Tax reporting may be the last thing on your mind when planning a special fundraising event. But your not-for-profit should carefully track revenues and expenses and retain related documentation now to facilitate the reporting process later. Pay attention to the following issues. What to report Tax reporting for an event may require different — and more —
Non-Profit Archives - Crawford Ellenbogen
Jul 27, 2023
Jun 13, 2023
Are your nonprofit’s interim and year-end financial statements at odds?
- By Victor Dozzi
- Non-Profit
- 0 Comments
If your smaller nonprofit uses the cash basis of accounting and routinely prepares interim financial statements, you may have noticed that your auditors propose financial statement adjustments at year end. Why is this happening? In general, such adjustments reflect differences between the cash basis and accrual basis of accounting. Accrual accounting is required by GAAP
May 30, 2023
How to train your nonprofit’s employees to combat hackers
- By Victor Dozzi
- Non-Profit
- 0 Comments
Employees are critical to your nonprofit’s cybersecurity. If they aren’t knowledgeable about social engineering schemes or safe browsing, they could open the door to hackers. Teach them how phishing, “vishing” and “smishing” scams work, and how to evade them. Also discourage mixing of personal and work accounts. Staffers shouldn’t access your nonprofit’s accounts on their
May 24, 2023
Keep thieves from stealing from your nonprofit youth sports league
- By Victor Dozzi
- Non-Profit
- 0 Comments
A few years ago, the popular and well-compensated executive director of a west coast youth soccer league was accused of fraud. After scrutinizing the club’s books, the league’s board of directors couldn’t account for $80,000. Criminal charges were eventually dropped, but many similar cases have concluded in embezzlement findings and significant losses. According to The Washington
Mar 29, 2023
Data analytics is more accessible than you might think
- By Joan Ellenbogen
- Non-Profit
- 0 Comments
No matter your not-for-profit’s mission, you can probably use data analytics to help uncover root causes of seemingly intractable problems, predict outcomes, boost efficiency and improve transparency. Analysis of certain fundraising data may, for example, make it easier to target potential donors or members. Data analytics can also help develop connections and patterns that lead
Nov 30, 2022
Operating reserves can help cushion financial blows
- By Joan Ellenbogen
- Non-Profit
- 0 Comments
First the COVID-19 pandemic wreaked havoc on not-for-profit finances and operations. Now, many organizations are worried about how high inflation and a possible recession might interfere with their plans. To help prevent service disruptions and other negative outcomes, focus on building up operating reserves. Even if you can afford to divert only a small amount
Oct 19, 2022
Don’t let disaster fraud victimize your nonprofit
- By Victor Dozzi
- Non-Profit
- 0 Comments
If your nonprofit operates in or serves clients in a disaster zone, you know how difficult the recovery process can be. Unfortunately, fraud perpetrators attempting to profit off the misery of others can make rebuilding difficult. Construction fraud is particularly common. If you have damage, be sure to work with your insurance company, carefully vet
Aug 23, 2022
For a stronger nonprofit, increase the number of income streams
- By Victor Dozzi
- Non-Profit
- 0 Comments
Not-for-profits that rely on a single income source, or only a few, are vulnerable to economic shocks. The COVID-19 pandemic has made this particularly clear. Most organizations have had to scramble to make up for lost revenue when at least some of their usual support dried up in 2020 — and has been slow to
Aug 3, 2022
Dangerous donations: Should your nonprofit risk bad publicity?
- By Victor Dozzi
- Non-Profit
- 0 Comments
No not-for-profit wants to turn down donations — particularly if they’re large. Nevertheless, you need to consider the source of gifts and potentially refuse those attached to controversial donors. Bad publicity, particularly if it hits social media and goes viral, can be far more expensive for your organization in the long run. A look at
Jun 30, 2022
How to cut costs instead of your nonprofit’s staff
- By Victor Dozzi
- Non-Profit
- 0 Comments
Many not-for-profits are still suffering financially from the pandemic, particularly as inflation makes expenses more costly. Before you consider cutting staff, find other expenses to slash. For example, if employees now work from home, see if you can break or renegotiate your office lease. And if you have more than one location, try to combine