showing transparency and sharing information with the board of directors, the membership, funders and granting agencies requires a lot of communication and detailed reports. There is a difference between preparing management reports and compliance reports and it starts with presentation. Reliable data and detailed reports are…
June 27, 2016
Charitable Solicitation ComplianceBy James Gilmer, with Harbor Compliance As more nonprofits move toward faster, more comprehensive donor management and fundraising technology solutions, connecting with prospective and recurring donors is easier than ever. In the rush of expanding your mission and base of support, it’s easy to leave charitable solicitation compliance behind. Properly maintaining your nonprofit’s registration with…
February 1, 2016
How JMT Helps NonprofitsAt a recent conference, JMT’s own Andy Harleman was interviewed on a variety of topics including how JMT helps nonprofit organizations with fund accounting software for the finance department, donor management and fundraising solutions for the development team as well as a variety of other tools and services designed to help organizations manage and maximize…
January 22, 2016
Board Fiduciary ResponsibilityAll nonprofit board members have a fiduciary responsibility to diligently oversee the financial operations of the nonprofits they govern. Failure to receive timely, accurate information from the organization’s finance team can prevent the board and the finance committee from successfully executing on this responsibility, possibly creating disastrous consequences for the board when there is financial…
January 21, 2015
Are Your Systems & Processes Optimized for Grant Compliance Reporting?In the absence of the right tools and processes, gathering, organizing, validating and presenting the information becomes a labor-intensive, manual exercise that must be repeated at each reporting interval. Multiply this by the number of funding sources requiring reporting and it can overcome an organization’s finance team. When this goes wrong, there is not only…