nonprofit Archives » Checkbox Accounting

13Nov 2017 by William Simi No Comments

Are you ready for Giving Tuesday?

Studies have shown that many nonprofit organizations receive ⅓ or more of their annual contributions and giving during the month of December, and as much as 10% during the last three days of the year. That fact alone argues strongly for a well-coordinated year-end fundraising campaign. Since the launch of “Giving Tuesday”, nonprofits have another compelling reason to engage in year-end fundraising. Started in 2012 by New York’s 922nd Street Y organization, and supported by the UN Foundation, the “Giving Tuesday” movement has become a nationwide and global phenomenon. In just a few short years, the event has drawn huge interest and participation from individuals, for profit business, nonprofit organizations, schools and other community groups. In 2016, $168M was raised from over 98 countries (source). As stated by the organizers…

07Oct 2017 by William Simi No Comments

Year End Audit Preparation for Nonprofit Organizations

Not For Profit, Uncategorized

Holiday parties; family gatherings; golden turkey and all those other edible goodies - some things just make you look forward to this most wonderful time of the year. But you know it is looming. Out there, in the not too distant future. Waiting. Here’s the truth - your end of year audit isn’t going to disappear anytime soon. Taking the right steps now in getting prepared will not only save you time and money, but also a great deal of frustration. And whether or not you think of it as merely a necessary (or unnecessary) evil, be assured that the annual audit does in fact have its benefits. You see, an audit is a great opportunity for taking stock of your nonprofit organization; to come face to face with its…

09May 2017 by Fred Crooks No Comments

The many benefits of an outsourced CFO

Business Advisory

As your small business or nonprofit grows, so to does your need for professional assistance. In particular, the financial aspects of a growing organization require a great deal of attention. And while you may not be in a position to bring someone on full-time to take care of this for you at the moment, that doesn’t mean that you shouldn’t look to delegate these tasks to a professional. By outsourcing your financials to a part-time CFO (Chief Financial Officer) you can access “big company” resources without the expense. In this post, we take a look at the benefits of appointing an outsourced CFO. What is a CFO? A CFO is a senior executive who is responsible for the financial affairs of a company or other institution. These responsibilities often include…

09Mar 2017 by William Simi No Comments

The impact of Unrelated Business Taxable Income on your nonprofit

Compliance, Non Profit Principles: Steering You in the Right Direction, Not For Profit, Tax, Uncategorized

As a non-profit organization, you may be used to the idea that most of the income you generate through your organization’s activities is exempt from tax. But as every accountant knows, when it comes to the tax law, there are always exceptions to every exception and exemptions from every exemption. Or should we say exceptions to every exemption. Anyway, you get my meaning. In the case of non-profit organizations one of those exceptions to the general rule of tax exemption is something called “Unrelated Business Taxable Income”. Nonprofit boards and management should be aware that it is out there and that it might be applicable to their organization depending on the kind of activities it carries out. First, let’s get clear on a couple of acronyms that might otherwise be…

13Oct 2016 by William Simi

Overcoming the Overhead Myth

Not For Profit

If you work in the non-profit sector then you’ve almost certainly come across Dan Pallotta’s highly influential TED talk from 2009 ‘The Way We Think About Charity Is Dead Wrong’ – and if you haven’t then we would strongly urge you to do so. The key element of the TED talk is the concept of ‘The Overhead Myth’ – the ingrained and persistent belief that a non-profit organization’s key aim should always be to limit and reduce its overhead above all other objectives. There’s a belief that spending money on fundraising efforts, advertising campaigns and talented, experienced personnel is somehow contrary to the aims of a charity – and that causes a problem for the non-profit sector. If you’re ever going to grow your charity, increase your fundraising income and…

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