Nonprofit Budgets Defined – SA

Nonprofit Budgets Defined A Budget is a financial plan for a preset period, usually one year. A budget is plan that reflects, in monetary terms, how resources are acquired, allocated and spent.  In the case of any business –  nonprofit organizations included –  your budget is an essential tool used in the fulfillment of your …

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Nonprofit Internal Controls

Internal Controls Internal controls are an organization’s written plans, methods, and procedures implemented for the purpose of maintaining financial management practices that are systematically used to prevent errors, fraud, and impropriety.  While you cannot directly safeguard against internal errors or fraud, internal controls focus on minimizing those opportunities. Controlling Organization Activities At a very basic …

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Understanding the Chart of Accounts

Chart of Accounts The chart of accounts (or COA) is a numbered list that categorizes your financial activity (from your general ledger) into different accounts and sub-accounts.  The COA is the foundation of any accounting system for the following reasons:   The COA is unique your nonprofit organization. The COA drives the appearance of your statement …

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Nonprofit Financial Statements

What are Financial Statements? Nonprofit financial statements are written records of the activities of an organization that are summarized into reports.  These reports are then used for multiple purposes including stakeholder review and evaluation of the financial performance of the organization.  Types of Nonprofit Financial Statements: The below financial statements are the main statements required by …

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The Budget Planning Process

When And How to Begin Budgeting Depending on the size and complexity of your organization, best practice suggests that you will want to begin the process at least three to six months prior to the end of your fiscal year.  The Budget Process Develop a budget draft. SEE EXAMPLES. Draft presented to the Board of Directors …

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