Nonprofit organizations exist to serve their communities, drive positive change, and make a lasting impact. For example, the American Red Cross, which provides disaster relief and emergency assistance while operating under tax-exempt status. Its mission-driven work is supported by various funding sources. Still, if it were to run a commercial business unrelated to its humanitarian […]
As a nonprofit organization, staying on top of tax responsibilities is critical—not just for maintaining compliance with the IRS but also for preserving the integrity of an organization’s mission. One of the most important forms a nonprofit must file annually is Form 990, which provides transparency into a nonprofit’s financials, programs, and operations. But what […]
UNDERSTANDING THE DIVERSITY OF 501(C)(3): EXEMPT ORGANIZATION TYPES byu/Unusual-Beyond-1335 inAccountingDepartment
Welcome to the digital age, where financial landscapes and transactions are continually evolving and becoming more intricate by the minute. This growth phenomenon albeit a bright beacon and revolutionary tool for industry, like anything with light has its shadows, which is the upward trend of risk, specifically risk associated with fraud and fraudulent activities. As […]
Photo by Joel Muniz on Unsplash Donor management is the backbone of fundraising efforts and sustainability of nonprofits. Therefore nurturing donor relationships, understanding their preferences, and acknowledging their contributions are key elements in building a loyal and engaged donor base. As nonprofits grow and expand their outreach, the need for a robust donor management platform […]
The field of accounting has undergone a significant transformation in recent years, thanks to the advancements in technology. Accounting has evolved from manual bookkeeping and spreadsheets to sophisticated digital systems that automate various tasks. Cloud computing, for example, allows accountants to access financial data from anywhere, collaborate in real-time, and store large amounts of data […]
