Important Considerations for Nonprofit Budgeting
Whether or not you have a head for numbers, you can’t deny that accurate budgets are essential to running an effective agency. A budget is a guide that helps you understand what to expect in the coming months, measure progress against your predictions, and evaluate your mission’s overall success. The care you put into crafting […]
How Nonprofits Can Embrace Technology to Deliver Excellence
With limited money and staff time, it may seem logical that most nonprofits dedicate the majority of their resources to providing direct services to clients. Often this means that upgrades to technology rank low on the priority list…if they rank at all. But when agencies aren’t run efficiently, it is the mission that ultimately suffers. […]
How Nonprofits Can Build Resilience During a Recession
As economic challenges persist and the potential for recession grows, organizations must build resiliency to survive. Nonprofits can no longer depend on the grants and donations they’ve historically relied upon. But that doesn’t mean your agency can’t still thrive! Embracing uncertainty and anticipating change is the key to maintaining stability, no matter what the future […]
Harnessing the Power of Donor-Advised Funds
Donor-advised funds (DAF) are a rapidly growing source of fundraising income for non-profits, with a 28.2% increase in funds granted by DAFs and a 46.6% growth in contributions made to DAF accounts in 2021. Effective organizations are implementing strategies to maximize their success in this quickly expanding revenue stream. Though DAFs have been around since […]
Can My Newly Formed Not-for-Profit Organization Begin Operations Before Receiving Tax-Exempt Status?
Yes, generally a Not-for-Profit Organization can begin operations before receiving tax-exempt status. Recognition is usually effective retroactive to the earlier of: the date of the Organization’s legal formation, or the beginning of the Organization’s programs. Therefore, the Organization’s activities are retroactively tax-exempt and donations are also retroactively tax-deductible to the donor.Note: in order for the program date to […]
New FASB Standards for Reporting Leases Taking Effect
In the United States, there is a uniform set of requirements for both nonprofit and for-profit organizations. However, these requirements and standards are not without change. The most recent change took place this December. To make sure you are aware of these changes and what they might mean for your organization, please follow this link.