All nonprofit organizations, even the smallest of nonprofits, benefit from having a well-defined year end closing process. The first step is to determine the procedures

Smaller nonprofit organizations often do not have the volume of transactions to require multiple level controls. Too many controls can unnecessarily slow the accounting process.

Part of a nonprofit organization’s board of director’s and management’s fiscal responsibility is a review of the information return, form 990. The review ensures the

The operating reserve is cash to be used in the organization. It is part of an overall cash flow plan. Reserves can be for a

Recently, I overheard a board member of a North Carolina nonprofit state they did not have to charge sales tax because they are exempt. Nonprofit

Accounting for grants can quickly become chaotic if not properly administered. Nonprofit Auditors know grant funding has to be properly categorized and recorded as grant

As a nonprofit auditor in North Carolina I often encounter incomplete vendor files and vendor on-boarding procedures. A file should be set up for each

If you are a nonprofit organization in North Carolina you may be required to prepare a statement of functional expenses. The statement of functional expenses

The board is responsible for their own policies and procedures, like having all board members sign a related parties disclosure and code of conduct. The

Once year end hits, the clock starts ticking. Most audits required by regulatory agencies or grantors, impose a deadline for completion of the audit. The